Marco Investment Management LLC Sells 1,700 Shares of Corteva, Inc. (NYSE:CTVA)

Marco Investment Management LLC trimmed its position in shares of Corteva, Inc. (NYSE:CTVA) by 8.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 19,594 shares of the company’s stock after selling 1,700 shares during the quarter. Marco Investment Management LLC’s holdings in Corteva were worth $1,152,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Anomaly Capital Management LP acquired a new stake in Corteva during the second quarter valued at approximately $188,578,000. Vaughan Nelson Investment Management L.P. grew its position in Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after acquiring an additional 3,254,126 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Corteva during the third quarter worth $99,869,000. Bank of New York Mellon Corp lifted its holdings in shares of Corteva by 28.4% during 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 acquiring an additional 1,514,954 shares during the period. Finally, Panagora Asset Management Inc. boosted its stake in shares of Corteva by 700.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after purchasing an additional 1,139,297 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Up 0.8 %

Shares of NYSE:CTVA opened at $61.23 on Friday. The company has a 50 day moving average of $58.69 and a 200-day moving average of $55.77. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75. The stock has a market cap of $42.08 billion, a price-to-earnings ratio of 61.85, a P/E/G ratio of 1.97 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Corteva announced that its Board of Directors has approved a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on CTVA. Barclays increased their target price on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Bank of America lifted their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday. KeyCorp increased their price target on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday. Wells Fargo & Company lifted their price objective on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.33.

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.