Chevy Chase Trust Holdings LLC Sells 9,256 Shares of Corteva, Inc. (NYSE:CTVA)

Chevy Chase Trust Holdings LLC reduced its position in Corteva, Inc. (NYSE:CTVA) by 2.4% during the third quarter, Holdings Channel.com reports. The firm owned 374,457 shares of the company’s stock after selling 9,256 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Corteva were worth $22,014,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Cetera Investment Advisers increased its stake in Corteva by 221.9% in the 1st quarter. Cetera Investment Advisers now owns 119,493 shares of the company’s stock valued at $6,891,000 after buying an additional 82,369 shares during the last quarter. Cetera Advisors LLC grew its stake in Corteva by 39.1% in the 1st quarter. Cetera Advisors LLC now owns 34,424 shares of the company’s stock valued at $1,985,000 after purchasing an additional 9,675 shares during the period. Massmutual Trust Co. FSB ADV increased its position in shares of Corteva by 15.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 2,032 shares of the company’s stock valued at $110,000 after purchasing an additional 273 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in shares of Corteva by 109.2% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 11,436 shares of the company’s stock worth $617,000 after buying an additional 5,969 shares during the last quarter. Finally, Park Avenue Securities LLC grew its position in Corteva by 1.2% during the second quarter. Park Avenue Securities LLC now owns 42,617 shares of the company’s stock valued at $2,299,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. 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. Wells Fargo & Company raised their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Morgan Stanley reissued an “overweight” rating and set a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. UBS Group increased their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Citigroup began coverage on Corteva in a research report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

Corteva Trading Down 0.4 %

CTVA opened at $61.99 on Wednesday. The business’s 50 day moving average is $59.41 and its two-hundred day moving average is $56.04. Corteva, Inc. has a 52 week low of $43.89 and a 52 week high of $64.20. The firm has a market cap of $42.61 billion, a price-to-earnings ratio of 62.62, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva Dividend Announcement

The company also recently disclosed 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 of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. Corteva’s payout ratio is currently 68.69%.

Corteva announced that its board has authorized a share buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.