Retirement Systems of Alabama Sells 2,193 Shares of Corteva, Inc. (NYSE:CTVA)

Retirement Systems of Alabama cut its holdings in Corteva, Inc. (NYSE:CTVA) by 1.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,551 shares of the company’s stock after selling 2,193 shares during the period. Retirement Systems of Alabama’s holdings in Corteva were worth $8,910,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CTVA. Capital Advisors Ltd. LLC grew its stake 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 purchasing an additional 174 shares during the period. Cultivar Capital Inc. purchased a new position in Corteva in the second quarter valued at about $34,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Corteva during the 2nd quarter worth approximately $43,000. Chilton Capital Management LLC raised its holdings in shares of 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 period. Finally, Bangor Savings Bank lifted its stake in Corteva by 34.7% in the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after purchasing an additional 241 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Bank of America increased 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 initiated coverage on Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target on the stock. 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 research report on Wednesday, November 20th. Finally, KeyCorp upped their target price on shares of Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.06.

Corteva Stock Down 0.9 %

Shares of NYSE CTVA opened at $58.97 on Tuesday. The stock has a market capitalization of $40.53 billion, a P/E ratio of 59.57, a PEG ratio of 1.94 and a beta of 0.77. Corteva, Inc. has a one year low of $44.01 and a one year high of $64.20. The firm’s 50 day simple moving average is $59.71 and its two-hundred day simple moving average is $56.30. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s payout ratio is presently 68.69%.

Corteva declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback plans are usually a sign 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.