Corteva, Inc. (NYSE:CTVA) Holdings Reduced by Caprock Group LLC

Caprock Group LLC cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 3.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Pathstone Holdings LLC raised its stake in Corteva by 3.0% during the 3rd quarter. Pathstone Holdings LLC now owns 98,919 shares of the company’s stock valued at $5,815,000 after acquiring an additional 2,846 shares in the last quarter. Strengthening Families & Communities LLC raised its position in shares of Corteva by 8.5% during the 3rd quarter. Strengthening Families & Communities LLC now owns 42,983 shares of the company’s stock worth $2,527,000 after buying an additional 3,364 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Corteva in the 3rd quarter worth approximately $587,000. Thrivent Financial for Lutherans increased its stake in shares of Corteva by 16.1% during the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after acquiring an additional 141,898 shares during the period. Finally, Chesapeake Capital Corp IL bought a new stake in Corteva during the third quarter worth approximately $938,000. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CTVA. UBS Group increased their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. KeyCorp raised their target price on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday. Barclays boosted their price target on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Royal Bank of Canada reduced their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Finally, Bank of America lifted their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Stock Performance

Shares of CTVA opened at $61.23 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75. The company’s fifty day moving average price is $58.69 and its 200 day moving average price is $55.79. The company has a market capitalization of $42.08 billion, a PE ratio of 61.85, a price-to-earnings-growth ratio of 1.87 and a beta of 0.77.

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

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors 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 annualized dividend and a dividend yield of 1.11%. Corteva’s dividend payout ratio is presently 68.69%.

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.