Massachusetts Financial Services Co. MA Decreases Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Massachusetts Financial Services Co. MA lowered its position in shares of Corteva, Inc. (NYSE:CTVA) by 0.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,020,542 shares of the company’s stock after selling 3,950 shares during the period. Massachusetts Financial Services Co. MA owned about 1.88% of Corteva worth $765,478,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of Corteva in the first quarter worth about $25,000. Capital Advisors Ltd. LLC increased its stake in shares of 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. bought a new position in shares of Corteva during the second quarter valued at approximately $34,000. Redwood Wealth Management Group LLC purchased a new stake in Corteva in the second quarter worth $43,000. Finally, Triad Wealth Partners LLC purchased a new position in Corteva during the 2nd quarter valued at $45,000. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Shares of Corteva stock opened at $60.92 on Friday. 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. The stock’s 50-day simple moving average is $58.59 and its 200-day simple moving average is $55.75. The company has a market capitalization of $41.87 billion, a price-to-earnings ratio of 61.54, a PEG ratio of 1.87 and a beta of 0.77.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.12%. Corteva’s payout ratio is 68.69%.

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

Analysts Set New Price Targets

CTVA has been the subject of several research analyst reports. Barclays raised their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. KeyCorp raised their price objective on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday. UBS Group lifted their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. Finally, Oppenheimer restated an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.26.

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.