Brendel Financial Advisors LLC Sells 465 Shares of Corteva, Inc. (NYSE:CTVA)

Brendel Financial Advisors LLC decreased its position in shares of Corteva, Inc. (NYSE:CTVA) by 10.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,017 shares of the company’s stock after selling 465 shares during the quarter. Brendel Financial Advisors LLC’s holdings in Corteva were worth $229,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. 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 worth $2,015,914,000 after purchasing an additional 768,519 shares during the last quarter. Geode Capital Management LLC lifted its stake in 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 in the last quarter. Franklin Resources Inc. lifted its stake in Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after purchasing an additional 856,007 shares in the last quarter. Harris Associates L P raised its position in shares of Corteva by 1.4% during the 3rd 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 in the last quarter. Finally, FMR LLC raised its position in shares of Corteva by 1.9% during the 3rd quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after buying an additional 203,126 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE:CTVA opened at $60.79 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $58.83 and a two-hundred day moving average price of $56.93. Corteva, Inc. has a twelve month low of $44.01 and a twelve month high of $64.20. The company has a market capitalization of $41.78 billion, a P/E ratio of 61.40, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a $0.17 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. Corteva’s dividend payout ratio is presently 68.69%.

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

Analysts Set New Price Targets

Several brokerages recently commented on CTVA. Royal Bank of Canada upped their price target on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Citigroup lowered their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Bank of America increased their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company raised their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.47.

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.