Chickasaw Capital Management LLC Decreases Stake in Corteva, Inc. (NYSE:CTVA)

Chickasaw Capital Management LLC cut its position in Corteva, Inc. (NYSE:CTVA) by 4.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,852 shares of the company’s stock after selling 200 shares during the period. Chickasaw Capital Management LLC’s holdings in Corteva were worth $219,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. KBC Group NV increased its holdings in shares of Corteva by 267.3% in the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after purchasing an additional 815,135 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Corteva by 1.5% in the third 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 increased its holdings in Corteva by 16.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after acquiring an additional 141,898 shares in the last quarter. Kingsview Wealth Management LLC raised its position in shares of Corteva by 468.8% during the 3rd quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock worth $2,656,000 after purchasing an additional 37,239 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of Corteva by 0.4% in the third quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after acquiring an additional 845 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Down 0.2 %

NYSE:CTVA traded down $0.14 during mid-day trading on Tuesday, reaching $56.80. The stock had a trading volume of 1,441,931 shares, compared to its average volume of 2,258,441. The stock’s 50 day simple moving average is $59.20 and its two-hundred day simple moving average is $56.73. Corteva, Inc. has a 1-year low of $44.01 and a 1-year high of $64.20. The company has a market capitalization of $39.04 billion, a price-to-earnings ratio of 57.37, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.20%. Corteva’s payout ratio is currently 68.69%.

Corteva announced that its Board of Directors has authorized a stock buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

CTVA has been the subject of several recent analyst reports. Citigroup lowered their target price on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. Wells Fargo & Company upped their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. KeyCorp raised their price target on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Bank of America upped their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Oppenheimer restated an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.41.

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.