Cerity Partners LLC Acquires 50,837 Shares of Corteva, Inc. (NYSE:CTVA)

Cerity Partners LLC boosted its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 28.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 232,664 shares of the company's stock after acquiring an additional 50,837 shares during the quarter. Cerity Partners LLC's holdings in Corteva were worth $13,678,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Anomaly Capital Management LP bought a new position in shares of Corteva in the second quarter valued at approximately $188,578,000. Vaughan Nelson Investment Management L.P. lifted its position in shares of Corteva by 392.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company's stock valued at $220,274,000 after purchasing an additional 3,254,126 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Corteva in the 3rd quarter worth about $99,869,000. Bank of New York Mellon Corp increased its stake in Corteva by 28.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company's stock valued at $369,106,000 after buying an additional 1,514,954 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its position in shares of Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company's stock worth $70,230,000 after buying an additional 1,139,297 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Corteva Trading Down 1.5 %

Shares of CTVA stock traded down $0.97 during trading hours on Tuesday, reaching $63.16. The company's stock had a trading volume of 1,942,249 shares, compared to its average volume of 3,307,902. 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 stock has a market capitalization of $43.41 billion, a P/E ratio of 63.80, a P/E/G ratio of 1.99 and a beta of 0.77. The firm's fifty day simple moving average is $58.84 and its 200 day simple moving average is $55.81. Corteva, Inc. has a one year low of $43.89 and a one year high of $64.20.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date is Monday, December 2nd. Corteva's payout ratio is currently 68.69%.

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CTVA. Argus lowered Corteva from a "buy" rating to a "hold" rating in a report on Wednesday, August 7th. UBS Group raised their target price on Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Wednesday, November 20th. Citigroup assumed coverage on shares of Corteva in a report on Wednesday, October 23rd. They set a "buy" rating and a $68.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of Corteva from $57.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $64.33.

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.