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Corteva, Inc. (CTVA) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Corteva, Inc. (CTVA - Free Report) closed at $61.51, marking a -1.9% move from the previous day. This move lagged the S&P 500's daily loss of 1.56%. At the same time, the Dow lost 1.81%, and the tech-heavy Nasdaq lost 4.66%.
Prior to today's trading, shares of the agriculture had gained 6.47% over the past month. This has outpaced the Consumer Staples sector's gain of 1.52% and the S&P 500's gain of 3.82% in that time.
Wall Street will be looking for positivity from Corteva, Inc. as it approaches its next earnings report date. This is expected to be February 1, 2023. In that report, analysts expect Corteva, Inc. to post earnings of $0.06 per share. This would mark a year-over-year decline of 25%. Our most recent consensus estimate is calling for quarterly revenue of $3.82 billion, up 9.81% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Corteva, Inc.These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.43% higher. Corteva, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Corteva, Inc. has a Forward P/E ratio of 19.5 right now. For comparison, its industry has an average Forward P/E of 19.12, which means Corteva, Inc. is trading at a premium to the group.
Meanwhile, CTVA's PEG ratio is currently 1.18. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. CTVA's industry had an average PEG ratio of 3.82 as of yesterday's close.
The Agriculture - Operations industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 196, which puts it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.