Corteva, Inc. (NYSE:CTVA) Position Reduced by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its position in Corteva, Inc. (NYSE:CTVA) by 3.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,875,589 shares of the company’s stock after selling 149,031 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Corteva were worth $227,846,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. B. Riley Wealth Advisors Inc. grew its holdings in shares of Corteva by 6.9% during the first quarter. B. Riley Wealth Advisors Inc. now owns 15,125 shares of the company’s stock valued at $872,000 after buying an additional 971 shares in the last quarter. iA Global Asset Management Inc. acquired a new stake in Corteva during the 1st quarter worth about $324,000. Swedbank AB purchased a new position in Corteva during the 1st quarter valued at about $19,300,000. Atria Investments Inc increased its holdings in shares of Corteva by 19.4% in the 1st quarter. Atria Investments Inc now owns 73,463 shares of the company’s stock valued at $4,236,000 after purchasing an additional 11,956 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in shares of Corteva by 221.9% during the first quarter. Cetera Investment Advisers now owns 119,493 shares of the company’s stock worth $6,891,000 after purchasing an additional 82,369 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. cut their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. KeyCorp lifted their price objective on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Barclays upped their target price on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Finally, Argus lowered Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

Corteva Stock Down 0.4 %

CTVA stock opened at $62.26 on Friday. The stock has a market capitalization of $42.79 billion, a price-to-earnings ratio of 62.89, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77. The company has a 50-day moving average of $59.24 and a two-hundred day moving average of $55.98. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. 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 Dividend Announcement

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 issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Corteva announced that its board has authorized a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are 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.