Fullerton Fund Management Co Ltd. purchased a new position in shares of Carnival Corporation (NYSE:CCL – Free Report) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 24,927 shares of the company’s stock, valued at approximately $761,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Carnival during the 3rd quarter worth $1,291,000. Swedbank AB grew its stake in shares of Carnival by 10.0% during the 4th quarter. Swedbank AB now owns 519,939 shares of the company’s stock worth $15,879,000 after purchasing an additional 47,070 shares during the period. Vanguard Group Inc. grew its stake in shares of Carnival by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 128,133,282 shares of the company’s stock worth $3,913,190,000 after purchasing an additional 368,445 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Carnival by 5.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,774,765 shares of the company’s stock worth $51,867,000 after purchasing an additional 93,565 shares during the period. Finally, Nordea Investment Management AB grew its stake in shares of Carnival by 42.8% during the 4th quarter. Nordea Investment Management AB now owns 2,126,893 shares of the company’s stock worth $65,487,000 after purchasing an additional 637,605 shares during the period. 67.19% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Carnival from $37.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 15th. Sanford C. Bernstein decreased their price objective on shares of Carnival from $33.00 to $28.70 and set a “market perform” rating on the stock in a research report on Monday, March 30th. Loop Capital initiated coverage on shares of Carnival in a research report on Monday, June 1st. They issued a “buy” rating and a $36.00 price objective on the stock. The Goldman Sachs Group decreased their price objective on shares of Carnival from $34.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Finally, Freedom Capital upgraded shares of Carnival to a “strong-buy” rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.94.
Carnival Price Performance
Carnival stock opened at $30.90 on Wednesday. Carnival Corporation has a 52 week low of $22.58 and a 52 week high of $34.03. The company has a quick ratio of 0.26, a current ratio of 0.30 and a debt-to-equity ratio of 1.82. The firm’s 50-day simple moving average is $27.03 and its 200 day simple moving average is $28.21. The firm has a market capitalization of $38.29 billion, a PE ratio of 13.73, a P/E/G ratio of 1.33 and a beta of 2.32.
Carnival (NYSE:CCL – Get Free Report) last released its quarterly earnings data on Friday, March 27th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.18 by $0.02. Carnival had a net margin of 11.48% and a return on equity of 26.92%. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.13 billion. During the same period in the previous year, the firm earned $0.13 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that Carnival Corporation will post 2.22 EPS for the current fiscal year.
Carnival Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, May 18th. Carnival’s dividend payout ratio is 26.67%.
More Carnival News
Here are the key news stories impacting Carnival this week:
- Positive Sentiment: News that Carnival may beat second-quarter earnings estimates is supporting the stock, as investors look for another quarter of solid revenue and profit growth. Article Title
- Positive Sentiment: Lower oil prices after a U.S.-Iran peace agreement are easing fuel-cost pressure on cruise lines, which can improve margins for Carnival and peers. Article Title
- Positive Sentiment: Easing shipping-route risk is also helping sentiment around Carnival, since fewer geopolitical disruptions could support bookings and reduce uncertainty for the travel sector. Article Title
- Neutral Sentiment: Several market commentary pieces continue to highlight Carnival as a notable leisure stock ahead of earnings, but they do not add a new company-specific catalyst. Article Title
- Neutral Sentiment: Broader market weakness has been mixed, but Carnival’s gains suggest investors are favoring the cruise trade over the softer index backdrop today. Article Title
Insider Transactions at Carnival
In other Carnival news, insider Bettina Alejandra Deynes sold 43,058 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $28.10, for a total value of $1,209,929.80. Following the transaction, the insider directly owned 69,238 shares in the company, valued at approximately $1,945,587.80. This represents a 38.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sir Jonathon Band sold 11,988 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $26.19, for a total transaction of $313,965.72. Following the completion of the transaction, the director owned 52,601 shares in the company, valued at approximately $1,377,620.19. This trade represents a 18.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 55,058 shares of company stock worth $1,524,195. 7.90% of the stock is owned by insiders.
Carnival Profile
Carnival Corporation (NYSE: CCL) is a global cruise operator that provides leisure travel services through a portfolio of passenger cruise brands. The company’s core business is operating cruise ships that offer multi-night voyages and associated vacation services, including onboard accommodations, dining, entertainment, spa and wellness offerings, casinos, youth programs, and organized shore excursions. Carnival markets cruise vacations to a broad range of consumers, from value-focused travelers to premium and luxury segments, through differentiated brand positioning and onboard experiences.
Its operating structure comprises multiple well-known cruise brands that target distinct geographic and demographic markets.
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