Bank of Montreal Can Sells 73,171 Shares of Corteva, Inc. (NYSE:CTVA)

Bank of Montreal Can lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 6.8% during the 3rd quarter, Holdings Channel reports. The firm owned 1,001,190 shares of the company’s stock after selling 73,171 shares during the period. Bank of Montreal Can’s holdings in Corteva were worth $58,650,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Independent Advisor Alliance increased its stake in Corteva by 7.7% in the 3rd quarter. Independent Advisor Alliance now owns 7,862 shares of the company’s stock worth $462,000 after acquiring an additional 565 shares during the last quarter. Fisher Asset Management LLC increased its stake in Corteva by 12.9% in the 3rd quarter. Fisher Asset Management LLC now owns 9,043 shares of the company’s stock worth $532,000 after acquiring an additional 1,030 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Corteva by 9.0% in the 3rd quarter. Daiwa Securities Group Inc. now owns 107,810 shares of the company’s stock worth $6,338,000 after acquiring an additional 8,906 shares during the last quarter. Summit Trail Advisors LLC increased its stake in Corteva by 3.0% in the 3rd quarter. Summit Trail Advisors LLC now owns 20,517 shares of the company’s stock worth $1,206,000 after acquiring an additional 600 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in Corteva by 62.1% in the 3rd quarter. Larson Financial Group LLC now owns 6,957 shares of the company’s stock worth $409,000 after acquiring an additional 2,665 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

CTVA opened at $62.49 on Thursday. The business has a fifty day moving average of $59.07 and a 200 day moving average of $55.90. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The stock has a market cap of $42.95 billion, a P/E ratio of 63.12, a PEG ratio of 2.08 and a beta of 0.77.

Corteva declared that its board has initiated a share repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Corteva Dividend Announcement

The firm also recently disclosed 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. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Bank of America lifted their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Citigroup initiated coverage on Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, KeyCorp boosted their target price on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

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.