KeyCorp Comments on Corteva, Inc.’s Q3 2024 Earnings (NYSE:CTVA)

Corteva, Inc. (NYSE:CTVA) – Research analysts at KeyCorp issued their Q3 2024 EPS estimates for shares of Corteva in a report released on Sunday, October 6th. KeyCorp analyst A. Yefremov expects that the company will post earnings per share of ($0.40) for the quarter. KeyCorp currently has a “Overweight” rating and a $62.00 price target 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 brokerages also recently issued reports on CTVA. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $65.00 price objective on shares of Corteva in a research report on Wednesday, June 12th. Morgan Stanley reissued an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Mizuho lowered their target price on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. Finally, Argus cut Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $61.94.

Corteva Price Performance

CTVA stock opened at $56.88 on Wednesday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $39.64 billion, a P/E ratio of 72.00, a PEG ratio of 1.68 and a beta of 0.77. The business has a 50 day simple moving average of $55.43 and a 200-day simple moving average of $55.00. Corteva has a twelve month low of $43.22 and a twelve month high of $59.08.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.09. The business had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.60 EPS.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.20%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is presently 86.08%.

Institutional Trading of Corteva

Several institutional investors and hedge funds have recently modified their holdings of CTVA. Capital International Investors lifted its stake in Corteva by 2.6% in the 1st quarter. Capital International Investors now owns 26,437,457 shares of the company’s stock valued at $1,524,648,000 after buying an additional 678,722 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Corteva by 7.2% during the first quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock valued at $527,409,000 after acquiring an additional 617,030 shares during the last quarter. Harris Associates L P increased its position in Corteva by 87.1% during the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock worth $431,841,000 after purchasing an additional 4,194,981 shares in the last quarter. Putnam Investments LLC raised its stake in Corteva by 12.9% in the 4th quarter. Putnam Investments LLC now owns 8,950,382 shares of the company’s stock valued at $428,902,000 after purchasing an additional 1,021,733 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Corteva by 28.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Hedge funds and other institutional investors 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.