Corteva, Inc. (NYSE:CTVA) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 3.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 743,705 shares of the company’s stock after selling 22,999 shares during the period. PNC Financial Services Group Inc.’s holdings in Corteva were worth $43,722,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its holdings in shares of Corteva by 2.5% in the 3rd quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock valued at $541,194,000 after purchasing an additional 213,872 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Corteva by 28.4% in the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after buying an additional 1,514,954 shares during the last quarter. Legal & General Group Plc boosted its stake in Corteva by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock worth $363,662,000 after purchasing an additional 61,127 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Corteva by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock worth $250,786,000 after buying an additional 224,423 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its stake in shares of Corteva by 392.3% in the 2nd 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. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Royal Bank of Canada dropped their price target on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. KeyCorp reduced their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup began coverage on Corteva in a research report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $63.89.

Corteva Trading Up 0.9 %

CTVA opened at $58.77 on Thursday. The firm has a market capitalization of $40.39 billion, a P/E ratio of 59.36, a P/E/G ratio of 1.77 and a beta of 0.77. The firm’s 50 day moving average is $58.49 and its 200-day moving average is $55.72. 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, Inc. has a 52-week low of $43.89 and a 52-week high of $63.75.

Corteva Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is presently 68.69%.

Corteva declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

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.