Glen Eagle Advisors LLC Cuts Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Glen Eagle Advisors LLC reduced its stake in Corteva, Inc. (NYSE:CTVA) by 17.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,716 shares of the company’s stock after selling 353 shares during the quarter. Glen Eagle Advisors LLC’s holdings in Corteva were worth $101,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Capital Investment Advisors LLC increased its position in shares of Corteva by 11.2% during the second quarter. Capital Investment Advisors LLC now owns 7,088 shares of the company’s stock valued at $382,000 after acquiring an additional 715 shares during the last quarter. QRG Capital Management Inc. grew its stake in Corteva by 7.8% in the 2nd quarter. QRG Capital Management Inc. now owns 25,009 shares of the company’s stock valued at $1,349,000 after purchasing an additional 1,803 shares during the period. Czech National Bank increased its position in shares of Corteva by 7.6% during the 2nd quarter. Czech National Bank now owns 132,816 shares of the company’s stock valued at $7,164,000 after purchasing an additional 9,337 shares during the last quarter. Strong Tower Advisory Services raised its stake in shares of Corteva by 35.1% during the 2nd quarter. Strong Tower Advisory Services now owns 22,901 shares of the company’s stock worth $1,235,000 after purchasing an additional 5,949 shares during the period. Finally, Cooper Financial Group boosted its holdings in shares of Corteva by 19.7% in the 2nd quarter. Cooper Financial Group now owns 14,854 shares of the company’s stock worth $801,000 after buying an additional 2,440 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Down 2.1 %

Shares of NYSE CTVA opened at $59.49 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company has a market cap of $40.89 billion, a P/E ratio of 60.09, a P/E/G ratio of 1.98 and a beta of 0.77. Corteva, Inc. has a 52 week low of $44.01 and a 52 week high of $64.20. The business has a 50-day simple moving average of $59.56 and a two-hundred day simple moving average of $56.13.

Corteva announced that its board has authorized a share buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Corteva Announces Dividend

The company also recently disclosed 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 1.14%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CTVA. Royal Bank of Canada decreased their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Barclays raised their price target on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Wells Fargo & Company upped their price objective on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. KeyCorp increased their price objective on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Finally, Citigroup began coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $65.06.

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.