Corteva (NYSE:CTVA) Releases FY 2022 Earnings Guidance

Corteva (NYSE:CTVAGet Rating) updated its FY 2022 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $2.35-$2.55 for the period, compared to the consensus estimate of $2.44. The company issued revenue guidance of $16.70 billion-$17.00 billion, compared to the consensus revenue estimate of $16.86 billion.

Several research firms recently issued reports on CTVA. Loop Capital raised Corteva from a hold rating to a buy rating and set a $69.00 target price on the stock in a research report on Thursday, April 14th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Corteva from $56.00 to $64.00 in a report on Tuesday. Redburn Partners raised shares of Corteva from a neutral rating to a buy rating in a research note on Monday, January 31st. Mizuho raised their price target on shares of Corteva from $60.00 to $67.00 in a research note on Friday, April 29th. Finally, JPMorgan Chase & Co. lowered shares of Corteva from an overweight rating to a neutral rating and set a $58.00 price target on the stock. in a research note on Friday, May 6th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Corteva currently has a consensus rating of Buy and an average price target of $59.14.

Corteva stock traded up $0.28 during trading on Thursday, hitting $53.88. The company had a trading volume of 123,182 shares, compared to its average volume of 3,896,571. Corteva has a 1-year low of $40.60 and a 1-year high of $62.04. The company has a current ratio of 1.64, a quick ratio of 1.08 and a debt-to-equity ratio of 0.04. The company’s 50 day simple moving average is $57.10 and its 200-day simple moving average is $50.94. The stock has a market cap of $38.99 billion, a price-to-earnings ratio of 22.68, a price-to-earnings-growth ratio of 1.65 and a beta of 0.65.

Corteva (NYSE:CTVAGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.82 by $0.15. Corteva had a net margin of 10.72% and a return on equity of 6.70%. The company had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.47 billion. During the same quarter last year, the company posted $0.79 EPS. The firm’s revenue was up 9.5% compared to the same quarter last year. As a group, analysts forecast that Corteva will post 2.5 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Friday, May 13th will be given a $0.14 dividend. The ex-dividend date is Thursday, May 12th. This represents a $0.56 annualized dividend and a yield of 1.04%. Corteva’s dividend payout ratio is presently 23.83%.

In related news, CEO Charles V. Magro purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 11th. The stock was purchased at an average price of $51.14 per share, with a total value of $2,557,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian Titus sold 23,500 shares of the company’s stock in a transaction that occurred on Friday, February 11th. The stock was sold at an average price of $51.53, for a total transaction of $1,210,955.00. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Deutsche Bank AG increased its stake in Corteva by 14.8% during the 4th quarter. Deutsche Bank AG now owns 5,297,123 shares of the company’s stock valued at $250,449,000 after buying an additional 684,535 shares during the period. Goldman Sachs Group Inc. raised its position in Corteva by 5.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,818,340 shares of the company’s stock valued at $85,971,000 after acquiring an additional 100,544 shares in the last quarter. Allstate Corp raised its position in shares of Corteva by 270.0% in the fourth quarter. Allstate Corp now owns 64,092 shares of the company’s stock valued at $3,030,000 after purchasing an additional 46,769 shares during the period. Parametric Portfolio Associates LLC raised its position in shares of Corteva by 1.3% in the fourth quarter. Parametric Portfolio Associates LLC now owns 2,990,977 shares of the company’s stock valued at $141,413,000 after purchasing an additional 36,967 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Corteva by 0.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,617,726 shares of the company’s stock worth $123,760,000 after acquiring an additional 19,950 shares during the period. 79.46% of the stock is currently owned by institutional investors and hedge funds.

Corteva Company Profile (Get Rating)

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.

See Also

Earnings History and Estimates for Corteva (NYSE:CTVA)

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