Corteva (NYSE:CTVA) Updates FY 2024 Earnings Guidance

Corteva (NYSE:CTVA) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.500-2.600 for the period, compared to the consensus EPS estimate of 2.670. The company issued revenue guidance of $17.0 billion-$17.2 billion, compared to the consensus revenue estimate of $17.2 billion. Corteva also updated its FY 2025 guidance to EPS.

Corteva Trading Down 0.5 %

Shares of NYSE:CTVA traded down $0.31 on Friday, hitting $58.33. 4,673,783 shares of the company’s stock were exchanged, compared to its average volume of 2,825,427. The stock has a market capitalization of $40.38 billion, a price-to-earnings ratio of 58.92, a price-to-earnings-growth ratio of 1.78 and a beta of 0.77. Corteva has a 12 month low of $43.22 and a 12 month high of $63.75. The business’s 50 day simple moving average is $58.19 and its two-hundred day simple moving average is $55.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17.

Corteva Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $59.00 to $67.00 in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Citigroup initiated coverage on shares of Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. Barclays upped their price target on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, UBS Group raised their target price on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $63.47.

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.