Gulf International Bank UK Ltd Cuts Stake in Corteva, Inc. (NYSE:CTVA)

Gulf International Bank UK Ltd trimmed its stake in Corteva, Inc. (NYSE:CTVA) by 4.2% in the third quarter, Holdings Channel.com reports. The firm owned 56,187 shares of the company’s stock after selling 2,475 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Corteva were worth $3,303,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CTVA. QRG Capital Management Inc. lifted its position in Corteva by 5.7% during the third quarter. QRG Capital Management Inc. now owns 26,429 shares of the company’s stock valued at $1,554,000 after buying an additional 1,420 shares in the last quarter. National Pension Service lifted its holdings in shares of Corteva by 10.3% during the 3rd quarter. National Pension Service now owns 2,137,825 shares of the company’s stock valued at $125,683,000 after acquiring an additional 198,768 shares in the last quarter. Old North State Wealth Management LLC boosted its position in Corteva by 33.5% during the 3rd quarter. Old North State Wealth Management LLC now owns 6,432 shares of the company’s stock worth $379,000 after purchasing an additional 1,613 shares during the period. Van ECK Associates Corp increased its holdings in Corteva by 2.5% in the 3rd quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock valued at $541,194,000 after purchasing an additional 213,872 shares in the last quarter. Finally, Confluence Wealth Services Inc. raised its position in Corteva by 3.4% in the third quarter. Confluence Wealth Services Inc. now owns 9,937 shares of the company’s stock valued at $584,000 after purchasing an additional 330 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CTVA. Citigroup started coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price for the company. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and raised their price target for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. KeyCorp cut their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $62.84.

Corteva Price Performance

Shares of CTVA opened at $61.75 on Wednesday. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $62.38. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The company has a market cap of $42.75 billion, a P/E ratio of 47.50, a PEG ratio of 1.75 and a beta of 0.77. The stock has a fifty day moving average price of $58.03 and a 200 day moving average price of $55.50.

Corteva Dividend Announcement

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 paid a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.10%. Corteva’s dividend payout ratio is presently 52.31%.

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.