Sawgrass Asset Management LLC Increases Stock Position in Corteva, Inc. (NYSE:CTVA)

Sawgrass Asset Management LLC lifted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 6.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,793 shares of the company’s stock after buying an additional 664 shares during the period. Sawgrass Asset Management LLC’s holdings in Corteva were worth $635,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Kingsview Wealth Management LLC grew its stake in shares of Corteva by 4.1% during the 1st quarter. Kingsview Wealth Management LLC now owns 7,896 shares of the company’s stock worth $455,000 after purchasing an additional 309 shares during the period. Orion Portfolio Solutions LLC grew its position in Corteva by 6.6% during the first quarter. Orion Portfolio Solutions LLC now owns 31,258 shares of the company’s stock worth $1,803,000 after buying an additional 1,924 shares during the period. Intech Investment Management LLC increased its holdings in Corteva by 69.5% in the first quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock valued at $3,031,000 after buying an additional 21,545 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Corteva during the 1st quarter valued at approximately $25,000. Finally, Catalytic Wealth RIA LLC acquired a new position in Corteva during the first quarter worth $243,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

Corteva stock opened at $55.21 on Friday. 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, Inc. has a 12 month low of $43.89 and a 12 month high of $63.75. The company has a market cap of $37.95 billion, a price-to-earnings ratio of 55.77, a price-to-earnings-growth ratio of 1.85 and a beta of 0.77. The stock’s 50-day moving average is $58.34 and its 200-day moving average is $55.67.

Corteva Announces Dividend

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 dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.23%. Corteva’s dividend payout ratio (DPR) is 68.69%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CTVA shares. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Royal Bank of Canada cut their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and upped their target price for the company from $59.00 to $67.00 in a research note on Wednesday, October 16th. KeyCorp dropped 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, Wells Fargo & Company decreased their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.68.

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.