Chevy Chase Trust Holdings LLC Has $22.01 Million Stake in Corteva, Inc. (NYSE:CTVA)

Chevy Chase Trust Holdings LLC lessened its position in shares of Corteva, Inc. (NYSE:CTVA) by 2.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 374,457 shares of the company’s stock after selling 9,256 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of Corteva worth $22,014,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Capital Advisors Ltd. LLC grew its position in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the last quarter. Cultivar Capital Inc. bought a new position in shares of Corteva during the 2nd quarter valued at approximately $34,000. Redwood Wealth Management Group LLC bought a new position in shares of Corteva during the second quarter worth $43,000. Triad Wealth Partners LLC bought a new position in Corteva during the second quarter valued at $45,000. Finally, Bangor Savings Bank boosted its stake in shares of Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after purchasing an additional 241 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

NYSE CTVA opened at $61.99 on Wednesday. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $64.20. The stock has a market capitalization of $42.61 billion, a PE ratio of 62.62, a P/E/G ratio of 2.02 and a beta of 0.77. The stock has a 50-day simple moving average of $59.41 and a 200 day simple moving average of $56.04. 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 stock repurchase plan 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 plans are generally a sign that the company’s management believes its stock is undervalued.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.10%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CTVA. KeyCorp upped their price target on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Royal Bank of Canada decreased their price target 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. Oppenheimer reissued 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. Bank of America lifted their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Citigroup started coverage on Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $65.06.

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.