Sanctuary Advisors LLC Acquires 23,251 Shares of Corteva, Inc. (NYSE:CTVA)

Sanctuary Advisors LLC boosted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 27.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 107,713 shares of the company’s stock after purchasing an additional 23,251 shares during the quarter. Sanctuary Advisors LLC’s holdings in Corteva were worth $6,595,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Capital Advisors Ltd. LLC boosted its position in shares of Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares during the period. Cultivar Capital Inc. acquired a new position in Corteva during the 2nd quarter valued at $34,000. Redwood Wealth Management Group LLC bought a new stake in Corteva in the 2nd quarter valued at $43,000. Chilton Capital Management LLC grew its position in Corteva by 354.7% in the 2nd quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock worth $52,000 after purchasing an additional 759 shares during the last quarter. Finally, Bangor Savings Bank increased its holdings in shares of Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after purchasing an additional 241 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Trading Up 0.3 %

CTVA stock opened at $59.49 on Friday. The business has a fifty day moving average price of $59.68 and a 200 day moving average price of $56.26. 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 fifty-two week low of $44.01 and a fifty-two week high of $64.20. The stock has a market capitalization of $40.89 billion, a price-to-earnings ratio of 60.09, a P/E/G ratio of 1.94 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. Investors of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.14%. Corteva’s dividend payout ratio is 68.69%.

Corteva announced that its Board of Directors has approved a share repurchase program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CTVA. Citigroup started coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price for the company. Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. KeyCorp raised their target price on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Royal Bank of Canada dropped their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $65.06.

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.