Corteva (NYSE:CTVA) Announces Earnings Results, Beats Expectations By $0.10 EPS

Corteva (NYSE:CTVA) released its quarterly earnings data on Wednesday. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10, Briefing.com reports. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.65 billion. Corteva had a net margin of 4.27% and a return on equity of 7.43%. Corteva’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.16 earnings per share. Corteva updated its FY 2024 guidance to 2.700-2.900 EPS and its FY24 guidance to $2.70-$2.90 EPS.

Corteva Trading Up 5.7 %

Shares of NYSE:CTVA traded up $3.07 during midday trading on Thursday, reaching $56.98. The company’s stock had a trading volume of 5,797,453 shares, compared to its average volume of 3,524,165. The business has a 50 day moving average price of $55.28 and a 200 day moving average price of $50.56. Corteva has a 1 year low of $43.22 and a 1 year high of $61.07. The firm has a market cap of $39.82 billion, a price-to-earnings ratio of 55.92, a price-to-earnings-growth ratio of 1.42 and a beta of 0.78. The company has a quick ratio of 0.90, a current ratio of 1.56 and a debt-to-equity ratio of 0.09.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva’s dividend payout ratio is presently 62.75%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wolfe Research assumed coverage on Corteva in a research report on Friday, March 1st. They issued an “outperform” rating and a $67.00 price target on the stock. Royal Bank of Canada increased their price target on Corteva from $56.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. BNP Paribas raised shares of Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price objective on the stock in a research note on Friday, February 2nd. Mizuho raised their target price on shares of Corteva from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Wells Fargo & Company lifted their target price on shares of Corteva from $54.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average target price of $63.52.

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.