UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 3.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,875,589 shares of the company's stock after selling 149,031 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.56% of Corteva worth $227,846,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC lifted its position in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock valued at $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. purchased a new position in Corteva during the second quarter valued at $34,000. Redwood Wealth Management Group LLC purchased a new position in Corteva during the second quarter valued at $43,000. Triad Wealth Partners LLC purchased a new position in Corteva during the second quarter valued at $45,000. Finally, Chilton Capital Management LLC increased its holdings in shares of Corteva by 354.7% during the second quarter. Chilton Capital Management LLC now owns 973 shares of the company's stock valued at $52,000 after acquiring an additional 759 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the company. Bank of America raised their price target on Corteva from $67.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Argus downgraded Corteva from a "buy" rating to a "hold" rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on Corteva from $57.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, August 2nd. Wells Fargo & Company lifted their price objective on Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Wednesday, November 20th. Finally, Citigroup assumed coverage on Corteva in a report on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Corteva currently has an average rating of "Moderate Buy" and a consensus target price of $65.06.
Read Our Latest Analysis on Corteva
Corteva Price Performance
NYSE:CTVA traded down $0.26 during trading hours on Friday, reaching $62.24. The stock had a trading volume of 2,467,367 shares, compared to its average volume of 3,309,927. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. Corteva, Inc. has a 52 week low of $43.89 and a 52 week high of $64.20. The company has a 50 day moving average price of $59.24 and a two-hundred day moving average price of $55.98. The stock has a market capitalization of $42.78 billion, a PE ratio of 62.87, a PEG ratio of 2.03 and a beta of 0.77.
Corteva Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date is Monday, December 2nd. Corteva's payout ratio is 68.69%.
Corteva declared that its board has authorized a stock buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.
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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