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.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CTVA shares. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and boosted their target price for the company from $59.00 to $67.00 in a research report on Wednesday, October 16th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday. KeyCorp reduced their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Wells Fargo & Company lowered their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. 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 stock. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and a consensus price target of $63.47.

Corteva Price Performance

Shares of CTVA stock traded down $0.31 during trading hours on Friday, hitting $58.33. The stock had a trading volume of 4,673,783 shares, compared to its average volume of 2,825,427. The stock’s 50-day moving average price is $58.19 and its two-hundred day moving average price is $55.59. Corteva has a one year low of $43.22 and a one year high of $63.75. The stock has a market capitalization of $40.38 billion, a price-to-earnings ratio of 58.92, a PEG ratio of 1.78 and a beta of 0.77. 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 Announces Dividend

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

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.