Aviance Capital Partners LLC Trims Stake in Corteva, Inc. (NYSE:CTVA)

Aviance Capital Partners LLC lowered its holdings in Corteva, Inc. (NYSE:CTVA) by 4.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,889 shares of the company’s stock after selling 531 shares during the period. Aviance Capital Partners LLC’s holdings in Corteva were worth $699,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CTVA. Strengthening Families & Communities LLC raised its position in shares of Corteva by 8.5% during the 3rd quarter. Strengthening Families & Communities LLC now owns 42,983 shares of the company’s stock valued at $2,527,000 after buying an additional 3,364 shares in the last quarter. Quest Partners LLC purchased a new stake in Corteva during the third quarter valued at about $587,000. Thrivent Financial for Lutherans lifted its stake in Corteva by 16.1% during the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after purchasing an additional 141,898 shares during the last quarter. Chesapeake Capital Corp IL purchased a new position in shares of Corteva in the 3rd quarter worth about $938,000. Finally, Sawgrass Asset Management LLC increased its position in shares of Corteva by 6.6% during the 3rd quarter. Sawgrass Asset Management LLC now owns 10,793 shares of the company’s stock valued at $635,000 after purchasing an additional 664 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Up 2.2 %

Shares of NYSE:CTVA opened at $58.25 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $63.75. The firm has a market capitalization of $40.03 billion, a P/E ratio of 58.84, a P/E/G ratio of 1.77 and a beta of 0.77. The stock has a 50 day moving average price of $58.42 and a 200-day moving average price of $55.70.

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

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CTVA shares. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and upped their target price for the stock from $59.00 to $67.00 in a research note on Wednesday, October 16th. UBS Group lifted their target price on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Barclays raised their price objective on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, Argus lowered Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.68.

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.