Townsquare Capital LLC Raises Position in Corteva, Inc. (NYSE:CTVA)

Townsquare Capital LLC boosted its holdings in Corteva, Inc. (NYSE:CTVA) by 13.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,739 shares of the company’s stock after purchasing an additional 3,449 shares during the period. Townsquare Capital LLC’s holdings in Corteva were worth $1,748,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CTVA. Capital Advisors Ltd. LLC boosted its position in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. bought a new position in shares of Corteva during the second quarter valued at about $34,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Corteva during the second quarter worth about $43,000. Triad Wealth Partners LLC bought a new stake in shares of Corteva in the second quarter worth about $45,000. Finally, Bangor Savings Bank increased its holdings in Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after purchasing an additional 241 shares during the period. 81.54% of the stock is owned by institutional investors.

Corteva Stock Performance

Shares of CTVA stock opened at $62.24 on Monday. The company has a market capitalization of $42.78 billion, a price-to-earnings ratio of 62.87, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. 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, Inc. has a one year low of $43.89 and a one year high of $64.20. The company’s 50-day moving average is $59.24 and its 200 day moving average is $55.96.

Corteva declared that its board has initiated a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several research analyst reports. Argus cut Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Barclays boosted their price objective on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Bank of America lifted their target price 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. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Finally, Citigroup began coverage on Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

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.