Research analysts at Bank of America Corporation began coverage on shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) in a research note issued on Monday. The firm set a “neutral” rating and a $123.00 price target on the stock. Bank of America Corporation’s price target points to a potential upside of 7.04% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. J P Morgan Chase & Co raised Royal Caribbean Cruises from a “neutral” rating to an “overweight” rating and upped their price target for the company from $111.00 to $130.00 in a report on Thursday. Zacks Investment Research cut Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. ValuEngine raised Royal Caribbean Cruises from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and issued a $119.50 price target (up previously from $117.50) on shares of Royal Caribbean Cruises in a report on Tuesday, May 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $106.19.

Shares of Royal Caribbean Cruises (NYSE RCL) opened at 114.91 on Monday. Royal Caribbean Cruises has a one year low of $65.10 and a one year high of $116.20. The firm has a market cap of $24.71 billion, a PE ratio of 17.76 and a beta of 1.06. The firm’s 50-day moving average price is $110.94 and its 200-day moving average price is $100.78.

Royal Caribbean Cruises (NYSE:RCL) last posted its quarterly earnings results on Friday, April 28th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.07. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Royal Caribbean Cruises had a return on equity of 15.91% and a net margin of 16.29%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. Equities research analysts expect that Royal Caribbean Cruises will post $7.25 earnings per share for the current fiscal year.

Royal Caribbean Cruises declared that its board has approved a stock repurchase plan on Friday, April 28th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

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In related news, CEO Richard D. Fain sold 20,000 shares of Royal Caribbean Cruises stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $109.62, for a total value of $2,192,400.00. Following the completion of the sale, the chief executive officer now owns 967,741 shares of the company’s stock, valued at approximately $106,083,768.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Harri U. Kulovaara sold 7,527 shares of Royal Caribbean Cruises stock in a transaction on Monday, May 1st. The shares were sold at an average price of $110.00, for a total transaction of $827,970.00. Following the completion of the sale, the executive vice president now directly owns 29,667 shares of the company’s stock, valued at approximately $3,263,370. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,527 shares of company stock worth $5,175,770. 15.30% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Royal Caribbean Cruises by 3.5% in the first quarter. Vanguard Group Inc. now owns 16,504,950 shares of the company’s stock valued at $1,619,301,000 after buying an additional 555,260 shares during the last quarter. BlackRock Inc. raised its stake in Royal Caribbean Cruises by 3,290.6% in the first quarter. BlackRock Inc. now owns 10,359,358 shares of the company’s stock valued at $1,016,356,000 after buying an additional 10,053,823 shares during the last quarter. State Street Corp raised its stake in Royal Caribbean Cruises by 3.3% in the first quarter. State Street Corp now owns 7,057,591 shares of the company’s stock valued at $692,420,000 after buying an additional 223,444 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Royal Caribbean Cruises by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,911,924 shares of the company’s stock valued at $285,711,000 after buying an additional 290,536 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Royal Caribbean Cruises by 18.0% in the first quarter. Ameriprise Financial Inc. now owns 1,994,407 shares of the company’s stock valued at $195,677,000 after buying an additional 303,850 shares during the last quarter. 71.16% of the stock is owned by institutional investors and hedge funds.

About Royal Caribbean Cruises

Royal Caribbean Cruises Ltd. is a cruise company. The Company owns and operates three global cruise brands: Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises (Global Brands). The Company also own joint venture interest in the German brand TUI Cruises, interest in the Spanish brand Pullmantur and interest in the Chinese brand SkySea Cruises (collectively, Partner Brands).

Analyst Recommendations for Royal Caribbean Cruises (NYSE:RCL)

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