Corteva (NYSE:CTVA) Releases FY 2024 Earnings Guidance

Corteva (NYSE:CTVA) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 2.500-2.600 for the period, compared to the consensus EPS estimate of 2.670. The company issued revenue guidance of $17.0 billion-$17.2 billion, compared to the consensus revenue estimate of $17.2 billion. Corteva also updated its FY 2025 guidance to EPS.

Corteva Stock Performance

Shares of NYSE CTVA traded down $0.31 during trading hours on Friday, hitting $58.33. 4,673,783 shares of the company’s stock were exchanged, compared to its average volume of 2,825,427. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The company’s 50-day moving average price is $58.19 and its 200-day moving average price is $55.59. The stock has a market capitalization of $40.38 billion, a price-to-earnings ratio of 58.92, a PEG ratio of 1.78 and a beta of 0.77. Corteva has a 1-year low of $43.22 and a 1-year high of $63.75.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Analyst Ratings Changes

CTVA has been the topic of several research reports. KeyCorp dropped their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a research report on Friday. UBS Group increased their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Citigroup began coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.47.

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.