Tidal Investments LLC Decreases Position in Corteva, Inc. (NYSE:CTVA)

Tidal Investments LLC decreased its position in shares of Corteva, Inc. (NYSE:CTVA) by 3.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,132 shares of the company’s stock after selling 3,204 shares during the quarter. Tidal Investments LLC’s holdings in Corteva were worth $6,122,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in CTVA. Wealth Enhancement Advisory Services LLC increased its holdings in Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after buying an additional 41,943 shares in the last quarter. Swedbank AB boosted its holdings in shares of Corteva by 16.0% during the 2nd quarter. Swedbank AB now owns 388,095 shares of the company’s stock valued at $20,934,000 after acquiring an additional 53,430 shares during the last quarter. Triad Wealth Partners LLC bought a new stake in shares of Corteva in the second quarter worth approximately $45,000. Blue Trust Inc. raised its holdings in shares of Corteva by 6.6% during the second quarter. Blue Trust Inc. now owns 10,633 shares of the company’s stock valued at $613,000 after purchasing an additional 654 shares during the last quarter. Finally, TCW Group Inc. lifted its position in Corteva by 29.9% during the second quarter. TCW Group Inc. now owns 79,597 shares of the company’s stock valued at $4,293,000 after purchasing an additional 18,326 shares during the period. Institutional investors own 81.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. 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. Royal Bank of Canada reduced their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Finally, UBS Group raised their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.06.

Corteva Stock Up 0.3 %

CTVA opened at $59.49 on Friday. The stock has a market cap of $40.89 billion, a price-to-earnings ratio of 60.09, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm’s fifty day moving average is $59.68 and its 200 day moving average is $56.25. Corteva, Inc. has a fifty-two week low of $44.01 and a fifty-two week high of $64.20.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.14%. Corteva’s payout ratio is 68.69%.

Corteva announced that its board has initiated a stock repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.