Brown Brothers Harriman & Co. Decreases Holdings in Corteva, Inc. (NYSE:CTVA)

Brown Brothers Harriman & Co. lowered its stake in Corteva, Inc. (NYSE:CTVA) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,701 shares of the company’s stock after selling 778 shares during the period. Brown Brothers Harriman & Co.’s holdings in Corteva were worth $2,628,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new stake in shares of Corteva in the 1st quarter worth about $25,000. Capital Advisors Ltd. LLC lifted its stake in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing 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 approximately $34,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Corteva in the second quarter worth approximately $43,000. Finally, Triad Wealth Partners LLC purchased a new position in Corteva during the 2nd quarter valued at $45,000. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. UBS Group boosted their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. KeyCorp lifted their price target on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada reduced their price objective on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Finally, Barclays upped their target price on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Stock Up 4.7 %

NYSE:CTVA opened at $64.12 on Tuesday. The company’s 50-day simple moving average is $58.84 and its 200-day simple moving average is $55.81. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. Corteva, Inc. has a fifty-two week low of $43.89 and a fifty-two week high of $64.20. The stock has a market capitalization of $44.07 billion, a P/E ratio of 64.77, a P/E/G ratio of 1.99 and a beta of 0.77.

Corteva declared that its Board of Directors has authorized a stock buyback program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.06%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio 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.