Citigroup Inc. Has $105.15 Million Stock Position in Corteva, Inc. (NYSE:CTVA)

Citigroup Inc. lessened its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 14.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,788,608 shares of the company's stock after selling 299,547 shares during the quarter. Citigroup Inc. owned 0.26% of Corteva worth $105,152,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Acadian Asset Management LLC purchased a new position in Corteva in the first quarter valued at about $25,000. Capital Advisors Ltd. LLC grew its position in shares of Corteva by 44.4% during 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 in the last quarter. Cultivar Capital Inc. bought a new stake in shares of Corteva in the second quarter worth $34,000. Redwood Wealth Management Group LLC acquired a new stake in Corteva in the second quarter valued at $43,000. Finally, Triad Wealth Partners LLC bought a new position in Corteva during the 2nd quarter valued at $45,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Price Performance

CTVA stock traded up $0.47 during trading on Friday, hitting $61.23. 3,745,870 shares of the stock traded hands, compared to its average volume of 3,567,433. The stock has a market cap of $42.08 billion, a price-to-earnings ratio of 61.85, a P/E/G ratio of 1.97 and a beta of 0.77. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75. 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 company has a 50 day simple moving average of $58.69 and a 200 day simple moving average of $55.79.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.11%. The ex-dividend date is Monday, December 2nd. Corteva's payout ratio is currently 68.69%.

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

Analyst Upgrades and Downgrades

CTVA has been the topic of a number of recent analyst reports. Citigroup initiated coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 target price on the stock. UBS Group upped their price objective on Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Wells Fargo & Company boosted their price target on Corteva from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Wednesday. Barclays increased their target price 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. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, Corteva presently has an average rating of "Moderate Buy" and an average price target of $64.33.

Corteva 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.