Bank of Montreal Can Cuts Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Bank of Montreal Can trimmed its position in shares of Corteva, Inc. (NYSE:CTVA) by 6.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,001,190 shares of the company’s stock after selling 73,171 shares during the quarter. Bank of Montreal Can owned 0.15% of Corteva worth $58,650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of CTVA. Acadian Asset Management LLC purchased a new position in shares of Corteva in the 1st quarter worth about $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 worth $33,000 after buying an additional 174 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Corteva in the 2nd quarter worth about $34,000. Redwood Wealth Management Group LLC purchased a new position in shares of Corteva in the 2nd quarter worth about $43,000. Finally, Triad Wealth Partners LLC bought a new stake in Corteva in the 2nd quarter valued at about $45,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CTVA. Citigroup began coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Bank of America boosted their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Oppenheimer reiterated an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, UBS Group upped their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.06.

Corteva Stock Down 1.2 %

CTVA stock opened at $62.49 on Thursday. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $64.20. 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 stock has a market cap of $42.95 billion, a P/E ratio of 63.12, a PEG ratio of 2.08 and a beta of 0.77. The business’s 50-day moving average price is $59.07 and its 200-day moving average price is $55.90.

Corteva Announces Dividend

The firm also recently announced 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. This represents a $0.68 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

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

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.