Synovus Financial Corp Sells 8,649 Shares of Corteva, Inc. (NYSE:CTVA)

Synovus Financial Corp reduced its position in shares of Corteva, Inc. (NYSE:CTVA) by 43.5% in the third quarter, Holdings Channel reports. The firm owned 11,248 shares of the company’s stock after selling 8,649 shares during the period. Synovus Financial Corp’s holdings in Corteva were worth $661,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Rovin Capital UT ADV raised its holdings in shares of Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after acquiring an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC raised its stake in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. Proffitt & Goodson Inc. lifted its position in Corteva by 2.2% during the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock valued at $472,000 after purchasing an additional 174 shares during the last quarter. Pinnacle Bancorp Inc. grew its stake in Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after buying an additional 199 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV increased its holdings in shares of Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after buying an additional 203 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of CTVA stock opened at $58.57 on Wednesday. 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 company has a 50 day moving average price of $59.74 and a 200-day moving average price of $56.31. Corteva, Inc. has a 52 week low of $44.01 and a 52 week high of $64.20. The firm has a market capitalization of $40.25 billion, a PE ratio of 59.16, a P/E/G ratio of 1.94 and a beta of 0.77.

Corteva declared that its board has initiated a share 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 purchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.16%. Corteva’s dividend payout ratio is presently 68.69%.

Analyst Ratings Changes

A number of research firms recently commented on CTVA. KeyCorp increased their target price on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. UBS Group boosted their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Royal Bank of Canada reduced their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Finally, Citigroup began coverage on shares of Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company 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.