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.

Corteva Stock Performance

Shares of CTVA traded down $0.01 on Wednesday, reaching $61.74. The company’s stock had a trading volume of 4,734,061 shares, compared to its average volume of 3,244,703. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The stock has a market capitalization of $42.74 billion, a P/E ratio of 47.49, a PEG ratio of 1.75 and a beta of 0.77. Corteva has a 12-month low of $43.22 and a 12-month high of $63.75. The stock’s 50 day simple moving average is $58.14 and its two-hundred day simple moving average is $55.55.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 52.31%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Wells Fargo & Company cut their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup initiated coverage on shares of Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price on the stock. Finally, Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and raised their target price for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $62.84.

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.