PNC Financial Services Group Inc. Trims Stock Holdings in Corteva, Inc. (NYSE:CTVA)

PNC Financial Services Group Inc. lessened its position in shares of Corteva, Inc. (NYSE:CTVA) by 3.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 743,705 shares of the company’s stock after selling 22,999 shares during the quarter. PNC Financial Services Group Inc. owned 0.11% of Corteva worth $43,722,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Acadian Asset Management LLC acquired a new position in Corteva in the 1st quarter worth approximately $25,000. Capital Advisors Ltd. LLC boosted its holdings in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring 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 purchased a new position in shares of Corteva during the second quarter worth $43,000. Finally, Triad Wealth Partners LLC acquired a new position in Corteva during the second quarter valued at $45,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CTVA has been the topic of several analyst reports. KeyCorp cut their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Barclays upped their price objective on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. cut their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Citigroup started coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.89.

Corteva Stock Up 0.9 %

NYSE CTVA opened at $58.77 on Thursday. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The business has a fifty day moving average price of $58.49 and a 200 day moving average price of $55.72. The company has a market cap of $40.39 billion, a P/E ratio of 59.36, a P/E/G ratio of 1.77 and a beta of 0.77.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.16%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is currently 68.69%.

Corteva announced that its board has authorized a stock repurchase plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Corteva 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.