Paloma Partners Management Co trimmed its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 64.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,620 shares of the company's stock after selling 19,196 shares during the period. Paloma Partners Management Co's holdings in Corteva were worth $624,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Erste Asset Management GmbH purchased a new stake in Corteva in the 3rd quarter worth $808,000. Scopia Capital Management LP boosted its holdings in shares of Corteva by 42.0% during the 3rd quarter. Scopia Capital Management LP now owns 490,664 shares of the company's stock valued at $28,846,000 after purchasing an additional 145,202 shares during the last quarter. Ironwood Investment Counsel LLC lifted its holdings in shares of Corteva by 2.7% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 65,128 shares of the company's stock valued at $3,829,000 after acquiring an additional 1,729 shares during the last quarter. Verition Fund Management LLC lifted its holdings in shares of Corteva by 8.5% in the 3rd quarter. Verition Fund Management LLC now owns 69,153 shares of the company's stock valued at $4,066,000 after acquiring an additional 5,426 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Corteva by 11.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 29,502 shares of the company's stock valued at $1,734,000 after acquiring an additional 3,000 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.
Corteva Stock Down 1.3 %
Shares of NYSE CTVA traded down $0.83 during mid-day trading on Wednesday, reaching $61.17. The company had a trading volume of 2,407,729 shares, compared to its average volume of 3,302,805. 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 firm has a 50 day simple moving average of $59.49 and a two-hundred day simple moving average of $56.08. The stock has a market cap 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 52-week low of $43.89 and a 52-week high of $64.20.
Corteva announced that its board has approved a stock buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.
Corteva Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend 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%.
Analysts Set New Price Targets
CTVA has been the topic of a number of research reports. KeyCorp raised their target price on shares of Corteva from $66.00 to $69.00 and gave the stock an "overweight" rating in a research report on Thursday, November 21st. Morgan Stanley restated an "overweight" rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Oppenheimer restated an "outperform" rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Argus downgraded shares of Corteva from a "buy" rating to a "hold" rating in a research note on Wednesday, August 7th. Finally, UBS Group raised their target price on shares of Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $65.06.
Get Our Latest Stock Analysis on CTVA
About Corteva
(
Free Report)
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.
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