Corteva (NYSE:CTVA) Issues Earnings Results, Beats Estimates By $0.09 EPS

Corteva (NYSE:CTVA) released its quarterly earnings data on Wednesday. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09, Briefing.com reports. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm had revenue of $6.11 billion for the quarter, compared to the consensus estimate of $6.15 billion. During the same quarter in the prior year, the company posted $1.60 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Corteva updated its FY24 guidance to $2.60-2.80 EPS and its FY 2024 guidance to 2.600-2.800 EPS.

Corteva Trading Down 2.7 %

CTVA traded down $1.42 during midday trading on Friday, reaching $51.58. 3,784,039 shares of the company were exchanged, compared to its average volume of 2,620,352. Corteva has a one year low of $43.22 and a one year high of $58.76. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.72. The stock has a market capitalization of $35.95 billion, a P/E ratio of 65.32, a PEG ratio of 1.46 and a beta of 0.77. The stock’s 50-day simple moving average is $53.48 and its 200 day simple moving average is $53.86.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.32%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is 81.01%.

Insider Activity

In other news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the transaction, the senior vice president now owns 126,628 shares in the company, valued at approximately $7,269,713.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total value of $2,281,243.76. Following the sale, the senior vice president now owns 126,628 shares in the company, valued at approximately $7,269,713.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian Titus sold 12,134 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $56.65, for a total value of $687,391.10. Following the transaction, the insider now directly owns 13,495 shares in the company, valued at approximately $764,491.75. The disclosure for this sale can be found here. Insiders have sold 83,556 shares of company stock worth $4,795,016 in the last 90 days. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. OTR Global reiterated a “negative” rating on shares of Corteva in a report on Friday, June 7th. Royal Bank of Canada increased their price target on Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Monday, May 6th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $65.00 price target on shares of Corteva in a report on Wednesday, June 12th. Wells Fargo & Company lowered their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. lowered their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus price target of $62.60.

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.