Icon Wealth Advisors LLC Raises Stock Position in Corteva, Inc. (NYSE:CTVA)

Icon Wealth Advisors LLC increased its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 236.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,046 shares of the company's stock after buying an additional 17,596 shares during the quarter. Icon Wealth Advisors LLC's holdings in Corteva were worth $1,472,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Raymond James Trust N.A. raised its position in Corteva by 16.3% during the 3rd quarter. Raymond James Trust N.A. now owns 41,587 shares of the company's stock worth $2,445,000 after buying an additional 5,829 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Corteva by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company's stock worth $265,966,000 after acquiring an additional 66,052 shares during the period. Tradewinds LLC. raised its holdings in Corteva by 23.2% during the third quarter. Tradewinds LLC. now owns 6,203 shares of the company's stock worth $365,000 after purchasing an additional 1,168 shares in the last quarter. Cornerstone Advisors LLC lifted its position in Corteva by 8.6% in the third quarter. Cornerstone Advisors LLC now owns 16,400 shares of the company's stock valued at $964,000 after purchasing an additional 1,300 shares during the period. Finally, Citizens Financial Group Inc. RI boosted its holdings in Corteva by 14.2% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 17,274 shares of the company's stock valued at $1,016,000 after purchasing an additional 2,142 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Bank of America increased their target price on Corteva from $67.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. cut their price objective on Corteva from $57.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, August 2nd. Citigroup initiated coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a "buy" rating and a $68.00 target price on the stock. Wells Fargo & Company raised their price objective on shares of Corteva from $65.00 to $67.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Corteva presently has a consensus rating of "Moderate Buy" and an average target price of $64.33.

Corteva Trading Up 0.8 %

NYSE CTVA traded up $0.47 during trading hours on Friday, hitting $61.23. 3,745,870 shares of the company's stock were exchanged, compared to its average volume of 3,567,433. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a market capitalization of $42.08 billion, a P/E ratio of 61.85, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77. The business's 50 day moving average is $58.69 and its 200-day moving average is $55.79. Corteva, Inc. has a 12-month low of $43.89 and a 12-month high of $63.75.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.11%. The ex-dividend date is Monday, December 2nd. Corteva's dividend payout ratio (DPR) is 68.69%.

Corteva announced that its board has initiated a share buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

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.