Folger Nolan Fleming Douglas Capital Management Inc. Sells 32,583 Shares of Corteva, Inc. (NYSE:CTVA)

Folger Nolan Fleming Douglas Capital Management Inc. cut its position in Corteva, Inc. (NYSE:CTVA) by 2.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,276,734 shares of the company’s stock after selling 32,583 shares during the quarter. Corteva comprises 7.6% of Folger Nolan Fleming Douglas Capital Management Inc.’s holdings, making the stock its 3rd biggest position. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Corteva were worth $72,723,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CTVA. Capital Advisors Ltd. LLC increased its holdings in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares during the period. First Financial Corp IN acquired a new position in Corteva during the 4th quarter valued at about $35,000. Bangor Savings Bank lifted its stake in shares of Corteva by 34.7% in the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of Corteva in the third quarter valued at approximately $56,000. Finally, Pinnacle Bancorp Inc. lifted its position in Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after purchasing an additional 199 shares during the period. Institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

CTVA has been the subject of several research analyst reports. Royal Bank of Canada upped their price objective on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. UBS Group dropped their price target on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. KeyCorp decreased their target price on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. Finally, Citigroup decreased their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. One research 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 stock currently has an average rating of “Moderate Buy” and an average price target of $65.47.

Corteva Stock Performance

Shares of CTVA opened at $62.30 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva, Inc. has a one year low of $44.01 and a one year high of $64.20. The company’s fifty day moving average price is $58.88 and its 200 day moving average price is $56.99. The company has a market capitalization of $42.82 billion, a PE ratio of 62.93, a price-to-earnings-growth ratio of 1.49 and a beta of 0.77.

Corteva declared that its Board of Directors has approved 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 repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. Corteva’s dividend payout ratio 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.