Corteva (NYSE:CTVA) Releases Quarterly Earnings Results

Corteva (NYSE:CTVA) announced its earnings results on Wednesday. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09, Briefing.com reports. The firm had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. Corteva’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the business 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 2.7 %

Corteva stock traded down $1.42 during midday trading on Friday, hitting $51.58. 3,784,039 shares of the stock were exchanged, compared to its average volume of 2,620,352. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 0.97. The company has a 50 day moving average price of $53.48 and a two-hundred day moving average price of $53.86. The firm has a market cap of $35.95 billion, a P/E ratio of 65.32, a P/E/G ratio of 1.46 and a beta of 0.77. Corteva has a 1 year low of $43.22 and a 1 year high of $58.76.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.32%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, September 3rd. Corteva’s dividend payout ratio (DPR) is presently 81.01%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CTVA. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Corteva in a research report on Wednesday, June 12th. OTR Global reissued a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Royal Bank of Canada upped their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. BMO Capital Markets lifted their price target on shares of Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, Oppenheimer upped their price objective on Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.60.

Insider Buying and Selling at Corteva

In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the sale, the senior vice president now directly owns 126,628 shares in the company, valued at approximately $7,269,713.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of the firm’s stock in a transaction on 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Samuel R. Eathington sold 31,686 shares of the company’s stock in a transaction dated 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.

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.