Quest Partners LLC Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Quest Partners LLC bought a new position in Corteva, Inc. (NYSE:CTVA - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 9,991 shares of the company's stock, valued at approximately $587,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Thrivent Financial for Lutherans lifted its stake in Corteva by 16.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company's stock valued at $60,275,000 after acquiring an additional 141,898 shares during the period. Chesapeake Capital Corp IL bought a new position in Corteva during the 3rd quarter valued at about $938,000. Sawgrass Asset Management LLC lifted its stake in Corteva by 6.6% during the 3rd quarter. Sawgrass Asset Management LLC now owns 10,793 shares of the company's stock valued at $635,000 after acquiring an additional 664 shares during the period. RIA Advisory Group LLC bought a new position in Corteva during the 3rd quarter valued at about $285,000. Finally, Seelaus Asset Management LLC bought a new position in Corteva during the 3rd quarter valued at about $247,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Bank of America upped their target price on shares of Corteva from $67.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday. Morgan Stanley reissued an "overweight" rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Argus downgraded shares of Corteva from a "buy" rating to a "hold" rating in a report on Wednesday, August 7th. 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 report on Friday, November 8th. Finally, Wells Fargo & Company raised their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $64.33.

Corteva Stock Up 0.8 %

Corteva stock traded up $0.47 during trading hours on Friday, reaching $61.23. The stock had a trading volume of 3,745,870 shares, compared to its average volume of 3,567,433. Corteva, Inc. has a 52 week low of $43.89 and a 52 week high of $63.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The company has a market cap of $42.08 billion, a price-to-earnings ratio of 61.85, a PEG ratio of 1.97 and a beta of 0.77. The business's 50 day moving average price is $58.69 and its 200-day moving average price is $55.79.

Corteva Announces Dividend

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

Corteva announced that its Board of Directors has approved a share buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership 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.