Pallas Capital Advisors LLC Sells 1,034 Shares of Corteva, Inc. (NYSE:CTVA)

Pallas Capital Advisors LLC lessened its holdings in Corteva, Inc. (NYSE:CTVA) by 1.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 66,974 shares of the company’s stock after selling 1,034 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Corteva were worth $3,815,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CTVA. Capital Advisors Ltd. LLC grew its stake in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares during the last quarter. Redwood Wealth Management Group LLC bought a new stake in Corteva during the 2nd quarter worth $43,000. Bangor Savings Bank grew its position in Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in Corteva in the 3rd quarter worth about $56,000. Finally, Pinnacle Bancorp Inc. raised its position in Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after purchasing an additional 199 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on CTVA shares. KeyCorp dropped their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a report on Friday. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. Barclays lifted their target price on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Royal Bank of Canada increased their price target on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company upped their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.47.

Corteva Stock Up 5.0 %

Corteva stock traded up $2.86 during mid-day trading on Monday, reaching $59.95. The stock had a trading volume of 3,841,283 shares, compared to its average volume of 3,023,987. The firm has a market capitalization of $41.20 billion, a PE ratio of 60.56, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. Corteva, Inc. has a fifty-two week low of $44.01 and a fifty-two week high of $64.20. The stock’s 50-day simple moving average is $58.88 and its 200-day simple moving average is $56.84. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.17 per share. 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 1.13%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva declared that its Board of Directors has authorized a stock buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.