Murphy Pohlad Asset Management LLC Decreases Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Murphy Pohlad Asset Management LLC reduced its stake in Corteva, Inc. (NYSE:CTVA) by 0.4% during the fourth quarter, HoldingsChannel reports. The firm owned 83,442 shares of the company’s stock after selling 300 shares during the period. Corteva comprises about 2.0% of Murphy Pohlad Asset Management LLC’s portfolio, making the stock its 8th biggest holding. Murphy Pohlad Asset Management LLC’s holdings in Corteva were worth $4,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of CTVA. Capital Advisors Ltd. LLC raised its stake in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares in the last quarter. First Financial Corp IN purchased a new position in Corteva in the 4th quarter worth $35,000. Albion Financial Group UT boosted its position in Corteva by 112.6% during the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock valued at $35,000 after buying an additional 321 shares during the period. Bangor Savings Bank grew its stake in shares of Corteva by 34.7% during the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after buying an additional 241 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Corteva in the 3rd quarter valued at about $56,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Trading Up 1.2 %

NYSE:CTVA opened at $65.06 on Thursday. Corteva, Inc. has a 52 week low of $45.46 and a 52 week high of $65.44. The stock has a market cap of $44.72 billion, a price-to-earnings ratio of 65.72, a PEG ratio of 1.63 and a beta of 0.77. The company’s 50 day moving average price is $59.83 and its 200-day moving average price is $57.69. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

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

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio is currently 68.69%.

Analysts Set New Price Targets

Several research firms recently issued reports on CTVA. KeyCorp reduced their price target on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Oppenheimer restated an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Bank of America raised their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Barclays upped their target price on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Finally, UBS Group lowered their target price on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and a consensus price target of $66.24.

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.