Corteva (NYSE:CTVA) Announces Quarterly Earnings Results

Corteva (NYSE:CTVA) posted its 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 business had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a net margin of 4.27% and a return on equity of 7.43%. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter in the prior 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 NYSE CTVA traded up $3.30 during midday trading on Thursday, reaching $57.21. 3,959,540 shares of the stock traded hands, compared to its average volume of 3,517,307. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.56 and a quick ratio of 0.90. The stock has a market capitalization 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 has a one year low of $43.22 and a one year high of $61.07. The company’s 50 day moving average is $55.28 and its 200 day moving average is $50.56.

Corteva Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Oppenheimer upped their price target on shares of Corteva from $62.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, April 16th. TheStreet raised shares of Corteva from a “c+” rating to a “b-” rating in a research report on Tuesday, February 27th. UBS Group reduced their price target on shares of Corteva from $65.00 to $64.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Loop Capital raised shares of Corteva from a “hold” rating to a “buy” rating and upped their price target for the company from $57.00 to $65.00 in a research report on Monday, February 12th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $57.00 target price (down from $58.00) on shares of Corteva in a report on Friday, April 12th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus 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.