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

Corteva (NYSE:CTVA) posted its earnings results on Wednesday. The company reported $1.83 earnings per share (EPS) 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 analyst estimates of $6.15 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last 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 Price Performance

Corteva stock traded down $3.10 during midday trading on Thursday, hitting $53.00. The company’s stock had a trading volume of 5,904,442 shares, compared to its average volume of 3,424,074. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average price is $53.61 and its 200-day moving average price is $53.83. Corteva has a 12 month low of $43.22 and a 12 month high of $58.76. The company has a market capitalization of $36.94 billion, a PE ratio of 71.01, a price-to-earnings-growth ratio of 1.50 and a beta of 0.77.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 81.01%.

Insider Activity at Corteva

In related news, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction on Tuesday, May 14th. The stock was 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 owns 126,628 shares in the company, valued at approximately $7,269,713.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Cornel B. Fuerer sold 39,736 shares of the firm’s stock in a transaction that occurred on 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 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 Brian Titus sold 12,134 shares of the stock in a transaction 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 sale, the insider now owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. 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 over the last ninety days. Insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

CTVA has been the subject of several recent research reports. Mizuho lowered their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $57.00 price target (down from $58.00) on shares of Corteva in a report on Friday, April 12th. OTR Global reiterated a “negative” rating on shares of Corteva in a report on Friday, June 7th. Royal Bank of Canada upped their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Finally, Wells Fargo & Company lifted their target price on Corteva from $66.00 to $67.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average 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.