Asset Advisors Investment Management LLC Trims Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Asset Advisors Investment Management LLC lessened its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 72.6% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,448 shares of the company's stock after selling 14,440 shares during the period. Asset Advisors Investment Management LLC's holdings in Corteva were worth $320,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CTVA. Capital Advisors Ltd. LLC raised its stake in shares of 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 buying an additional 174 shares during the period. Cultivar Capital Inc. purchased a new stake in Corteva in the 2nd quarter worth approximately $34,000. Redwood Wealth Management Group LLC bought a new stake in Corteva during the 2nd quarter worth approximately $43,000. Triad Wealth Partners LLC purchased a new position in Corteva during the second quarter valued at approximately $45,000. Finally, Bangor Savings Bank increased its stake in shares of Corteva by 34.7% in the third quarter. Bangor Savings Bank now owns 935 shares of the company's stock worth $55,000 after purchasing an additional 241 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Trading Up 0.3 %

CTVA stock traded up $0.19 during midday trading on Friday, reaching $59.49. 1,988,133 shares of the company traded hands, compared to its average volume of 3,298,165. The firm has a market capitalization of $40.89 billion, a price-to-earnings ratio of 59.90, a P/E/G ratio of 1.94 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The business has a 50 day moving average of $59.66 and a 200-day moving average of $56.22. Corteva, Inc. has a 52-week low of $44.01 and a 52-week high of $64.20.

Corteva announced that its Board of Directors has authorized a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.14%. Corteva's dividend payout ratio is presently 68.69%.

Wall Street Analyst Weigh In

CTVA has been the topic of a number of analyst reports. KeyCorp lifted their target price 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. Citigroup assumed coverage on Corteva in a research note on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 price objective for the company. Royal Bank of Canada decreased their target price on Corteva from $69.00 to $68.00 and set an "outperform" rating on the stock in a research note on Monday, November 11th. UBS Group upped their price target on Corteva from $67.00 to $71.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Finally, Oppenheimer reiterated an "outperform" rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus 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.