Corteva (NYSE:CTVA) Updates FY24 Earnings Guidance

Corteva (NYSE:CTVA) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.50-2.60 for the period, compared to the consensus earnings per share 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

A number of brokerages have issued reports on CTVA. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. KeyCorp dropped their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company cut their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Citigroup assumed coverage on shares of Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price for the company. Finally, JPMorgan Chase & Co. cut their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $63.47.

Corteva Stock Down 0.5 %

CTVA traded down $0.31 on Friday, hitting $58.33. The company had a trading volume of 4,673,783 shares, 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 P/E/G ratio of 1.78 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The stock has a fifty day moving average price of $58.19 and a 200-day moving average price of $55.59. Corteva has a 12-month low of $43.22 and a 12-month high of $63.75.

Corteva Dividend Announcement

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 given a $0.17 dividend. 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 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.