Intech Investment Management LLC Sells 15,862 Shares of Corteva, Inc. (NYSE:CTVA)

Intech Investment Management LLC cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 66.1% during the third quarter, Holdings Channel.com reports. The fund owned 8,133 shares of the company’s stock after selling 15,862 shares during the period. Intech Investment Management LLC’s holdings in Corteva were worth $478,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Capital Advisors Ltd. LLC increased its holdings in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Corteva during the second quarter valued at $34,000. Redwood Wealth Management Group LLC bought a new position in shares of Corteva during the second quarter valued at approximately $43,000. Triad Wealth Partners LLC purchased a new stake in shares of Corteva during the 2nd quarter worth $45,000. Finally, Chilton Capital Management LLC grew its holdings in Corteva by 354.7% in the second quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock worth $52,000 after purchasing an additional 759 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Price Performance

Shares of CTVA stock opened at $62.24 on Monday. The company has a market capitalization of $42.78 billion, a PE ratio of 62.87, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $64.20. 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’s 50-day moving average is $59.24 and its two-hundred day moving average is $55.96.

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

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of a number of research analyst reports. Citigroup initiated coverage on shares of Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. Barclays lifted 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. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. Bank of America boosted their price target on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, UBS Group upped their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $65.06.

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.