Meeder Advisory Services Inc. Cuts Stake in Corteva, Inc. (NYSE:CTVA)

Meeder Advisory Services Inc. lessened its stake in Corteva, Inc. (NYSE:CTVA) by 11.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,511 shares of the company’s stock after selling 1,436 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Corteva were worth $677,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CTVA. Acadian Asset Management LLC bought a new position in Corteva during the first quarter valued at approximately $25,000. Covestor Ltd raised its holdings in shares of Corteva by 370.7% during the 1st quarter. Covestor Ltd now owns 1,544 shares of the company’s stock worth $89,000 after acquiring an additional 1,216 shares in the last quarter. Clearbridge Investments LLC grew its holdings in shares of Corteva by 6.2% in the first quarter. Clearbridge Investments LLC now owns 887,209 shares of the company’s stock valued at $51,165,000 after purchasing an additional 51,566 shares in the last quarter. UniSuper Management Pty Ltd increased its position in Corteva by 296.1% in the first quarter. UniSuper Management Pty Ltd now owns 26,026 shares of the company’s stock worth $1,501,000 after purchasing an additional 19,455 shares during the last quarter. Finally, Lake Street Advisors Group LLC purchased a new stake in Corteva during the first quarter valued at $227,000. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Shares of CTVA stock opened at $58.25 on Wednesday. The stock has a market capitalization of $40.03 billion, a price-to-earnings ratio of 58.84, a P/E/G ratio of 1.77 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $63.75. The stock has a fifty day simple moving average of $58.42 and a two-hundred day simple moving average of $55.70.

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

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.17%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Analysts Set New Price Targets

A number of equities analysts have commented on CTVA shares. 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. UBS Group boosted their price objective on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Wells Fargo & Company lowered their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $63.68.

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.