Primecap Management Co. CA Sells 8,590 Shares of Corteva, Inc. (NYSE:CTVA)

Primecap Management Co. CA lessened its position in shares of Corteva, Inc. (NYSE:CTVA) by 0.5% during the third quarter, HoldingsChannel.com reports. The fund owned 1,577,780 shares of the company’s stock after selling 8,590 shares during the period. Primecap Management Co. CA’s holdings in Corteva were worth $92,758,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC purchased a new position in shares of Corteva during the 1st quarter valued at $25,000. Capital Advisors Ltd. LLC boosted 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 buying an additional 174 shares during the period. Cultivar Capital Inc. purchased a new position in Corteva during the second quarter worth about $34,000. Redwood Wealth Management Group LLC bought a new position in Corteva in the 2nd quarter worth about $43,000. Finally, Triad Wealth Partners LLC purchased a new stake in shares of Corteva in the 2nd quarter valued at about $45,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on CTVA shares. KeyCorp boosted their price objective on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday. Bank of America boosted their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup assumed coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. Finally, Wells Fargo & Company increased their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.26.

Corteva Stock Performance

Shares of CTVA stock opened at $60.92 on Friday. The company has a market capitalization of $41.87 billion, a P/E ratio of 61.54, a PEG ratio of 1.87 and a beta of 0.77. Corteva, Inc. has a fifty-two week low of $43.89 and a fifty-two week high of $63.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The stock has a 50 day moving average price of $58.59 and a two-hundred day moving average price of $55.75.

Corteva announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued 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 1.12%. Corteva’s dividend payout ratio is currently 68.69%.

About Corteva

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.