Corteva, Inc. (NYSE:CTVA) Position Lessened by Marco Investment Management LLC

Marco Investment Management LLC reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 8.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,594 shares of the company’s stock after selling 1,700 shares during the quarter. Marco Investment Management LLC’s holdings in Corteva were worth $1,152,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CTVA. Acadian Asset Management LLC acquired a new position in shares of Corteva during the first quarter worth approximately $25,000. Capital Advisors Ltd. LLC grew its stake in shares of Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares in the last quarter. Cultivar Capital Inc. acquired a new position in shares of Corteva during the second quarter valued at $34,000. Redwood Wealth Management Group LLC bought a new stake in shares of Corteva during the second quarter valued at about $43,000. Finally, Triad Wealth Partners LLC acquired a new stake in Corteva in the second quarter worth about $45,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on CTVA. Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Wells Fargo & Company raised their price objective on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada lowered their price target on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Finally, Bank of America upped their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $64.33.

Corteva Stock Performance

Shares of CTVA opened at $61.23 on Friday. The company has a market capitalization of $42.08 billion, a PE ratio of 61.85, a price-to-earnings-growth ratio of 1.97 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. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75. The company’s fifty day moving average price is $58.69 and its 200 day moving average price is $55.77.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s payout ratio is presently 68.69%.

Corteva announced that its Board of Directors has initiated a stock repurchase 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 an indication that the company’s management believes its stock is undervalued.

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.