Howe & Rusling Inc. Lowers Position in Corteva, Inc. (NYSE:CTVA)

Howe & Rusling Inc. lowered its stake in shares of Corteva, Inc. (NYSE:CTVA) by 7.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 40,045 shares of the company’s stock after selling 3,060 shares during the period. Howe & Rusling Inc.’s holdings in Corteva were worth $2,354,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CTVA. KBC Group NV lifted its stake in Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after purchasing an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after purchasing an additional 41,943 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Corteva by 16.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after purchasing an additional 141,898 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Corteva by 0.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock worth $12,942,000 after purchasing an additional 845 shares during the period. Finally, Anomaly Capital Management LP purchased a new stake in Corteva during the second quarter valued at about $188,578,000. 81.54% of the stock is owned by institutional investors.

Corteva Trading Up 2.2 %

NYSE CTVA opened at $58.25 on Wednesday. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $63.75. The stock’s fifty day moving average price is $58.42 and its 200-day moving average price is $55.70. The stock has a market cap of $40.03 billion, a P/E ratio of 58.84, a P/E/G ratio of 1.77 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva declared that its board has initiated a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Corteva Announces Dividend

The company 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 dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Analyst Ratings Changes

CTVA has been the subject of a number of recent research reports. KeyCorp lowered their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and increased their price objective for the company from $59.00 to $67.00 in a research note on Wednesday, October 16th. Royal Bank of Canada decreased their target price 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. Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus price target of $63.68.

Corteva Profile

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.