Brown Brothers Harriman & Co. Lowers Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Brown Brothers Harriman & Co. lowered its stake in Corteva, Inc. (NYSE:CTVA) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,701 shares of the company’s stock after selling 778 shares during the period. Brown Brothers Harriman & Co.’s holdings in Corteva were worth $2,628,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its holdings in shares of Corteva by 2.5% during the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock valued at $541,194,000 after acquiring an additional 213,872 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Corteva by 28.4% in the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after buying an additional 1,514,954 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Corteva by 0.9% in the second quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock worth $363,662,000 after buying an additional 61,127 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Corteva by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock valued at $250,786,000 after buying an additional 224,423 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of 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 acquiring an additional 66,052 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Trading Up 4.7 %

CTVA stock opened at $64.12 on Tuesday. The company has a market capitalization of $44.07 billion, a price-to-earnings ratio of 64.77, a PEG ratio of 1.99 and a beta of 0.77. 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 1-year low of $43.89 and a 1-year high of $64.20. The business has a 50 day simple moving average of $58.84 and a two-hundred day simple moving average of $55.81.

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

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. Corteva’s dividend payout ratio is currently 68.69%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wells Fargo & Company upped their price objective on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Barclays lifted their price objective on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Citigroup initiated coverage on shares of Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. Royal Bank of Canada decreased their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus target price of $64.33.

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.