Auxier Asset Management Decreases Holdings in Corteva, Inc. (NYSE:CTVA)

Auxier Asset Management decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 0.6% in the third quarter, Holdings Channel.com reports. The firm owned 56,714 shares of the company’s stock after selling 334 shares during the period. Auxier Asset Management’s holdings in Corteva were worth $3,334,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. KBC Group NV raised its stake in shares of Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after acquiring an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Corteva by 51.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after purchasing an additional 41,943 shares during the period. Charles Schwab Investment Management Inc. raised its position in Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after purchasing an additional 66,052 shares during the last quarter. Thrivent Financial for Lutherans grew its position in shares of Corteva by 16.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after buying an additional 141,898 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of Corteva by 0.4% during the third quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after buying an additional 845 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Down 1.2 %

NYSE CTVA opened at $62.50 on Friday. The stock has a 50 day moving average price of $59.15 and a 200-day moving average price of $55.94. Corteva, Inc. has a one year low of $43.89 and a one year high of $64.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market capitalization of $42.96 billion, a P/E ratio of 63.13, a P/E/G ratio of 2.03 and a beta of 0.77.

Corteva Dividend Announcement

The firm 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 is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Corteva announced that its board has authorized a share repurchase program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have commented on CTVA. Wells Fargo & Company upped their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. UBS Group raised their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Oppenheimer restated an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Barclays upped their price target on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.06.

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.