Carnival (NYSE:CCL) Price Target Raised to $31.00 at Bank of America

Carnival (NYSE:CCL) had its target price upped by equities research analysts at Bank of America from $30.00 to $31.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 21.88% from the company’s current price.

CCL has been the subject of several other reports. Hsbc Global Res upgraded shares of Carnival from a “moderate sell” rating to a “hold” rating in a research note on Friday, May 16th. Barclays raised their target price on shares of Carnival from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Wednesday. Stifel Nicolaus set a $33.00 price target on Carnival in a research note on Monday. Wall Street Zen upgraded Carnival from a “hold” rating to a “buy” rating in a research note on Wednesday, May 14th. Finally, Truist Financial set a $27.00 price target on shares of Carnival in a research report on Monday. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.11.

Carnival Trading Down 1.0%

Shares of CCL traded down $0.27 during trading hours on Wednesday, reaching $25.44. 3,497,225 shares of the company traded hands, compared to its average volume of 25,517,231. Carnival has a 12 month low of $13.78 and a 12 month high of $28.72. The company has a market capitalization of $29.67 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.56 and a beta of 2.58. The company’s fifty day moving average price is $21.73 and its two-hundred day moving average price is $22.81. The company has a quick ratio of 0.21, a current ratio of 0.26 and a debt-to-equity ratio of 2.78.

Carnival (NYSE:CCL) last announced its earnings results on Tuesday, June 24th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. Carnival had a return on equity of 26.53% and a net margin of 8.07%. The firm had revenue of $6.33 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same quarter in the prior year, the company earned $0.11 EPS. The business’s revenue was up 9.5% compared to the same quarter last year. Equities research analysts predict that Carnival will post 1.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Measured Risk Portfolios Inc. purchased a new stake in Carnival during the fourth quarter valued at $29,000. Orion Capital Management LLC bought a new position in shares of Carnival in the 4th quarter valued at about $30,000. N.E.W. Advisory Services LLC purchased a new position in Carnival in the first quarter worth about $25,000. Graybill Wealth Management LTD. bought a new stake in Carnival during the first quarter worth approximately $26,000. Finally, Millstone Evans Group LLC purchased a new stake in Carnival during the fourth quarter valued at approximately $34,000. 67.19% of the stock is currently owned by institutional investors.

About Carnival

Carnival Corp. engages in the operation of cruise ships. It operates through the following business segments: North America and Australia (NAA) Cruise, Europe and Asia (EA) Cruise Operations, Cruise Support, and Tour and Others. The North America and Australia (NAA) Cruise segment includes the Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn.