Corteva (NYSE:CTVA) Updates FY24 Earnings Guidance

Corteva (NYSE:CTVA) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.50-2.60 for the period, compared to the consensus earnings per share estimate of $2.67. The company issued revenue guidance of $17.0-17.2 billion, compared to the consensus revenue estimate of $17.21 billion. Corteva also updated its FY 2024 guidance to 2.500-2.600 EPS.

Corteva Stock Performance

Corteva stock traded down $0.31 during mid-day trading on Friday, reaching $58.33. 4,673,783 shares of the company traded hands, compared to its average volume of 2,825,427. The firm’s fifty day moving average is $58.19 and its two-hundred day moving average is $55.59. The company has a market capitalization of $40.38 billion, a price-to-earnings ratio of 58.92, a price-to-earnings-growth ratio of 1.78 and a beta of 0.77. Corteva has a fifty-two week low of $43.22 and a fifty-two week high of $63.75. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17.

Corteva Dividend Announcement

The company 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 $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. UBS Group boosted their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a report on Friday. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $59.00 to $67.00 in a research note on Wednesday, October 16th. Citigroup initiated coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Finally, Wells Fargo & Company decreased their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $63.47.

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.