For those looking to find strong Consumer Staples stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Corteva, Inc. (CTVA) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Corteva, Inc. is one of 180 companies in the Consumer Staples group. The Consumer Staples group currently sits at #16 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Corteva, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CTVA's full-year earnings has moved 6.1% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, CTVA has gained about 24% so far this year. In comparison, Consumer Staples companies have returned an average of 2.8%. As we can see, Corteva, Inc. is performing better than its sector in the calendar year.
Another Consumer Staples stock, which has outperformed the sector so far this year, is Local Bounti Corporation (LOCL). The stock has returned 44.9% year-to-date.
In Local Bounti Corporation's case, the consensus EPS estimate for the current year increased 13.7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Corteva, Inc. belongs to the Agriculture - Operations industry, a group that includes 15 individual stocks and currently sits at #160 in the Zacks Industry Rank. On average, stocks in this group have gained 10.6% this year, meaning that CTVA is performing better in terms of year-to-date returns. Local Bounti Corporation is also part of the same industry.
Going forward, investors interested in Consumer Staples stocks should continue to pay close attention to Corteva, Inc. and Local Bounti Corporation as they could maintain their solid performance.
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Corteva, Inc. (CTVA): Free Stock Analysis Report Local Bounti Corporation (LOCL): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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