Tower Bridge Advisors Sells 974 Shares of Corteva, Inc. (NYSE:CTVA)

Tower Bridge Advisors cut its position in shares of Corteva, Inc. (NYSE:CTVA) by 10.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,250 shares of the company’s stock after selling 974 shares during the period. Tower Bridge Advisors’ holdings in Corteva were worth $485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sawgrass Asset Management LLC boosted its stake in Corteva by 6.6% during the third quarter. Sawgrass Asset Management LLC now owns 10,793 shares of the company’s stock valued at $635,000 after buying an additional 664 shares during the last quarter. RIA Advisory Group LLC bought a new position in Corteva during the third quarter valued at approximately $285,000. Seelaus Asset Management LLC bought a new position in Corteva during the third quarter valued at approximately $247,000. Empirical Finance LLC lifted its stake in shares of Corteva by 2.0% in the 3rd quarter. Empirical Finance LLC now owns 24,588 shares of the company’s stock valued at $1,446,000 after purchasing an additional 492 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. bought a new stake in shares of Corteva in the 3rd quarter valued at approximately $808,000. 81.54% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada lowered their price objective on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Barclays raised their price objective on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Wells Fargo & Company reduced their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. UBS Group increased their price target on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.68.

Corteva Price Performance

Shares of Corteva stock opened at $55.21 on Monday. The business has a 50-day moving average price of $58.34 and a 200 day moving average price of $55.69. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $63.75. The firm has a market cap of $37.95 billion, a PE ratio of 55.77, a P/E/G ratio of 1.77 and a beta of 0.77. 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 Announces Dividend

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 given a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.23%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

About Corteva

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.