Synovus Financial Corp Lowers Stock Position in Corteva, Inc. (NYSE:CTVA)

Synovus Financial Corp reduced its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 43.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,248 shares of the company's stock after selling 8,649 shares during the quarter. Synovus Financial Corp's holdings in Corteva were worth $661,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its stake in Corteva by 2.0% in the second quarter. Fifth Third Bancorp now owns 186,778 shares of the company's stock valued at $10,075,000 after buying an additional 3,628 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in Corteva in the 2nd quarter worth approximately $482,000. Rockland Trust Co. purchased a new stake in Corteva during the 2nd quarter worth approximately $214,000. Cultivar Capital Inc. acquired a new position in Corteva during the 2nd quarter valued at approximately $34,000. Finally, &PARTNERS raised its holdings in shares of Corteva by 238.2% in the second quarter. &PARTNERS now owns 16,332 shares of the company's stock worth $876,000 after buying an additional 11,503 shares during the last quarter. Institutional investors own 81.54% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Barclays boosted their price objective on shares of Corteva from $58.00 to $62.00 and gave the company an "equal weight" rating in a report on Friday, November 8th. UBS Group increased their price objective on Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a report on Thursday, November 7th. KeyCorp upped their target price on Corteva from $66.00 to $69.00 and gave the company an "overweight" rating in a research report on Thursday, November 21st. Wells Fargo & Company increased their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Wednesday, November 20th. Finally, Royal Bank of Canada dropped their price objective on shares of Corteva from $69.00 to $68.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Corteva currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.12.

Corteva Price Performance

CTVA stock traded down $2.16 during mid-day trading on Wednesday, reaching $56.41. 4,224,019 shares of the company's stock were exchanged, compared to its average volume of 3,311,262. The company has a market cap of $38.77 billion, a price-to-earnings ratio of 56.98, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. Corteva, Inc. has a 12-month low of $44.01 and a 12-month high of $64.20. The stock's 50 day moving average is $59.74 and its 200 day moving average is $56.32. 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 initiated a stock repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva's payout ratio is presently 68.69%.

Corteva 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.