Primecap Management Co. CA Has $92.76 Million Position in Corteva, Inc. (NYSE:CTVA)

Primecap Management Co. CA trimmed its position in shares of Corteva, Inc. (NYSE:CTVA) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,577,780 shares of the company’s stock after selling 8,590 shares during the quarter. Primecap Management Co. CA owned approximately 0.23% of Corteva worth $92,758,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. KBC Group NV grew its holdings in Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after acquiring an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Corteva by 51.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after purchasing an additional 41,943 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Corteva by 16.1% in the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after purchasing an additional 141,898 shares during the period. Nisa Investment Advisors LLC raised its position in Corteva by 0.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock worth $12,942,000 after purchasing an additional 845 shares during the last quarter. Finally, Anomaly Capital Management LP acquired a new position in Corteva during the 2nd quarter worth about $188,578,000. 81.54% of the stock is currently owned by institutional investors.

Corteva Price Performance

CTVA stock opened at $60.92 on Friday. 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 50-day simple moving average of $58.59 and a two-hundred day simple moving average of $55.75. The company has a market capitalization of $41.87 billion, a P/E ratio of 61.54, a price-to-earnings-growth ratio of 1.87 and a beta of 0.77. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $63.75.

Corteva Dividend Announcement

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

Corteva declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CTVA shares. Wells Fargo & Company raised their price objective on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday. UBS Group raised their price target on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Citigroup assumed coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $64.26.

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.