Davis R M Inc. Decreases Position in Corteva, Inc. (NYSE:CTVA)

Davis R M Inc. decreased its stake in Corteva, Inc. (NYSE:CTVA) by 4.0% in the third quarter, Holdings Channel.com reports. The firm owned 4,839 shares of the company’s stock after selling 202 shares during the period. Davis R M Inc.’s holdings in Corteva were worth $284,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Van ECK Associates Corp boosted its stake in Corteva by 2.5% during the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock worth $541,194,000 after buying an additional 213,872 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after purchasing an additional 1,514,954 shares during the period. Legal & General Group Plc grew its holdings in Corteva by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock valued at $363,662,000 after purchasing an additional 61,127 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Corteva by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock worth $250,786,000 after purchasing an additional 224,423 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after purchasing an additional 66,052 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. UBS Group upped their target price on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Oppenheimer reiterated an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America boosted their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Wells Fargo & Company raised their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $64.33.

Corteva Trading Up 4.7 %

Shares of NYSE:CTVA opened at $64.12 on Tuesday. The company has a market capitalization of $44.07 billion, a PE ratio of 64.77, a P/E/G ratio of 1.99 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 12-month low of $43.89 and a 12-month high of $64.20. The business’s fifty day simple moving average is $58.84 and its 200-day simple moving average is $55.81.

Corteva announced that its board has approved a stock buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Corteva Dividend Announcement

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