Meridian Investment Counsel Inc. Lowers Holdings in Corteva, Inc. (NYSE:CTVA)

Meridian Investment Counsel Inc. reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 19.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,907 shares of the company’s stock after selling 1,704 shares during the period. Meridian Investment Counsel Inc.’s holdings in Corteva were worth $406,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Anomaly Capital Management LP acquired a new position in shares of Corteva during the 2nd quarter valued at $188,578,000. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after buying an additional 3,254,126 shares during the period. Bank of New York Mellon Corp lifted its position in Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after acquiring an additional 1,514,954 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in Corteva by 700.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after acquiring an additional 1,139,297 shares during the period. Finally, Natixis Advisors LLC grew its position in Corteva by 155.7% in the second quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock valued at $91,389,000 after acquiring an additional 1,031,678 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CTVA. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Citigroup assumed coverage on Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Wells Fargo & Company reduced their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.68.

Corteva Price Performance

NYSE CTVA opened at $55.19 on Friday. The stock has a market capitalization of $37.93 billion, a PE ratio of 55.74, a price-to-earnings-growth ratio of 1.85 and a beta of 0.77. The company has a 50 day moving average price of $58.34 and a two-hundred day moving average price of $55.66. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 12-month low of $43.89 and a 12-month high of $63.75.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.23%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

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.