Corteva, Inc. (CTVA) Stock Drops Despite Market Gains: Important Facts to Note
Corteva, Inc. (CTVA) closed the latest trading day at $48.14, indicating a -0.17% change from the previous session's end. The stock's change was less than the S&P 500's daily gain of 0.65%. On the other hand, the Dow registered a gain of 0.38%, and the technology-centric Nasdaq increased by 0.48%.
Shares of the agriculture have depreciated by 3.66% over the course of the past month, underperforming the Consumer Staples sector's loss of 0.58% and the S&P 500's loss of 2.79%.
The upcoming earnings release of Corteva, Inc. will be of great interest to investors. The company's earnings report is expected on November 8, 2023. The company's upcoming EPS is projected at -$0.23, signifying a 91.67% drop compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.58 billion, down 7.17% from the year-ago period.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Corteva, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, 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 shifted 6.98% downward. Corteva, Inc. currently has a Zacks Rank of #5 (Strong Sell).
Looking at valuation, Corteva, Inc. is presently trading at a Forward P/E ratio of 17.51. This expresses a premium compared to the average Forward P/E of 15.51 of its industry.
It is also worth noting that CTVA currently has a PEG ratio of 1.34. 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. As the market closed yesterday, the Agriculture - Operations industry was having an average PEG ratio of 1.32.
The Agriculture - Operations industry is part of the Consumer Staples sector. This industry, currently bearing a Zacks Industry Rank of 95, finds itself in the top 38% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Corteva, Inc. (CTVA) : Free Stock Analysis Report
