Corteva (NYSE:CTVA) Posts Earnings Results, Hits Estimates

Corteva (NYSE:CTVA) issued its quarterly earnings data on Tuesday. The company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.22, FiscalAI reports. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The business had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $4.23 billion.

Corteva Price Performance

NYSE:CTVA traded up $1.68 during midday trading on Tuesday, hitting $74.88. The company had a trading volume of 5,622,672 shares, compared to its average volume of 3,870,331. Corteva has a 52-week low of $53.40 and a 52-week high of $77.41. The company has a market capitalization of $50.60 billion, a PE ratio of 32.00, a P/E/G ratio of 1.85 and a beta of 0.75. The stock’s fifty day moving average price is $68.26 and its 200-day moving average price is $68.34. The company has a quick ratio of 1.07, a current ratio of 1.58 and a debt-to-equity ratio of 0.07.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a dividend of $0.18 per share. The ex-dividend date is Monday, March 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Corteva’s dividend payout ratio (DPR) is 30.77%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Kelleher Financial Advisors increased its position in shares of Corteva by 3.8% in the third quarter. Kelleher Financial Advisors now owns 4,594 shares of the company’s stock valued at $311,000 after acquiring an additional 170 shares during the period. Binnacle Investments Inc increased its stake in shares of Corteva by 54.7% during the second quarter. Binnacle Investments Inc now owns 512 shares of the company’s stock valued at $38,000 after buying an additional 181 shares during the period. Cresset Asset Management LLC raised its holdings in shares of Corteva by 2.6% during the second quarter. Cresset Asset Management LLC now owns 7,063 shares of the company’s stock valued at $526,000 after acquiring an additional 181 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in Corteva by 52.8% in the third quarter. Sunbelt Securities Inc. now owns 923 shares of the company’s stock valued at $62,000 after acquiring an additional 319 shares in the last quarter. Finally, JPL Wealth Management LLC purchased a new position in Corteva during the 3rd quarter valued at $25,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CTVA shares. Oppenheimer upped their price objective on Corteva from $76.00 to $78.00 and gave the company an “outperform” rating in a research note on Tuesday, January 27th. Wall Street Zen upgraded shares of Corteva from a “hold” rating to a “buy” rating in a research note on Saturday, January 17th. UBS Group decreased their price target on shares of Corteva from $85.00 to $81.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Zacks Research upgraded Corteva from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. Finally, The Goldman Sachs Group upped their price target on shares of Corteva from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $79.58.

Corteva Company Profile

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.