Intech Investment Management LLC Sells 15,862 Shares of Corteva, Inc. (NYSE:CTVA)

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

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Rovin Capital UT ADV raised its position in shares of Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after buying an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC grew its position in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the last quarter. Proffitt & Goodson Inc. increased its stake in shares of Corteva by 2.2% in the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock valued at $472,000 after buying an additional 174 shares during the period. Pinnacle Bancorp Inc. lifted its stake in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after acquiring an additional 199 shares during the period. Finally, Azzad Asset Management Inc. ADV boosted its holdings in Corteva by 0.4% in the second quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock valued at $2,600,000 after acquiring an additional 203 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CTVA shares. UBS Group upped their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Bank of America lifted their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp increased their price objective on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Finally, Wells Fargo & Company raised their price target on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Corteva currently has an average rating of “Moderate Buy” and an average price target of $65.06.

Corteva Stock Performance

Shares of Corteva stock opened at $62.24 on Monday. 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 stock has a market cap of $42.78 billion, a price-to-earnings ratio of 62.87, a PEG ratio of 2.02 and a beta of 0.77. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $64.20. The firm’s 50-day moving average is $59.24 and its 200 day moving average is $55.96.

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 of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s dividend payout ratio is 68.69%.

Corteva declared that its board has authorized a stock repurchase plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback plans are typically a sign 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.