Birmingham Capital Management Co. Inc. AL Trims Stake in Corteva, Inc. (NYSE:CTVA)

Birmingham Capital Management Co. Inc. AL cut its position in shares of Corteva, Inc. (NYSE:CTVA) by 4.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,517 shares of the company’s stock after selling 427 shares during the quarter. Birmingham Capital Management Co. Inc. AL’s holdings in Corteva were worth $560,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CTVA. Capital Advisors Ltd. LLC lifted its holdings in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in Corteva in the second quarter valued at approximately $34,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Corteva during the second quarter valued at about $43,000. Triad Wealth Partners LLC purchased a new position in shares of Corteva during the 2nd quarter valued at approximately $45,000. Finally, Bangor Savings Bank grew its holdings in Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CTVA shares. Oppenheimer reissued an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Barclays boosted their price objective on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Bank of America increased their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, UBS Group upped their price objective on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

Corteva Price Performance

NYSE CTVA traded down $0.03 on Friday, reaching $59.27. 458,856 shares of the stock traded hands, compared to its average volume of 3,290,738. 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 $40.74 billion, a price-to-earnings ratio of 59.90, a P/E/G ratio of 1.94 and a beta of 0.77. The firm’s fifty day simple moving average is $59.66 and its 200 day simple moving average is $56.22. Corteva, Inc. has a 12 month low of $44.01 and a 12 month high of $64.20.

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

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

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.