Corteva (NYSE:CTVA) Posts 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 for the quarter, topping analysts’ consensus estimates 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 business’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $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 6.0 %

CTVA stock traded up $3.22 during trading on Thursday, reaching $57.13. 2,526,488 shares of the stock were exchanged, compared to its average volume of 3,505,667. The company has a current ratio of 1.56, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. 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 capitalization of $39.93 billion, a price-to-earnings 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 declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Tuesday, June 4th. Corteva’s dividend payout ratio is currently 62.75%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. BNP Paribas upgraded 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. Wolfe Research began coverage on shares of Corteva in a research note on Friday, March 1st. They issued an “outperform” rating and a $67.00 price objective on the stock. Loop Capital upgraded shares of Corteva from a “hold” rating to a “buy” rating and raised their price target for the company from $57.00 to $65.00 in a research report on Monday, February 12th. Royal Bank of Canada raised their price target on shares of Corteva from $56.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Finally, TheStreet upgraded shares of Corteva from a “c+” rating to a “b-” rating in a research report on Tuesday, February 27th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.52.

About Corteva

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.