Goelzer Investment Management Inc. Lowers Holdings in Corteva, Inc. (NYSE:CTVA)

Goelzer Investment Management Inc. reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 1.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,689 shares of the company’s stock after selling 1,302 shares during the period. Goelzer Investment Management Inc.’s holdings in Corteva were worth $4,026,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CTVA. Capital Advisors Ltd. LLC grew 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 worth $33,000 after purchasing an additional 174 shares during the period. First Financial Corp IN purchased a new stake in Corteva during the fourth quarter worth approximately $35,000. Albion Financial Group UT increased its position in shares of Corteva by 112.6% in the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after acquiring an additional 321 shares in the last quarter. Bangor Savings Bank lifted its holdings in shares of Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after acquiring an additional 241 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in Corteva in the 3rd quarter valued at $56,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Down 0.4 %

NYSE:CTVA opened at $63.96 on Friday. The firm has a market capitalization of $43.96 billion, a PE ratio of 64.61, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77. Corteva, Inc. has a 52 week low of $45.01 and a 52 week high of $64.32. 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 stock has a 50 day moving average of $59.39 and a 200-day moving average of $57.35.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Corteva announced that its Board of Directors has authorized a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CTVA shares. Bank of America increased their target price on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Barclays increased their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday. UBS Group decreased their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Royal Bank of Canada raised their target price on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $65.59.

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.