B. Riley Wealth Advisors Inc. Has $690,000 Position in Corteva, Inc. (NYSE:CTVA)

B. Riley Wealth Advisors Inc. trimmed its stake in shares of Corteva, Inc. (NYSE:CTVA) by 12.4% in the third quarter, Holdings Channel.com reports. The firm owned 11,784 shares of the company’s stock after selling 1,670 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Corteva were worth $690,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. State Street Corp increased its holdings in shares of Corteva by 2.3% during the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after buying an additional 768,519 shares in the last quarter. Geode Capital Management LLC grew its position in Corteva by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock worth $1,037,505,000 after acquiring an additional 355,206 shares during the last quarter. Franklin Resources Inc. increased its holdings in Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after purchasing an additional 856,007 shares in the last quarter. Harris Associates L P raised its position in Corteva by 1.4% in the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock valued at $844,360,000 after purchasing an additional 200,917 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after purchasing an additional 203,126 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Analysts Set New Price Targets

CTVA has been the subject of a number of research reports. Bank of America raised their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. 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 report on Friday, November 8th. Citigroup decreased their price objective on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday. Royal Bank of Canada cut their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.12.

Corteva Stock Performance

Shares of CTVA opened at $56.41 on Thursday. Corteva, Inc. has a one year low of $44.01 and a one year high of $64.20. The company has a market cap of $38.77 billion, a PE ratio of 56.98, a P/E/G ratio of 1.94 and a beta of 0.77. The stock has a 50-day moving average of $59.74 and a 200-day moving average of $56.32. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.21%. Corteva’s dividend payout ratio is 68.69%.

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

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.