Eagle Asset Management Inc. Sells 117,766 Shares of Corteva, Inc. (NYSE:CTVA)

Eagle Asset Management Inc. decreased its position in Corteva, Inc. (NYSE:CTVA) by 8.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,265,004 shares of the company’s stock after selling 117,766 shares during the quarter. Eagle Asset Management Inc.’s holdings in Corteva were worth $73,788,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CTVA. Anomaly Capital Management LP bought a new stake in Corteva in the 2nd quarter valued at approximately $188,578,000. Vaughan Nelson Investment Management L.P. raised its stake in shares of Corteva by 392.3% during 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 purchasing an additional 3,254,126 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Corteva during the 3rd quarter worth approximately $99,869,000. Bank of New York Mellon Corp raised 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 stake 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 in the last quarter. Institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on CTVA shares. Oppenheimer reissued 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. JPMorgan Chase & Co. reduced their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. UBS Group increased their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Barclays increased their target price on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada dropped 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $64.26.

Corteva Stock Performance

Shares of Corteva stock opened at $60.92 on Friday. The business’s fifty day simple moving average is $58.59 and its 200 day simple moving average is $55.75. The firm has a market capitalization of $41.87 billion, a P/E ratio of 61.54, a price-to-earnings-growth ratio of 1.87 and a beta of 0.77. Corteva, Inc. has a 12 month low of $43.89 and a 12 month 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.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. Corteva’s payout ratio is presently 68.69%.

Corteva announced that its Board of Directors has initiated a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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.