King Luther Capital Management Corp Sells 2,892 Shares of Corteva, Inc. (NYSE:CTVA)

King Luther Capital Management Corp cut its position in Corteva, Inc. (NYSE:CTVA) by 0.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 450,680 shares of the company’s stock after selling 2,892 shares during the quarter. King Luther Capital Management Corp owned approximately 0.07% of Corteva worth $26,495,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Acadian Asset Management LLC purchased a new stake in Corteva during the 1st quarter worth approximately $25,000. Capital Advisors Ltd. LLC lifted 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 valued at $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. purchased a new stake in Corteva in the 2nd quarter worth approximately $34,000. Redwood Wealth Management Group LLC acquired a new stake in Corteva during the second quarter valued at $43,000. Finally, Triad Wealth Partners LLC purchased a new position in shares of Corteva in the 2nd quarter valued at about $45,000. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of CTVA opened at $60.92 on Friday. The company has a market cap of $41.87 billion, a price-to-earnings ratio of 61.54, a price-to-earnings-growth ratio of 1.87 and a beta of 0.77. The firm has a fifty day moving average of $58.59 and a 200-day moving average of $55.75. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $63.75. 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 announced that its board has approved a share buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

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. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CTVA. JPMorgan Chase & Co. dropped their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. 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 note on Thursday, November 7th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Citigroup assumed coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. One 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $64.26.

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.