Corteva (NYSE:CTVA) Updates FY24 Earnings Guidance

Corteva (NYSE:CTVA - Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.70-$2.90 for the period, compared to the consensus estimate of $2.83. The company issued revenue guidance of $17.4-$17.7 billion, compared to the consensus revenue estimate of $17.55 billion. Corteva also updated its FY 2024 guidance to 2.700-2.900 EPS.

Corteva Trading Down 0.4 %

Shares of Corteva stock traded down $0.23 on Wednesday, hitting $53.90. The stock had a trading volume of 3,590,046 shares, compared to its average volume of 3,518,039. The firm has a market capitalization of $37.67 billion, a P/E ratio of 52.84, a PEG ratio of 1.45 and a beta of 0.77. The stock has a 50 day moving average of $55.28 and a 200 day moving average of $50.56. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.90 and a current ratio of 1.56. Corteva has a twelve month low of $43.22 and a twelve month high of $61.07.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Thursday, February 1st. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.09. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.54 billion. Corteva had a net margin of 4.27% and a return on equity of 7.43%. During the same quarter last year, the business earned $0.16 EPS. Sell-side analysts expect that Corteva will post 2.84 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Tuesday, June 4th. Corteva's dividend payout ratio (DPR) is presently 62.75%.

Analyst Ratings Changes

CTVA has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Corteva from $54.00 to $65.00 and gave the stock an overweight rating in a research report on Friday, February 2nd. Wolfe Research began coverage on shares of Corteva in a report on Friday, March 1st. They issued an outperform rating and a $67.00 price target for the company. Oppenheimer upped their price objective on shares of Corteva from $62.00 to $67.00 and gave the company an outperform rating in a report on Tuesday, April 16th. KeyCorp raised their target price on Corteva from $63.00 to $66.00 and gave the company an overweight rating in a research note on Tuesday, April 9th. Finally, Royal Bank of Canada boosted their target price on Corteva from $56.00 to $64.00 and gave the company an outperform rating in a research report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $63.29.

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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