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

Corteva (NYSE:CTVA - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.10, Briefing.com reports. Corteva had a return on equity of 7.43% and a net margin of 4.27%. The business had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter last year, the company earned $1.16 earnings per share. The company's quarterly 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 Up 5.7 %

Shares of CTVA traded up $3.07 during mid-day trading on Thursday, reaching $56.98. The company's stock had a trading volume of 5,797,453 shares, compared to its average volume of 3,554,358. Corteva has a 12-month low of $43.22 and a 12-month high of $61.07. The stock has a market cap of $39.82 billion, a PE ratio of 55.86, a price-to-earnings-growth ratio of 1.42 and a beta of 0.78. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.56 and a quick ratio of 0.90. The company's 50 day moving average is $55.33 and its 200 day moving average is $50.61.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $0.64 annualized dividend and a dividend yield of 1.12%. Corteva's dividend payout ratio is presently 62.75%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. UBS Group decreased their target price on Corteva from $65.00 to $64.00 and set a "buy" rating for the company in a report on Thursday, January 11th. Mizuho lifted their target price on Corteva from $56.00 to $61.00 and gave the stock a "buy" rating in a report on Thursday. Wells Fargo & Company lifted their target price on Corteva from $54.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, February 2nd. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $57.00 price target (down from $58.00) on shares of Corteva in a research report on Friday, April 12th. Finally, Oppenheimer lifted their price target on Corteva from $62.00 to $67.00 and gave the company an "outperform" rating in a research report on Tuesday, April 16th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Corteva has an average rating of "Moderate Buy" and a consensus target price of $63.52.

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.