MetLife Investment Management LLC Lowers Stock Position in Corteva, Inc. (NYSE:CTVA)

MetLife Investment Management LLC trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 3.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 180,126 shares of the company’s stock after selling 5,820 shares during the period. MetLife Investment Management LLC’s holdings in Corteva were worth $10,590,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Anomaly Capital Management LP acquired a new stake in shares of Corteva in the second quarter valued at about $188,578,000. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after purchasing an additional 3,254,126 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Corteva in the third quarter valued at approximately $99,869,000. Bank of New York Mellon Corp increased its stake in shares of Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its position in shares of Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after purchasing an additional 1,139,297 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $62.50 on Friday. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $64.20. The business has a 50-day moving average of $59.15 and a two-hundred day moving average of $55.94. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a market capitalization of $42.96 billion, a PE ratio of 63.13, a P/E/G ratio of 2.08 and a beta of 0.77.

Corteva announced that its board has initiated a share repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The business 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 $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Analyst Upgrades and Downgrades

CTVA has been the topic of a number of analyst reports. Wells Fargo & Company increased their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. KeyCorp lifted their price objective on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. cut their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Bank of America raised their price target 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. Finally, UBS Group boosted their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.06.

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.