Corteva (NYSE:CTVA) Issues Quarterly Earnings Results

Corteva (NYSE:CTVA) issued its quarterly earnings results 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 firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.65 billion. Corteva had a net margin of 4.27% and a return on equity of 7.43%. The company’s revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.16 EPS. Corteva updated its FY 2024 guidance to 2.700-2.900 EPS and its FY24 guidance to $2.70-$2.90 EPS.

Corteva Price Performance

Shares of Corteva stock traded up $3.30 on Thursday, reaching $57.21. 3,959,540 shares of the stock were exchanged, compared to its average volume of 3,517,307. The firm’s 50 day moving average is $55.28 and its 200-day moving average is $50.56. Corteva has a one year low of $43.22 and a one year high of $61.07. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 1.56. The firm has a market cap of $39.98 billion, a PE ratio of 55.92, a P/E/G ratio of 1.42 and a beta of 0.78.

Corteva Dividend Announcement

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

Analysts Set New Price Targets

CTVA has been the topic of several recent analyst reports. Loop Capital upgraded shares of Corteva from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $57.00 to $65.00 in a research note on Monday, February 12th. Mizuho boosted their price objective on shares of Corteva from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday. Wolfe Research initiated coverage on shares of Corteva in a research note on Friday, March 1st. They set an “outperform” rating and a $67.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of Corteva from $54.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $57.00 target price (down previously from $58.00) on shares of Corteva in a report on Friday, April 12th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.