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

Corteva (NYSE:CTVA) posted its earnings results on Wednesday. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09, Briefing.com reports. The business had revenue of $6.11 billion for 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 business’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $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 Down 4.8 %

NYSE:CTVA traded down $2.68 on Thursday, reaching $53.42. The stock had a trading volume of 4,451,796 shares, compared to its average volume of 3,412,650. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average of $53.61 and a 200 day moving average of $53.83. The stock has a market cap of $37.23 billion, a P/E ratio of 71.01, a price-to-earnings-growth ratio of 1.50 and a beta of 0.77. Corteva has a 12-month low of $43.22 and a 12-month high of $58.76.

Corteva Increases Dividend

The firm 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 dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.27%. This is a boost from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, September 3rd. Corteva’s dividend payout ratio is 81.01%.

Insider Buying and Selling at Corteva

In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the completion of the transaction, the senior vice president now directly owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the completion of the transaction, the senior vice president now directly owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Samuel R. Eathington sold 31,686 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the sale, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The disclosure for this sale can be found here. Insiders sold a total of 83,556 shares of company stock valued at $4,795,016 in the last ninety days. Insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CTVA shares. Mizuho dropped their price target on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, June 18th. Canaccord Genuity Group boosted their price target on Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Oppenheimer boosted their price target on Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $65.00 price target on shares of Corteva in a research report on Wednesday, June 12th. Finally, BMO Capital Markets lifted their price objective on Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

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.