Corteva (NYSE:CTVA – Get Free Report) 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
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.
Check Out Our Latest Research Report on Corteva
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.
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