Corteva, Inc. (NYSE:CTVA) Shares Sold by OneAscent Financial Services LLC

OneAscent Financial Services LLC trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 13.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,561 shares of the company’s stock after selling 697 shares during the period. OneAscent Financial Services LLC’s holdings in Corteva were worth $268,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CTVA. Anomaly Capital Management LP acquired a new stake in Corteva in the second quarter worth approximately $188,578,000. Vaughan Nelson Investment Management L.P. raised its stake in shares of Corteva by 392.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after buying an additional 3,254,126 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 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 valued at $369,106,000 after buying an additional 1,514,954 shares during the period. Panagora Asset Management Inc. grew its holdings in Corteva by 700.2% during the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after acquiring an additional 1,139,297 shares during the period. Finally, Natixis Advisors LLC raised its position in Corteva by 155.7% in the second quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock worth $91,389,000 after acquiring an additional 1,031,678 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CTVA. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Oppenheimer restated an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $59.00 to $67.00 in a research report on Wednesday, October 16th. Royal Bank of Canada cut their price objective on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Finally, Citigroup assumed coverage on Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.68.

Corteva Price Performance

Shares of NYSE:CTVA opened at $58.25 on Wednesday. The firm has a market cap of $40.03 billion, a price-to-earnings ratio of 58.84, a P/E/G ratio of 1.77 and a beta of 0.77. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $63.75. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $58.42 and a 200 day simple moving average of $55.70.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva declared that its board has approved a share repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board 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.