Linscomb Wealth Inc. Trims Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Linscomb Wealth Inc. trimmed its stake in shares of Corteva, Inc. (NYSE:CTVA) by 1.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,861 shares of the company’s stock after selling 1,535 shares during the quarter. Linscomb Wealth Inc.’s holdings in Corteva were worth $4,695,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Anomaly Capital Management LP bought a new stake in Corteva during the second quarter valued at $188,578,000. Vaughan Nelson Investment Management L.P. grew its holdings in shares of 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 valued at $220,274,000 after purchasing an additional 3,254,126 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Corteva by 28.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after purchasing an additional 1,514,954 shares during the last quarter. Panagora Asset Management Inc. boosted its position in Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after purchasing an additional 1,139,297 shares during the period. Finally, Natixis Advisors LLC increased its position in Corteva by 155.7% in the second quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock worth $91,389,000 after buying an additional 1,031,678 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Down 2.8 %

CTVA traded down $1.62 during midday trading on Friday, hitting $55.79. 1,184,988 shares of the company’s stock traded hands, compared to its average volume of 3,247,846. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75. The stock’s fifty day simple moving average is $58.34 and its 200-day simple moving average is $55.67. The company has a market cap of $38.34 billion, a PE ratio of 57.57, a price-to-earnings-growth ratio of 1.85 and a beta of 0.77. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.22%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Analyst Upgrades and Downgrades

CTVA has been the subject of several analyst reports. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and lifted their price target for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. KeyCorp reduced their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Barclays raised their price target on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $63.68.

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.