Pallas Capital Advisors LLC Lowers Position in Corteva, Inc. (NYSE:CTVA)

Pallas Capital Advisors LLC trimmed its position in shares of Corteva, Inc. (NYSE:CTVA) by 1.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 66,974 shares of the company’s stock after selling 1,034 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Corteva were worth $3,815,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CTVA. KBC Group NV grew its stake in Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after purchasing an additional 815,135 shares during the period. Charles Schwab Investment Management Inc. grew its position in Corteva by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after buying an additional 66,052 shares during the period. Thrivent Financial for Lutherans increased its holdings 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 buying an additional 141,898 shares during the last quarter. Kingsview Wealth Management LLC raised its position in Corteva by 468.8% in the third quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock worth $2,656,000 after acquiring an additional 37,239 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in Corteva by 0.4% in the third quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after acquiring an additional 845 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

CTVA stock traded up $2.86 during mid-day trading on Monday, hitting $59.95. 3,841,283 shares of the stock were exchanged, compared to its average volume of 3,023,987. The stock has a market capitalization of $41.20 billion, a price-to-earnings ratio of 60.56, a PEG ratio of 1.94 and a beta of 0.77. The business has a fifty day moving average price of $58.88 and a 200 day moving average price of $56.84. 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, Inc. has a 12 month low of $44.01 and a 12 month high of $64.20.

Corteva declared that its Board of Directors has approved a share buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CTVA. Morgan Stanley restated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Citigroup lowered their target price on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday, December 18th. UBS Group decreased their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, Bank of America lifted their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $65.47.

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.