Corteva (NYSE:CTVA) Posts Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Corteva (NYSE:CTVAGet Rating) posted its quarterly earnings data on Thursday. The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.17, Briefing.com reports. Corteva had a net margin of 10.31% and a return on equity of 7.30%. The company had revenue of $6.25 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same quarter last year, the firm posted $1.40 EPS. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Corteva updated its FY 2022 guidance to $2.45-$2.60 EPS and its FY22 guidance to $2.45-2.60 EPS.

Corteva Trading Up 4.9 %

NYSE:CTVA traded up $2.68 on Friday, hitting $57.90. 5,728,092 shares of the stock were exchanged, compared to its average volume of 2,393,166. The stock has a market capitalization of $41.90 billion, a price-to-earnings ratio of 24.43, a P/E/G ratio of 1.57 and a beta of 0.72. Corteva has a 52 week low of $40.72 and a 52 week high of $64.03. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.13 and a current ratio of 1.64. The company’s 50-day moving average price is $55.74 and its 200 day moving average price is $55.10.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Friday, August 12th will be issued a dividend of $0.15 per share. This is a boost from Corteva’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 1.04%. The ex-dividend date is Thursday, August 11th. Corteva’s payout ratio is currently 23.63%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Argus increased their price target on shares of Corteva from $61.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, May 23rd. Loop Capital raised shares of Corteva from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a research report on Thursday, April 14th. UBS Group dropped their price target on shares of Corteva from $68.00 to $64.00 in a research report on Wednesday, July 13th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corteva from $64.00 to $72.00 in a research note on Tuesday, May 31st. Finally, JPMorgan Chase & Co. downgraded shares of Corteva from an “overweight” rating to a “neutral” rating and set a $58.00 price objective on the stock. in a research note on Friday, May 6th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.33.

Institutional Trading of Corteva

Institutional investors and hedge funds have recently modified their holdings of the stock. Fairfield Bush & CO. acquired a new position in shares of Corteva in the 1st quarter valued at approximately $45,000. Cibc World Market Inc. raised its stake in shares of Corteva by 420.1% during the 1st quarter. Cibc World Market Inc. now owns 37,890 shares of the company’s stock worth $2,178,000 after purchasing an additional 30,605 shares in the last quarter. Blair William & Co. IL raised its stake in Corteva by 2.9% in the 1st quarter. Blair William & Co. IL now owns 94,498 shares of the company’s stock valued at $5,432,000 after acquiring an additional 2,662 shares during the period. Aviva PLC raised its stake in Corteva by 38.1% in the 1st quarter. Aviva PLC now owns 146,289 shares of the company’s stock valued at $8,409,000 after acquiring an additional 40,391 shares during the period. Finally, Prudential PLC bought a new stake in Corteva in the 1st quarter valued at $799,000. 79.46% of the stock is owned by institutional investors.

Corteva Company Profile

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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.

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Earnings History for Corteva (NYSE:CTVA)

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