Corteva, Inc. (NYSE:CTVA) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lowered its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 2.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 374,457 shares of the company's stock after selling 9,256 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Corteva worth $22,014,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Rovin Capital UT ADV boosted its position in Corteva by 1.3% during the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company's stock valued at $754,000 after acquiring an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC boosted its position in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock worth $33,000 after purchasing an additional 174 shares in the last quarter. Proffitt & Goodson Inc. boosted its position in shares of Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company's stock worth $472,000 after purchasing an additional 174 shares in the last quarter. Pinnacle Bancorp Inc. boosted its position in shares of Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company's stock worth $57,000 after purchasing an additional 199 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV boosted its position in shares of Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company's stock worth $2,600,000 after purchasing an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Price Performance

Shares of NYSE CTVA traded down $0.83 during mid-day trading on Wednesday, hitting $61.17. 2,407,729 shares of the company's stock traded hands, compared to its average volume of 3,302,805. The company's 50-day moving average is $59.49 and its two-hundred day moving average is $56.08. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The company has a market capitalization of $42.04 billion, a P/E ratio of 61.79, a PEG ratio of 2.02 and a beta of 0.77. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $64.20.

Corteva declared that its board has initiated a share buyback plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 1.11%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva's dividend payout ratio (DPR) is presently 68.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CTVA. Barclays boosted their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an "equal weight" rating in a report on Friday, November 8th. Bank of America raised their price target on Corteva from $67.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. Royal Bank of Canada cut their price target on Corteva from $69.00 to $68.00 and set an "outperform" rating for the company in a research note on Monday, November 11th. UBS Group upped their target price on shares of Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Finally, Argus downgraded shares of Corteva from a "buy" rating to a "hold" rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus 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.