Brown Brothers Harriman & Co. decreased its stake in Corteva, Inc. (NYSE:CTVA) by 2.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,579 shares of the company’s stock after selling 920 shares during the period. Brown Brothers Harriman & Co.’s holdings in Corteva were worth $1,445,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Corteva by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 5,834,877 shares of the company’s stock valued at $272,023,000 after buying an additional 145,368 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Corteva by 19.7% during the first quarter. Acadian Asset Management LLC now owns 21,506 shares of the company’s stock worth $1,003,000 after acquiring an additional 3,534 shares in the last quarter. Brinker Capital Investments LLC boosted its stake in shares of Corteva by 194.0% in the 1st quarter. Brinker Capital Investments LLC now owns 17,607 shares of the company’s stock valued at $821,000 after purchasing an additional 11,618 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Corteva by 33.5% during the 1st quarter. CIBC Private Wealth Group LLC now owns 38,857 shares of the company’s stock valued at $1,812,000 after acquiring an additional 9,748 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Corteva by 59.3% during the first quarter. JPMorgan Chase & Co. now owns 1,532,577 shares of the company’s stock valued at $71,448,000 after purchasing an additional 570,419 shares during the period. 78.51% of the stock is currently owned by institutional investors and hedge funds.
NYSE:CTVA opened at $42.24 on Thursday. The firm has a market capitalization of $31.01 billion, a PE ratio of 25.76, a PEG ratio of 1.31 and a beta of 0.83. The stock’s fifty day moving average is $43.39 and its 200 day moving average is $44.65. Corteva, Inc. has a fifty-two week low of $31.16 and a fifty-two week high of $49.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.48 and a current ratio of 1.97.
Corteva announced that its Board of Directors has authorized a stock repurchase program on Thursday, August 5th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Shareholders of record on Friday, August 13th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, August 12th. This represents a $0.56 annualized dividend and a yield of 1.33%. This is an increase from Corteva’s previous quarterly dividend of $0.13. Corteva’s dividend payout ratio (DPR) is presently 37.33%.
A number of research analysts recently issued reports on the company. Royal Bank of Canada boosted their price target on Corteva from $52.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, August 9th. Roth Capital started coverage on Corteva in a report on Friday, October 8th. They set a “buy” rating and a $53.00 target price on the stock. Barclays dropped their price objective on shares of Corteva from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, August 9th. Zacks Investment Research upgraded Corteva from a “sell” rating to a “hold” rating in a report on Tuesday, August 10th. Finally, Monness Crespi & Hardt upgraded shares of Corteva from a “sell” rating to a “neutral” rating in a report on Monday, August 9th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Corteva has a consensus rating of “Hold” and an average target price of $49.76.
Corteva Company Profile
Corteva, Inc operates as a holding company. It engages in the provision of agricultural products. The firm operates through the following segments: Seed and Crop Protection. The Seed segment develops and supplies germplasm and traits that produce optimum yield for farms. The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies.
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