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Corteva, Inc. (CTVA) Gains As Market Dips: What You Should Know
Corteva, Inc. (CTVA - Free Report) closed at $62.51 in the latest trading session, marking a +0.99% move from the prior day. This change outpaced the S&P 500's 0.07% loss on the day. Elsewhere, the Dow gained 0.31%, while the tech-heavy Nasdaq lost 3.22%.
Prior to today's trading, shares of the agriculture had gained 4.24% over the past month. This has outpaced the Consumer Staples sector's loss of 2.21% and lagged the S&P 500's gain of 4.64% in that time.
Corteva, Inc. will be looking to display strength as it nears its next earnings release, which is expected to be February 1, 2023. The company is expected to report EPS of $0.06, down 25% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.82 billion, up 9.81% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Corteva, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.43% higher. Corteva, Inc. is currently a Zacks Rank #2 (Buy).
Digging into valuation, Corteva, Inc. currently has a Forward P/E ratio of 19.25. This represents a premium compared to its industry's average Forward P/E of 19.06.
Also, we should mention that CTVA has a PEG ratio of 1.17. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Agriculture - Operations stocks are, on average, holding a PEG ratio of 3.83 based on yesterday's closing prices.
The Agriculture - Operations industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 103, which puts it in the top 41% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.