Corteva, Inc. (NYSE:CTVA) Forecasted to Post Q3 2024 Earnings of ($0.40) Per Share

Corteva, Inc. (NYSE:CTVA) – KeyCorp issued their Q3 2024 earnings estimates for Corteva in a research note issued to investors on Sunday, October 6th. KeyCorp analyst A. Yefremov anticipates that the company will post earnings of ($0.40) per share for the quarter. KeyCorp has a “Overweight” rating and a $62.00 price objective on the stock. The consensus estimate for Corteva’s current full-year earnings is $2.69 per share. KeyCorp also issued estimates for Corteva’s Q4 2024 earnings at $0.28 EPS, FY2024 earnings at $2.61 EPS, Q3 2025 earnings at ($0.28) EPS, Q4 2025 earnings at $0.39 EPS and FY2025 earnings at $3.14 EPS.

Several other equities research analysts have also recently issued reports on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. JPMorgan Chase & Co. lowered their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Mizuho decreased their price objective on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, June 18th. Finally, Wells Fargo & Company dropped their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $61.94.

Corteva Trading Up 0.1 %

Corteva stock opened at $56.55 on Wednesday. The stock has a 50-day moving average price of $55.46 and a 200 day moving average price of $55.03. Corteva has a 52 week low of $43.22 and a 52 week high of $59.08. The stock has a market cap of $39.41 billion, a PE ratio of 71.48, a P/E/G ratio of 1.68 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 (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. The firm had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. Corteva’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.60 EPS.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.20%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is 86.08%.

Institutional Trading of Corteva

Several large investors have recently bought and sold shares of the company. Elo Mutual Pension Insurance Co increased its stake in Corteva by 4.1% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 61,967 shares of the company’s stock worth $2,969,000 after buying an additional 2,460 shares during the period. Putnam Investments LLC increased its position in shares of Corteva by 12.9% during the fourth quarter. Putnam Investments LLC now owns 8,950,382 shares of the company’s stock worth $428,902,000 after acquiring an additional 1,021,733 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of Corteva by 33.5% during the fourth quarter. Point72 Asset Management L.P. now owns 1,401,608 shares of the company’s stock worth $67,165,000 after acquiring an additional 351,908 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Corteva in the fourth quarter worth about $8,014,000. Finally, ADAR1 Capital Management LLC purchased a new position in Corteva in the fourth quarter valued at about $2,779,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

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.