MetLife Investment Management LLC Reduces Position in Corteva, Inc. (NYSE:CTVA)

MetLife Investment Management LLC lowered its holdings in Corteva, Inc. (NYSE:CTVA) by 3.1% in the third quarter, HoldingsChannel reports. The firm owned 180,126 shares of the company’s stock after selling 5,820 shares during the period. MetLife Investment Management LLC’s holdings in Corteva were worth $10,590,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CTVA. Capital Advisors Ltd. LLC boosted its stake in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the last quarter. Cultivar Capital Inc. acquired a new position in Corteva during the 2nd quarter worth $34,000. Redwood Wealth Management Group LLC bought a new stake in shares of Corteva in the 2nd quarter worth about $43,000. Triad Wealth Partners LLC bought a new position in shares of Corteva during the second quarter worth about $45,000. Finally, Chilton Capital Management LLC increased its holdings in Corteva by 354.7% in the second quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock valued at $52,000 after buying an additional 759 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Trading Down 1.2 %

Shares of NYSE:CTVA opened at $62.50 on Friday. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $64.20. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market cap of $42.96 billion, a P/E ratio of 63.13, a P/E/G ratio of 2.08 and a beta of 0.77. The company has a 50 day moving average of $59.15 and a 200-day moving average of $55.94.

Corteva announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in 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 shares are undervalued.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 1.09%. Corteva’s dividend payout ratio (DPR) is 68.69%.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of research reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. JPMorgan Chase & Co. cut their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. KeyCorp upped their target price on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. One 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $65.06.

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.