Sompo Asset Management Co. Ltd. Has $521,000 Stake in Corteva, Inc. (NYSE:CTVA)

Sompo Asset Management Co. Ltd. lowered its stake in shares of Corteva, Inc. (NYSE:CTVA) by 7.5% in the third quarter, Holdings Channel reports. The institutional investor owned 8,870 shares of the company’s stock after selling 720 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Corteva were worth $521,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CTVA. Acadian Asset Management LLC acquired a new position in Corteva in the first quarter valued at about $25,000. Gabelli Funds LLC increased its position in Corteva by 6.9% in the 1st quarter. Gabelli Funds LLC now owns 46,636 shares of the company’s stock valued at $2,689,000 after acquiring an additional 3,000 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Corteva by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 983,916 shares of the company’s stock worth $56,743,000 after acquiring an additional 4,498 shares during the last quarter. Mount Yale Investment Advisors LLC lifted its position in shares of Corteva by 64.6% during the first quarter. Mount Yale Investment Advisors LLC now owns 9,026 shares of the company’s stock worth $521,000 after purchasing an additional 3,544 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. grew its stake in shares of Corteva by 25.5% during the first quarter. Industrial Alliance Investment Management Inc. now owns 4,088 shares of the company’s stock valued at $236,000 after purchasing an additional 830 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Bank of America boosted their target price on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Citigroup started coverage on shares of Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Royal Bank of Canada cut their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Finally, Barclays lifted their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $64.33.

Corteva Trading Up 0.8 %

CTVA stock opened at $61.23 on Monday. The company has a fifty day moving average price of $58.69 and a two-hundred day moving average price of $55.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a market cap of $42.08 billion, a price-to-earnings ratio of 61.85, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75.

Corteva Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.11%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva declared that its Board of Directors has authorized a share buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.