MML Investors Services LLC Raises Position in Corteva, Inc. (NYSE:CTVA)

MML Investors Services LLC grew its stake in Corteva, Inc. (NYSE:CTVA) by 3.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 91,727 shares of the company’s stock after purchasing an additional 2,921 shares during the period. MML Investors Services LLC’s holdings in Corteva were worth $5,393,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its stake in Corteva by 51.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after buying an additional 41,943 shares during the period. Swedbank AB boosted its stake in shares of Corteva by 16.0% during the 2nd quarter. Swedbank AB now owns 388,095 shares of the company’s stock worth $20,934,000 after purchasing an additional 53,430 shares during the period. Triad Wealth Partners LLC bought a new position in Corteva during the 2nd quarter valued at about $45,000. Blue Trust Inc. raised its position in Corteva by 6.6% in the 2nd quarter. Blue Trust Inc. now owns 10,633 shares of the company’s stock worth $613,000 after purchasing an additional 654 shares during the period. Finally, Rovin Capital UT ADV lifted its stake in Corteva by 8.8% in the second quarter. Rovin Capital UT ADV now owns 12,654 shares of the company’s stock worth $683,000 after purchasing an additional 1,021 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

CTVA has been the topic of several recent analyst reports. Wells Fargo & Company increased their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. KeyCorp boosted their target price on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada reduced their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. Finally, Oppenheimer reissued an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $65.06.

Corteva Stock Performance

Shares of CTVA stock opened at $59.30 on Friday. The firm has a market cap of $40.76 billion, a price-to-earnings ratio of 59.90, a PEG ratio of 1.93 and a beta of 0.77. Corteva, Inc. has a 52-week low of $44.01 and a 52-week high of $64.20. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $59.63 and its 200 day moving average is $56.20.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.15%. Corteva’s dividend payout ratio is presently 68.69%.

Corteva declared that its Board of Directors has approved a share buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

About Corteva

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.