D.A. Davidson & CO. Decreases Stock Holdings in Corteva, Inc. (NYSE:CTVA)

D.A. Davidson & CO. decreased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 1.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 54,479 shares of the company’s stock after selling 688 shares during the quarter. D.A. Davidson & CO.’s holdings in Corteva were worth $3,203,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Rovin Capital UT ADV raised its stake in Corteva by 1.3% during the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after purchasing an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC raised its stake in Corteva by 44.4% during 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 in the last quarter. Proffitt & Goodson Inc. raised 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 acquiring an additional 174 shares during the period. Pinnacle Bancorp Inc. raised 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 valued at $57,000 after acquiring an additional 199 shares during the period. Finally, Azzad Asset Management Inc. ADV raised its stake in shares of 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 period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Down 1.2 %

Shares of Corteva stock opened at $62.50 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 1 year low of $43.89 and a 1 year high of $64.20. The firm’s 50-day moving average is $59.15 and its two-hundred day moving average is $55.94. The stock has a market cap of $42.96 billion, a price-to-earnings ratio of 63.13, a PEG ratio of 2.08 and a beta of 0.77.

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

Corteva Announces Dividend

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 issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays increased their target price on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Morgan Stanley reissued an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Oppenheimer reissued an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. UBS Group increased their target price 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. Finally, Bank of America upped their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

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.