Corteva (NYSE:CTVA) Issues Quarterly Earnings Results, Beats Estimates By $0.10 EPS

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

Corteva Stock Up 6.0 %

Shares of NYSE:CTVA traded up $3.22 during trading on Thursday, hitting $57.13. 2,526,488 shares of the company were exchanged, compared to its average volume of 3,505,667. The stock has a market cap 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 has a fifty-two week low of $43.22 and a fifty-two week high of $61.07. The firm has a fifty day moving average price of $55.28 and a two-hundred day moving average price of $50.56. The company has a current ratio of 1.56, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09.

Corteva Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CTVA. Wells Fargo & Company raised their target price on Corteva from $54.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Barclays raised their target price on Corteva from $55.00 to $58.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Royal Bank of Canada raised their target price on Corteva from $56.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. UBS Group reduced their target price on Corteva from $65.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Finally, Loop Capital upgraded Corteva from a “hold” rating to a “buy” rating and raised their target price for the stock from $57.00 to $65.00 in a report on Monday, February 12th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock 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.