Intech Investment Management LLC Lowers Position in Corteva, Inc. (NYSE:CTVA)

Intech Investment Management LLC lessened its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 66.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,133 shares of the company's stock after selling 15,862 shares during the period. Intech Investment Management LLC's holdings in Corteva were worth $478,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Anomaly Capital Management LP bought a new position in Corteva during the second quarter worth about $188,578,000. Vaughan Nelson Investment Management L.P. grew its holdings in Corteva by 392.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company's stock worth $220,274,000 after purchasing an additional 3,254,126 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Corteva during the third quarter worth about $99,869,000. Bank of New York Mellon Corp lifted its position in Corteva by 28.4% during the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company's stock worth $369,106,000 after acquiring an additional 1,514,954 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its position in Corteva by 700.2% during the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company's stock worth $70,230,000 after acquiring an additional 1,139,297 shares during the last quarter. Institutional investors own 81.54% of the company's stock.

Corteva Price Performance

NYSE CTVA traded down $0.02 on Monday, hitting $62.22. The stock had a trading volume of 3,224,456 shares, compared to its average volume of 3,309,558. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. 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 company has a market capitalization of $42.76 billion, a price-to-earnings ratio of 62.86, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. The firm has a 50-day moving average of $59.24 and a 200-day moving average of $55.96.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Monday, December 2nd. Corteva's dividend payout ratio is currently 68.69%.

Corteva declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

CTVA has been the subject of several research reports. Barclays raised their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Friday, November 8th. UBS Group raised their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Argus downgraded shares of Corteva from a "buy" rating to a "hold" rating in a research report on Wednesday, August 7th. KeyCorp lifted their price target on shares of Corteva from $66.00 to $69.00 and gave the company an "overweight" rating in a research report on Thursday, November 21st. Finally, Bank of America boosted their target price on shares of Corteva from $67.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $65.06.

Corteva Company 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.