Fifth Third Wealth Advisors LLC Grows Stock Position in Corteva, Inc. (NYSE:CTVA)

Fifth Third Wealth Advisors LLC boosted its holdings in Corteva, Inc. (NYSE:CTVA) by 13.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,101 shares of the company’s stock after acquiring an additional 1,172 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Corteva were worth $594,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Acadian Asset Management LLC purchased a new position in shares of Corteva during the 1st quarter worth approximately $25,000. Capital Advisors Ltd. LLC boosted its position in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. acquired a new position in shares of Corteva in the second quarter worth $34,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Corteva during the second quarter worth $43,000. Finally, Triad Wealth Partners LLC acquired a new stake in shares of Corteva in the second quarter valued at $45,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CTVA shares. Oppenheimer restated an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Bank of America upped their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. decreased their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $63.89.

Corteva Trading Up 0.9 %

Shares of Corteva stock opened at $58.77 on Thursday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company’s 50-day simple moving average is $58.49 and its 200-day simple moving average is $55.72. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $63.75. The firm has a market cap of $40.39 billion, a price-to-earnings ratio of 59.36, a price-to-earnings-growth ratio of 1.77 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. Investors of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is presently 68.69%.

Corteva announced that its board has initiated a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback plans are generally an indication 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.