PNC Financial Services Group Inc. reduced its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 3.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 743,705 shares of the company's stock after selling 22,999 shares during the quarter. PNC Financial Services Group Inc. owned 0.11% of Corteva worth $43,722,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new position in Corteva during the first quarter worth about $25,000. Capital Advisors Ltd. LLC increased its position in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock worth $33,000 after purchasing an additional 174 shares in the last quarter. Cultivar Capital Inc. purchased a new position in shares of Corteva in the 2nd quarter valued at $34,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Corteva in the second quarter worth about $43,000. Finally, Triad Wealth Partners LLC purchased a new stake in shares of Corteva during the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 81.54% of the company's stock.
Corteva Stock Performance
NYSE:CTVA traded up $2.16 during trading hours on Thursday, hitting $60.92. 3,112,704 shares of the company were exchanged, compared to its average volume of 3,283,936. The stock has a market capitalization of $41.87 billion, a price-to-earnings ratio of 59.36, a PEG ratio of 1.87 and a beta of 0.77. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $63.75. The company's 50 day moving average price is $58.49 and its 200-day moving average price is $55.72. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.
Corteva announced that its Board of Directors has authorized a stock repurchase program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to buy up to 7.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.
Corteva Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.12%. Corteva's dividend payout ratio (DPR) is 68.69%.
Analyst Ratings Changes
A number of brokerages have commented on CTVA. Citigroup initiated coverage on Corteva in a research note on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 target price for the company. Oppenheimer reiterated an "outperform" rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday. Royal Bank of Canada decreased their price objective on Corteva from $69.00 to $68.00 and set an "outperform" rating on the stock in a research report on Monday, November 11th. Finally, Argus cut Corteva from a "buy" rating to a "hold" rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Corteva currently has an average rating of "Moderate Buy" and a consensus price target of $64.26.
Read Our Latest Analysis on Corteva
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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