Corteva, Inc. (NYSE:CTVA) Shares Sold by Pitcairn Co.

Pitcairn Co. decreased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 2.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 22,513 shares of the company’s stock after selling 572 shares during the quarter. Pitcairn Co.’s holdings in Corteva were worth $1,324,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC acquired a new stake in shares of Corteva during the first quarter worth about $25,000. Capital Advisors Ltd. LLC lifted its position in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares during the period. Cultivar Capital Inc. acquired a new stake in Corteva in the second quarter valued at about $34,000. Redwood Wealth Management Group LLC acquired a new stake in Corteva in the second quarter valued at about $43,000. Finally, Triad Wealth Partners LLC acquired a new stake in Corteva in the second quarter valued at about $45,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Trading Up 0.8 %

Shares of CTVA opened at $61.23 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. The firm has a 50 day simple moving average of $58.69 and a 200-day simple moving average of $55.77. Corteva, Inc. has a 1-year low of $43.89 and a 1-year high of $63.75. The stock has a market cap of $42.08 billion, a price-to-earnings ratio of 61.85, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77.

Corteva declared that its Board of Directors has authorized a share buyback program on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid 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 dividend yield of 1.11%. Corteva’s dividend payout ratio (DPR) is 68.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CTVA. KeyCorp raised their price objective on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Bank of America raised their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Royal Bank of Canada dropped their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $64.33.

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.