Corteva (NYSE:CTVA) Releases Earnings Results, Beats Expectations By $0.09 EPS

Corteva (NYSE:CTVA) issued its quarterly earnings data on Wednesday. The company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09, Briefing.com reports. The business had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The company’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.60 earnings per share. Corteva updated its FY24 guidance to $2.60-2.80 EPS and its FY 2024 guidance to 2.600-2.800 EPS.

Corteva Stock Performance

CTVA stock traded down $2.80 during trading on Thursday, hitting $53.30. The company had a trading volume of 3,866,329 shares, compared to its average volume of 3,410,209. The firm has a market cap of $37.15 billion, a PE ratio of 71.01, a price-to-earnings-growth ratio of 1.50 and a beta of 0.77. Corteva has a 1-year low of $43.22 and a 1-year high of $58.76. The firm has a 50-day moving average price of $53.61 and a 200-day moving average price of $53.83. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.10.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.28%. The ex-dividend date is Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is 81.01%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CTVA shares. Barclays lifted their target price on Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $57.00 target price (down from $58.00) on shares of Corteva in a report on Friday, April 12th. BMO Capital Markets lifted their target price on Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. OTR Global reaffirmed a “negative” rating on shares of Corteva in a report on Friday, June 7th. Finally, Canaccord Genuity Group lifted their price target on Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. One investment 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. According to MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Insider Activity at Corteva

In other Corteva news, insider Brian Titus sold 12,134 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $56.65, for a total value of $687,391.10. Following the completion of the sale, the insider now owns 13,495 shares of the company’s stock, valued at $764,491.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Samuel R. Eathington sold 31,686 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the completion of the transaction, the insider now directly owns 53,854 shares of the company’s stock, valued at approximately $3,104,144.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Titus sold 12,134 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $56.65, for a total value of $687,391.10. Following the completion of the transaction, the insider now directly owns 13,495 shares of the company’s stock, valued at $764,491.75. The disclosure for this sale can be found here. Insiders have sold 83,556 shares of company stock worth $4,795,016 in the last quarter. Company insiders own 0.14% of the company’s stock.

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.