Larson Financial Group LLC Increases Stock Position in Corteva, Inc. (NYSE:CTVA)

Larson Financial Group LLC increased its position in Corteva, Inc. (NYSE:CTVA) by 62.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,957 shares of the company’s stock after buying an additional 2,665 shares during the period. Larson Financial Group LLC’s holdings in Corteva were worth $409,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Anomaly Capital Management LP acquired a new position in Corteva during the second quarter valued at approximately $188,578,000. Vaughan Nelson Investment Management L.P. raised its stake in shares of Corteva by 392.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after purchasing an additional 3,254,126 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Corteva during the third quarter worth $99,869,000. Bank of New York Mellon Corp grew its holdings in Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its stake in Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after buying an additional 1,139,297 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. JPMorgan Chase & Co. decreased their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Barclays upped their price target on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $64.33.

Corteva Stock Performance

Shares of CTVA stock opened at $63.26 on Wednesday. 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 business has a 50 day moving average of $58.97 and a two-hundred day moving average of $55.85. The company has a market cap of $43.48 billion, a P/E ratio of 63.90, a PEG ratio of 1.99 and a beta of 0.77. Corteva, Inc. has a 52 week low of $43.89 and a 52 week high of $64.20.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.07%. Corteva’s payout ratio is currently 68.69%.

Corteva declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board 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.