EP Wealth Advisors LLC Raises Holdings in Corteva, Inc. (NYSE:CTVA)

EP Wealth Advisors LLC grew its position in shares of Corteva, Inc. (NYSE:CTVA) by 82.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,282 shares of the company’s stock after purchasing an additional 7,822 shares during the quarter. EP Wealth Advisors LLC’s holdings in Corteva were worth $1,016,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. KBC Group NV grew its holdings 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 worth $65,851,000 after purchasing an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Corteva by 51.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after buying an additional 41,943 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Corteva by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after buying an additional 66,052 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Corteva by 16.1% during the third 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, Kingsview Wealth Management LLC grew its holdings in shares of Corteva by 468.8% during the third quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock worth $2,656,000 after buying an additional 37,239 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

CTVA stock opened at $59.44 on Wednesday. The firm has a 50 day moving average of $59.58 and a 200-day moving average of $56.15. Corteva, Inc. has a 12-month low of $44.01 and a 12-month high of $64.20. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a market cap of $40.85 billion, a price-to-earnings ratio of 60.04, a PEG ratio of 1.93 and a beta of 0.77.

Corteva declared that its Board of Directors has initiated a stock buyback program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors 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 dividend yield of 1.14%. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CTVA. Bank of America raised their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Wells Fargo & Company raised their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. UBS Group lifted their price objective on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Citigroup started coverage on Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Finally, Royal Bank of Canada lowered their price objective on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. One 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $65.06.

Corteva 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.