Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Corteva, Inc. (NYSE: CTVA) reported better-than-expected fourth-quarter financial earnings, after the closing bell on Wednesday.
Corteva reported quarterly adjusted earnings of 15 cents per share, which beat the analyst estimates of 6 cents and representing a 6.25% decrease over earnings of 16 cents per share year-over-year. The company reported quarterly sales of $3.71 billion, representing a 3.08% decrease from sales of $3.83 billion year-over-year, according to data from Benzinga Pro.
The company sees 2024 net sales between $17.4 billion and $17.7 billion, versus the estimate of $17.608 billion. Adjusted earnings are anticipated to be between $2.70 and $2.90 per share, versus the $3.01 estimate.
Additionally, Corteva announced plans to repurchase approximately $1 billion shares in 2024.
“Corteva’s 2023 results reflect the execution of our value creation strategy, including its focus on productivity, differentiated product mix, and cost discipline. This, alongside a stand-out performance from our seed business, allowed us to deliver growth in earnings, cash and margin despite an ongoing imbalance in the global crop protection industry,” said Chuck Magro, Corteva CEO.
Corteva shares fell 1.1% to trade at $53.46 on Friday.
These analysts made changes to their price targets on Corteva after the company reported quarterly results.
- Barclays raised the price target on Corteva from $50 to $55. Barclays analyst Benjamin Theurer maintained an Equal-Weight rating.
- Wells Fargo increased Corteva price target from $54 to $65. Wells Fargo analyst Richard Garchitorena maintained an Overweight rating.
- Keybanc boosted the price target on Corteva from $62 to $63. Keybanc analyst Aleksey Yefremov maintained an Overweight rating.
- RBC Capital raised the price target on Corteva from $56 to $64. RBC Capital analyst Arun Viswanathan maintained an Outperform rating.
- Oppenheimer increased the price target on Corteva from $60 to $62. Oppenheimer analyst Kristen Owen maintained an Outperform rating.
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Latest Ratings for CTVA
| Feb 2022 | Keybanc | Maintains | Overweight | |
| Nov 2021 | Morgan Stanley | Maintains | Overweight | |
| Nov 2021 | Keybanc | Maintains | Overweight |
View the Latest Analyst Ratings
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