Studio Investment Management LLC Has $2.17 Million Position in Corteva, Inc. (NYSE:CTVA)

Studio Investment Management LLC cut its holdings in Corteva, Inc. (NYSE:CTVA) by 2.4% in the third quarter, Holdings Channel.com reports. The fund owned 36,844 shares of the company’s stock after selling 905 shares during the quarter. Studio Investment Management LLC’s holdings in Corteva were worth $2,166,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CTVA. KBC Group NV lifted its holdings in Corteva by 267.3% in the 3rd 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 lifted its stake in shares of Corteva by 51.4% in 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 last quarter. Thrivent Financial for Lutherans boosted 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 worth $60,275,000 after buying an additional 141,898 shares during the period. Nisa Investment Advisors LLC grew its stake in Corteva by 0.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after buying an additional 845 shares during the last quarter. Finally, Anomaly Capital Management LP acquired a new position in Corteva during the 2nd quarter worth $188,578,000. 81.54% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. UBS Group raised their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Royal Bank of Canada lowered their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Wells Fargo & Company upped their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday. KeyCorp increased their price objective on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Oppenheimer reiterated 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.26.

Corteva Trading Up 3.7 %

Shares of Corteva stock opened at $60.92 on Friday. The stock has a market capitalization of $41.87 billion, a P/E ratio of 61.54, a price-to-earnings-growth ratio of 1.87 and a beta of 0.77. Corteva, Inc. has a 12-month low of $43.89 and a 12-month high of $63.75. 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 has a 50-day simple moving average of $58.59 and a 200 day simple moving average of $55.75.

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

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

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.