Corteva (NYSE:CTVA) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Corteva (NYSE:CTVA) posted its quarterly earnings results on Wednesday. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10, Briefing.com reports. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The company had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. Corteva’s revenue was down 8.0% on a year-over-year basis. Corteva updated its FY 2024 guidance to 2.700-2.900 EPS and its FY24 guidance to $2.70-$2.90 EPS.

Corteva Stock Performance

NYSE:CTVA opened at $57.17 on Friday. Corteva has a 1-year low of $43.22 and a 1-year high of $60.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.90. The business has a 50 day moving average of $55.33 and a 200 day moving average of $50.61. The company has a market capitalization of $39.95 billion, a price-to-earnings ratio of 72.37, a PEG ratio of 1.49 and a beta of 0.78.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Tuesday, June 4th. Corteva’s payout ratio is currently 81.01%.

Analyst Ratings Changes

Several analysts have issued reports on CTVA shares. Mizuho boosted their target price on Corteva from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday. Wolfe Research began coverage on shares of Corteva in a report on Friday, March 1st. They set an “outperform” rating and a $67.00 price objective on the stock. Canaccord Genuity Group lifted their target price on shares of Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday. BNP Paribas upgraded shares of Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price target on the stock in a research note on Friday, February 2nd. Finally, TheStreet raised shares of Corteva from a “c+” rating to a “b-” rating in a report on Tuesday, February 27th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.38.

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.