Massachusetts Financial Services Co. MA Sells 3,950 Shares of Corteva, Inc. (NYSE:CTVA)

Massachusetts Financial Services Co. MA cut its holdings in Corteva, Inc. (NYSE:CTVA) by 0.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 13,020,542 shares of the company’s stock after selling 3,950 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Corteva were worth $765,478,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new stake in Corteva during the first quarter valued at approximately $25,000. Capital Advisors Ltd. LLC raised its holdings in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. bought a new stake in Corteva in the second quarter worth $34,000. Redwood Wealth Management Group LLC purchased a new position in Corteva during the second quarter worth $43,000. Finally, Triad Wealth Partners LLC purchased a new stake in shares of Corteva in the second quarter valued at $45,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on CTVA shares. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America upped their target price on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company raised their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday. KeyCorp upped their price objective on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. 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.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $64.26.

Corteva Stock Performance

Shares of CTVA opened at $60.92 on Friday. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $63.75. The stock has a fifty day moving average price of $58.59 and a 200-day moving average price of $55.75. 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 firm has a market cap of $41.87 billion, a PE ratio of 61.54, a P/E/G ratio of 1.87 and a beta of 0.77.

Corteva Dividend Announcement

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

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

About Corteva

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.