Tower Bridge Advisors Sells 1,028 Shares of Corteva, Inc. (NYSE:CTVA)

Tower Bridge Advisors reduced its holdings in Corteva, Inc. (NYSE:CTVA) by 12.5% during the fourth quarter, according to the company in its most recent 13F filing with the 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 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CTVA. State Street Corp boosted its holdings in Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after acquiring an additional 768,519 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock worth $1,037,505,000 after purchasing an additional 355,206 shares during the period. Franklin Resources Inc. boosted its stake in shares of Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after purchasing an additional 856,007 shares in the last quarter. Harris Associates L P increased its position in shares of Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock valued at $844,360,000 after buying an additional 200,917 shares during the period. Finally, FMR LLC raised its stake in Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock worth $631,863,000 after buying an additional 203,126 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corteva

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

Corteva Trading Up 0.2 %

Shares of NYSE CTVA opened at $62.96 on Friday. The firm’s 50 day moving average price is $61.34 and its 200-day moving average price is $59.22. Corteva, Inc. has a 52-week low of $50.01 and a 52-week 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 cap of $43.16 billion, a PE 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 data on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. On average, equities research analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva announced that its board has approved a share repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are usually an indication 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, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is 52.71%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Royal Bank of Canada lifted their price objective on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. KeyCorp lifted their price target on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. BNP Paribas upgraded Corteva to a “hold” rating in a report on Monday, February 10th. Wells Fargo & Company raised their price objective on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Finally, Barclays upped their target price on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.73.

Corteva 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.