Corteva, Inc. (NYSE:CTVA) is Oakview Capital Management L.P.’s 10th Largest Position

Oakview Capital Management L.P. decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 16.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,180 shares of the company’s stock after selling 4,048 shares during the quarter. Corteva accounts for about 5.5% of Oakview Capital Management L.P.’s holdings, making the stock its 10th biggest holding. Oakview Capital Management L.P.’s holdings in Corteva were worth $1,186,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Acadian Asset Management LLC purchased a new position in Corteva in the first quarter worth approximately $25,000. Capital Advisors Ltd. LLC lifted its stake in 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 acquiring an additional 174 shares during the last quarter. Cultivar Capital Inc. purchased a new position in Corteva in the second quarter worth approximately $34,000. Redwood Wealth Management Group LLC purchased a new position in Corteva in the second quarter worth approximately $43,000. Finally, Triad Wealth Partners LLC purchased a new position in Corteva in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Shares of NYSE CTVA opened at $58.25 on Wednesday. The firm has a market capitalization of $40.03 billion, a P/E ratio of 58.84, a PEG ratio of 1.77 and a beta of 0.77. 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 is $58.42 and its two-hundred day moving average is $55.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva announced that its board has approved a stock repurchase program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

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 given a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.17%. Corteva’s dividend payout ratio is presently 68.69%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $59.00 to $67.00 in a research note on Wednesday, October 16th. KeyCorp cut their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, 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. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.68.

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.