Welch & Forbes LLC Acquires 109,212 Shares of Corteva, Inc. $CTVA

Key Points

• Welch & Forbes increased its Corteva holdings by 109,212 shares in the third quarter, a 1,759.2% rise, bringing its position to 115,420 shares valued at about $8.96 million.
• Institutional investors own 81.54% of Corteva. Other notable investors, including Wellington Management and Royal Bank of Canada, also expanded their positions.
• Corteva cut its quarterly dividend from $0.18 to $0.05 per share. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $60.59.

Welch & Forbes LLC boosted its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 1,759.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,420 shares of the company's stock after purchasing an additional 109,212 shares during the period. Welch & Forbes LLC's holdings in Corteva were worth $8,962,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Corteva in the second quarter valued at about $4,560,180,000. Wellington Management Group LLP lifted its position in shares of Corteva by 941.7% during the second quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company's stock worth $644,720,000 after purchasing an additional 6,881,875 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Corteva by 202.1% during the first quarter. Royal Bank of Canada now owns 7,458,624 shares of the company's stock valued at $624,362,000 after purchasing an additional 4,989,371 shares during the last quarter. Jupiter Topco LLC bought a new stake in shares of Corteva during the second quarter valued at approximately $544,246,000. Finally, Bank of America Corp DE acquired a new stake in shares of Corteva in the second quarter valued at approximately $484,927,000. Institutional investors own 81.54% of the company's stock.

Corteva Trading Up 1.8%

Shares of NYSE CTVA opened at $12.11 on Tuesday. Corteva, Inc. has a fifty-two week low of $11.24 and a fifty-two week high of $90.97. The firm has a market capitalization of $8.08 billion, a P/E ratio of 8.02, a P/E/G ratio of 1.71 and a beta of 0.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.52 and a quick ratio of 1.10. The company's 50 day simple moving average is $43.38 and its 200 day simple moving average is $70.80.

Corteva Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.05 dividend. This is a decrease from Corteva's previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.7%. Corteva's dividend payout ratio (DPR) is currently 47.68%.

Analysts Set New Price Targets

Several research analysts recently weighed in on CTVA shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $101.00 price objective on shares of Corteva in a research report on Monday, August 3rd. Weiss Ratings cut Corteva from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, August 3rd. Argus restated a "buy" rating and set a $91.00 target price on shares of Corteva in a research report on Friday, September 18th. UBS Group dropped their target price on Corteva to $15.00 and set a "neutral" rating for the company in a research report on Monday, October 12th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $18.00 price target on shares of Corteva in a research note on Friday, October 2nd. Sixteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.59.

About Corteva

Corteva, Inc is an agricultural science company that develops and supplies products and services for farmers. Its business focuses on seeds and crop protection, including technologies intended to help improve crop performance and manage weeds, insects, and plant diseases.

Its seed portfolio includes corn, soybean, and other crop varieties, sold under brands such as Pioneer and Brevant. Corteva's crop protection offerings include herbicides, insecticides, fungicides, and biological products, alongside digital tools and services that support farm decision-making.

Corteva became an independent, publicly traded company in 2019 following the separation of DowDuPont.

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