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.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CTVA shares. Citigroup began coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $59.00 to $67.00 in a research note on Wednesday, October 16th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. KeyCorp cut their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $62.84.

Corteva Stock Down 0.0 %

Corteva stock traded down $0.01 on Wednesday, hitting $61.74. 4,734,061 shares of the stock traded hands, compared to its average volume of 3,244,703. Corteva has a 1 year low of $43.22 and a 1 year high of $63.75. The business’s fifty day simple moving average is $58.14 and its 200 day simple moving average is $55.55. The firm has a market cap of $42.74 billion, a P/E ratio of 47.49, a price-to-earnings-growth ratio of 1.75 and a beta of 0.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.10%. Corteva’s payout ratio is currently 52.31%.

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.