Caprock Group LLC Has $563,000 Stake in Corteva, Inc. (NYSE:CTVA)

Caprock Group LLC lowered its stake in shares of Corteva, Inc. (NYSE:CTVA) by 3.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 9,581 shares of the company’s stock after selling 350 shares during the period. Caprock Group LLC’s holdings in Corteva were worth $563,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Anomaly Capital Management LP bought a new stake in shares of Corteva in the 2nd quarter worth approximately $188,578,000. Vaughan Nelson Investment Management L.P. lifted its position in Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after purchasing an additional 3,254,126 shares during the period. Bank of New York Mellon Corp boosted its stake in Corteva by 28.4% during the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after buying an additional 1,514,954 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Corteva by 700.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after buying an additional 1,139,297 shares during the period. Finally, Natixis Advisors LLC raised its stake in shares of Corteva by 155.7% in the 2nd quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock valued at $91,389,000 after buying an additional 1,031,678 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of Corteva stock opened at $61.23 on Friday. The firm has a 50 day simple moving average of $58.69 and a 200 day simple moving average of $55.79. Corteva, Inc. has a fifty-two week low of $43.89 and a fifty-two week high of $63.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a market cap of $42.08 billion, a P/E ratio of 61.85, a P/E/G ratio of 1.87 and a beta of 0.77.

Corteva declared that its Board of Directors 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 buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Corteva Announces Dividend

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 given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of a number of analyst reports. Citigroup started coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price on the stock. Barclays upped their price objective on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.33.

Corteva Company 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.