Citigroup Inc. Sells 299,547 Shares of Corteva, Inc. (NYSE:CTVA)

Citigroup Inc. lessened its holdings in Corteva, Inc. (NYSE:CTVA) by 14.3% during the third quarter, HoldingsChannel.com reports. The firm owned 1,788,608 shares of the company’s stock after selling 299,547 shares during the period. Citigroup Inc.’s holdings in Corteva were worth $105,152,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Van ECK Associates Corp grew its stake in Corteva by 2.5% in the third 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 boosted its holdings in shares of Corteva by 28.4% in the 2nd 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 grew its stake in shares of Corteva by 0.9% in the second quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock valued at $363,662,000 after buying an additional 61,127 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in 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 last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Corteva by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after acquiring an additional 66,052 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE CTVA opened at $61.23 on Friday. The firm has a 50-day moving average price of $58.69 and a two-hundred day moving average price of $55.79. Corteva, Inc. has a 12-month low of $43.89 and a 12-month high of $63.75. The company has a market capitalization of $42.08 billion, a P/E ratio of 61.85, a P/E/G ratio of 1.87 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 declared that its Board of Directors has approved a share buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Corteva Announces Dividend

The business 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 dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CTVA. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. UBS Group lifted their price target on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Wells Fargo & Company boosted their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Bank of America boosted their target price on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $64.33.

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.