Eagle Asset Management Inc. Has $73.79 Million Position in Corteva, Inc. (NYSE:CTVA)

Eagle Asset Management Inc. lowered its position in Corteva, Inc. (NYSE:CTVA) by 8.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,265,004 shares of the company’s stock after selling 117,766 shares during the period. Eagle Asset Management Inc. owned 0.18% of Corteva worth $73,788,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new position in Corteva during the first quarter valued at approximately $25,000. Capital Advisors Ltd. LLC grew its holdings in 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 purchasing an additional 174 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Corteva in the second quarter worth $34,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Corteva in the second quarter worth $43,000. Finally, Triad Wealth Partners LLC acquired a new stake in shares of Corteva in the second quarter worth $45,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

CTVA has been the topic of several research analyst reports. Wells Fargo & Company raised their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Bank of America raised their target price on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. reduced their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, UBS Group raised 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.26.

Corteva Price Performance

Shares of CTVA stock opened at $60.92 on Friday. The stock has a 50-day moving average price of $58.59 and a 200 day moving average price of $55.75. 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 firm has a market cap 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, Inc. has a 12 month low of $43.89 and a 12 month high of $63.75.

Corteva Dividend Announcement

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

Corteva declared that its board has initiated a stock buyback program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.