Tower Bridge Advisors Trims Stake in Corteva, Inc. (NYSE:CTVA)

Tower Bridge Advisors lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 12.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,222 shares of the company’s stock after selling 1,028 shares during the quarter. Tower Bridge Advisors’ holdings in Corteva were worth $411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of CTVA. International Assets Investment Management LLC bought a new stake in Corteva during the third quarter valued at about $8,239,000. First Trust Direct Indexing L.P. lifted its position in shares of Corteva by 48.1% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 24,022 shares of the company’s stock valued at $1,412,000 after buying an additional 7,797 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in shares of Corteva by 13.3% during the 3rd quarter. Pinnacle Associates Ltd. now owns 28,117 shares of the company’s stock valued at $1,653,000 after acquiring an additional 3,309 shares during the period. JFS Wealth Advisors LLC increased its holdings in Corteva by 184.9% in the 3rd quarter. JFS Wealth Advisors LLC now owns 1,513 shares of the company’s stock worth $89,000 after acquiring an additional 982 shares in the last quarter. Finally, Cornerstone Wealth Group LLC bought a new stake in Corteva during the 3rd quarter worth approximately $213,000. Institutional investors own 81.54% of the company’s stock.

Insiders Place Their Bets

In other Corteva news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the completion of the transaction, the insider now directly owns 11,347 shares of the company’s stock, valued at $723,257.78. The trade was a 70.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by insiders.

Corteva Stock Up 0.2 %

NYSE CTVA opened at $62.96 on Friday. The stock has a 50 day moving average price of $61.34 and a 200-day moving average price of $59.22. Corteva, Inc. has a one year low of $50.01 and a one year high of $66.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The company has a market capitalization of $43.16 billion, a P/E ratio of 48.81, a P/E/G ratio of 1.68 and a beta of 0.78.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. As a group, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva announced that its board has initiated a stock buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a yield of 1.08%. Corteva’s dividend payout ratio is currently 52.71%.

Analyst Ratings Changes

A number of research firms have weighed in on CTVA. KeyCorp upped their price target on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Wells Fargo & Company increased their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. Oppenheimer raised their price target on Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Citigroup upped their price objective on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada lifted their target price on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.73.

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.