Corteva, Inc. (NYSE:CTVA) Shares Sold by Citigroup Inc.

Citigroup Inc. lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 14.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,788,608 shares of the company’s stock after selling 299,547 shares during the quarter. Citigroup Inc. owned about 0.26% of Corteva worth $105,152,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CTVA. Raymond James Trust N.A. lifted its stake in shares of Corteva by 16.3% in the 3rd quarter. Raymond James Trust N.A. now owns 41,587 shares of the company’s stock worth $2,445,000 after acquiring an additional 5,829 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after purchasing an additional 66,052 shares during the period. Tradewinds LLC. lifted its position in Corteva by 23.2% in the third quarter. Tradewinds LLC. now owns 6,203 shares of the company’s stock worth $365,000 after purchasing an additional 1,168 shares during the period. Cornerstone Advisors LLC boosted its stake in Corteva by 8.6% during the 3rd quarter. Cornerstone Advisors LLC now owns 16,400 shares of the company’s stock valued at $964,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Citizens Financial Group Inc. RI increased its position in shares of Corteva by 14.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 17,274 shares of the company’s stock valued at $1,016,000 after purchasing an additional 2,142 shares during the period. Institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Morgan Stanley restated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Bank of America upped their price target on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group lifted their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. 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 research note on Friday, August 2nd. Finally, Barclays lifted their price target on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Trading Up 0.8 %

CTVA opened at $61.23 on Friday. The firm has a 50 day simple moving average of $58.69 and a 200 day simple moving average of $55.79. Corteva, Inc. has a fifty-two week low of $43.89 and a fifty-two week high of $63.75. The company has a market cap of $42.08 billion, a price-to-earnings ratio of 61.85, a price-to-earnings-growth ratio of 1.87 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva Announces Dividend

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 dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.11%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

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

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.