Cerity Partners LLC Grows Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Cerity Partners LLC grew its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 28.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 232,664 shares of the company’s stock after purchasing an additional 50,837 shares during the quarter. Cerity Partners LLC’s holdings in Corteva were worth $13,678,000 at the end of the most recent quarter.

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

Corteva Stock Up 4.7 %

CTVA opened at $64.12 on Tuesday. The stock has a market cap of $44.07 billion, a P/E ratio of 64.77, a P/E/G ratio of 1.99 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, Inc. has a 12 month low of $43.89 and a 12 month high of $64.20. The stock’s 50 day moving average price is $58.84 and its 200 day moving average price is $55.81.

Corteva declared that its board has authorized a stock 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 purchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Corteva Announces Dividend

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 given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CTVA shares. UBS Group raised their price objective on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Oppenheimer reissued an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Wells Fargo & Company lifted their target price on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Finally, Royal Bank of Canada cut their price objective on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $64.33.

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.