Corteva (NYSE:CTVA) Issues FY 2024 Earnings Guidance

Corteva (NYSE:CTVA) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.500-2.600 for the period, compared to the consensus 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.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and increased their target price for the company from $59.00 to $67.00 in a research report on Wednesday, October 16th. UBS Group increased their price objective on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday. Oppenheimer restated an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday. Barclays upped their price target on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, KeyCorp cut their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One 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. According to data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $63.47.

Corteva Price Performance

Shares of NYSE CTVA traded down $0.31 during trading hours on Friday, reaching $58.33. 4,673,783 shares of the stock traded hands, compared to its average volume of 2,825,427. The company’s 50-day simple moving average is $58.19 and its two-hundred day simple moving average is $55.59. The company has a market capitalization of $40.38 billion, a P/E ratio of 58.92, a price-to-earnings-growth ratio of 1.78 and a beta of 0.77. Corteva has a 52-week low of $43.22 and a 52-week high of $63.75. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10.

Corteva Dividend Announcement

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

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.