Corteva (NYSE:CTVA) Releases FY24 Earnings Guidance

Corteva (NYSE:CTVA) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.50-2.60 for the period, compared to the consensus 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 Price Performance

NYSE:CTVA traded down $0.31 during trading hours on Friday, hitting $58.33. The company’s stock had a trading volume of 4,673,783 shares, compared to its average volume of 2,825,427. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. Corteva has a 52-week low of $43.22 and a 52-week high of $63.75. The business’s 50-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 PE ratio of 58.92, a PEG ratio of 1.78 and a beta of 0.77.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.17%. Corteva’s dividend payout ratio is presently 68.69%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wells Fargo & Company lowered their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Barclays lifted their price target on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. UBS Group lifted their target price on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. reduced their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.