Corteva (NYSE:CTVA) Releases FY22 Earnings Guidance

Corteva (NYSE:CTVAGet Rating) issued an update on its FY22 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.35-2.55 for the period, compared to the consensus estimate of $2.46. The company issued revenue guidance of 16.7-17.0 billion, compared to the consensus revenue estimate of $16.82 billion.

CTVA stock traded down $2.30 during trading on Friday, reaching $55.74. The company’s stock had a trading volume of 5,236,628 shares, compared to its average volume of 3,815,357. The company has a market capitalization of $40.51 billion, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 1.75 and a beta of 0.65. The company’s fifty day moving average is $56.97 and its 200-day moving average is $50.74. The company has a quick ratio of 1.08, a current ratio of 1.63 and a debt-to-equity ratio of 0.04. Corteva has a 1 year low of $40.60 and a 1 year high of $62.04.

Corteva (NYSE:CTVAGet Rating) last issued its earnings results on Wednesday, May 4th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.15. Corteva had a return on equity of 6.73% and a net margin of 10.72%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.47 billion. During the same period in the previous year, the firm posted $0.79 earnings per share. The business’s revenue was up 9.5% compared to the same quarter last year. Analysts anticipate that Corteva will post 2.48 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Friday, May 13th will be issued a $0.14 dividend. The ex-dividend date is Thursday, May 12th. This represents a $0.56 annualized dividend and a dividend yield of 1.00%. Corteva’s dividend payout ratio (DPR) is 23.83%.

Several research analysts recently commented on CTVA shares. Zacks Investment Research upgraded Corteva from a sell rating to a hold rating in a research report on Monday, February 7th. Redburn Partners upgraded Corteva from a neutral rating to a buy rating in a research report on Monday, January 31st. JPMorgan Chase & Co. lowered Corteva from an overweight rating to a neutral rating and set a $58.00 price target for the company. in a research report on Friday. They noted that the move was a valuation call. KeyCorp lifted their price target on Corteva from $58.00 to $63.00 and gave the stock an overweight rating in a research report on Tuesday, April 5th. Finally, Mizuho lifted their price target on Corteva from $60.00 to $67.00 in a research report on Friday, April 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Corteva presently has an average rating of Buy and a consensus price target of $57.57.

In related news, insider Brian Titus sold 23,500 shares of the business’s stock in a transaction that occurred on Friday, February 11th. The stock was sold at an average price of $51.53, for a total value of $1,210,955.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Klaus A. Engel sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $52.76, for a total transaction of $158,280.00. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of CTVA. Deutsche Bank AG increased its position in shares of Corteva by 14.8% during the fourth quarter. Deutsche Bank AG now owns 5,297,123 shares of the company’s stock worth $250,449,000 after purchasing an additional 684,535 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Corteva by 5.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,818,340 shares of the company’s stock worth $85,971,000 after purchasing an additional 100,544 shares in the last quarter. Allstate Corp increased its position in shares of Corteva by 270.0% during the fourth quarter. Allstate Corp now owns 64,092 shares of the company’s stock worth $3,030,000 after purchasing an additional 46,769 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Corteva by 1.3% during the fourth quarter. Parametric Portfolio Associates LLC now owns 2,990,977 shares of the company’s stock worth $141,413,000 after purchasing an additional 36,967 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Corteva by 0.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,617,726 shares of the company’s stock worth $123,760,000 after purchasing an additional 19,950 shares in the last quarter. 79.46% of the stock is currently owned by institutional investors and hedge funds.

About Corteva (Get Rating)

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.

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Earnings History and Estimates for Corteva (NYSE:CTVA)

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