Wedbush Weighs in on Royal Caribbean Cruises Ltd.’s Q3 2016 Earnings (RCL)
Royal Caribbean Cruises Ltd. (NYSE:RCL) – Stock analysts at Wedbush decreased their Q3 2016 earnings per share (EPS) estimates for Royal Caribbean Cruises in a research note issued on Friday. Wedbush analyst J. Hardiman now expects that the brokerage will earn $3.11 per share for the quarter, down from their prior forecast of $3.12. Wedbush also issued estimates for Royal Caribbean Cruises’ FY2016 earnings at $5.97 EPS and FY2017 earnings at $6.77 EPS.
RCL has been the topic of several other reports. Zacks Investment Research raised shares of Royal Caribbean Cruises from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a research note on Wednesday, June 29th. Stifel Nicolaus decreased their price target on shares of Royal Caribbean Cruises from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $100.00 price target on shares of Royal Caribbean Cruises in a research note on Wednesday, August 3rd. Citigroup Inc. reaffirmed a “buy” rating and set a $95.00 price target on shares of Royal Caribbean Cruises in a research note on Wednesday, August 24th. Finally, Argus cut shares of Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a research note on Wednesday, September 7th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $93.12.
Shares of Royal Caribbean Cruises (NYSE:RCL) opened at 69.98 on Monday. The company’s 50-day moving average is $70.74 and its 200 day moving average is $73.62. Royal Caribbean Cruises has a 52-week low of $64.21 and a 52-week high of $103.40. The firm has a market cap of $15.06 billion, a price-to-earnings ratio of 19.97 and a beta of 1.65.
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Royal Caribbean Cruises (NYSE:RCL) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.07. The company had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.17 billion. Royal Caribbean Cruises had a net margin of 9.05% and a return on equity of 14.76%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business earned $0.84 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 13th. Stockholders of record on Thursday, September 29th were given a dividend of $0.48 per share. The ex-dividend date was Tuesday, September 27th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.74%. This is an increase from Royal Caribbean Cruises’s previous quarterly dividend of $0.38. Royal Caribbean Cruises’s dividend payout ratio (DPR) is presently 55.01%.
In related news, Director Vagn O. Sorensen purchased 1,100 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was acquired at an average price of $70.50 per share, with a total value of $77,550.00. Following the completion of the transaction, the director now owns 18,871 shares of the company’s stock, valued at $1,330,405.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard D. Fain purchased 29,190 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were bought at an average cost of $68.52 per share, with a total value of $2,000,098.80. Following the transaction, the chief executive officer now directly owns 1,068,881 shares of the company’s stock, valued at approximately $73,239,726.12. The disclosure for this purchase can be found here. Insiders own 16.80% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in RCL. Primecap Management Co. CA increased its position in Royal Caribbean Cruises by 31.6% in the second quarter. Primecap Management Co. CA now owns 7,721,989 shares of the company’s stock worth $518,532,000 after buying an additional 1,852,117 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in Royal Caribbean Cruises during the second quarter worth approximately $80,476,000. Suvretta Capital Management LLC acquired a new position in Royal Caribbean Cruises during the first quarter worth approximately $78,724,000. MD Sass Investors Services Inc. increased its position in Royal Caribbean Cruises by 1,406.8% in the second quarter. MD Sass Investors Services Inc. now owns 883,334 shares of the company’s stock worth $59,312,000 after buying an additional 824,709 shares in the last quarter. Finally, Roystone Capital Management LP increased its position in Royal Caribbean Cruises by 42.7% in the second quarter. Roystone Capital Management LP now owns 1,336,850 shares of the company’s stock worth $89,769,000 after buying an additional 399,850 shares in the last quarter. 75.04% of the stock is owned by hedge funds and other institutional investors.
About Royal Caribbean Cruises
Royal Caribbean Cruises Ltd. is a cruise company. The Company owns various brands, such as Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises, CDF Croisieres de France and joint venture interest in TUI Cruises. It operates approximately 23 ships with an aggregate capacity of approximately 68,600 berths under its Royal Caribbean International brand, offering cruise itineraries that range from 2 to 24 nights.
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