Corteva, Inc. (NYSE:CTVA) Position Lessened by Paloma Partners Management Co

Paloma Partners Management Co lowered its position in Corteva, Inc. (NYSE:CTVA) by 64.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,620 shares of the company’s stock after selling 19,196 shares during the quarter. Paloma Partners Management Co’s holdings in Corteva were worth $624,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CTVA. Anomaly Capital Management LP bought a new position in shares of Corteva during the 2nd quarter valued at $188,578,000. Vaughan Nelson Investment Management L.P. raised its holdings in Corteva by 392.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after buying an additional 3,254,126 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Corteva in the third quarter worth about $99,869,000. Bank of New York Mellon Corp boosted its stake in shares of Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after acquiring an additional 1,514,954 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its holdings in shares of Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after acquiring an additional 1,139,297 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on CTVA. Wells Fargo & Company boosted their target price on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Royal Bank of Canada reduced their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. KeyCorp raised their target price on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Citigroup initiated coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price for the company. Finally, Barclays raised their price target on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.06.

Corteva Trading Down 0.4 %

Shares of Corteva stock opened at $61.99 on Wednesday. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. The firm has a market capitalization of $42.61 billion, a PE ratio of 62.62, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. 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 company’s fifty day moving average price is $59.41 and its two-hundred day moving average price is $56.04.

Corteva announced that its board has authorized a share repurchase plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

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.