Corteva (NYSE:CTVA) Issues Quarterly Earnings Results

Corteva (NYSE:CTVA) issued its earnings results on Wednesday. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.18), reports. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.69 billion.

Corteva Trading Up 0.3 %

Shares of CTVA traded up $0.19 during mid-day trading on Friday, hitting $58.83. 1,158,717 shares of the company’s stock traded hands, compared to its average volume of 3,253,551. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. Corteva has a 1 year low of $43.22 and a 1 year high of $63.75. The firm has a market capitalization of $40.73 billion, a P/E ratio of 45.62, a PEG ratio of 1.76 and a beta of 0.77. The business’s 50-day moving average price is $58.14 and its 200-day moving average price is $55.55.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.16%. Corteva’s dividend payout ratio (DPR) is presently 52.31%.

Hedge Funds Weigh In On Corteva

Hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC bought a new stake in shares of Corteva during the first quarter valued at approximately $25,000. Capital Advisors Ltd. LLC boosted its position in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. Cultivar Capital Inc. bought a new stake in shares of Corteva during the second quarter valued at approximately $34,000. Redwood Wealth Management Group LLC bought a new stake in shares of Corteva during the second quarter valued at approximately $43,000. Finally, Triad Wealth Partners LLC bought a new stake in shares of Corteva during the second quarter valued at approximately $45,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group lifted their price target on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Oppenheimer reiterated an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday. Wells Fargo & Company dropped their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Citigroup initiated coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.26.

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.