Royal Caribbean Cruises Ltd. to Post Q2 2017 Earnings of $1.68 Per Share, Wedbush Forecasts (RCL)
Royal Caribbean Cruises Ltd. (NYSE:RCL) – Research analysts at Wedbush upped their Q2 2017 earnings per share (EPS) estimates for Royal Caribbean Cruises in a research note issued to investors on Tuesday. Wedbush analyst J. Hardiman now expects that the company will earn $1.68 per share for the quarter, up from their prior forecast of $1.65. Wedbush currently has a “Outperform” rating and a $117.00 target price on the stock. Wedbush also issued estimates for Royal Caribbean Cruises’ Q4 2017 earnings at $1.35 EPS and FY2017 earnings at $7.35 EPS.
Royal Caribbean Cruises (NYSE:RCL) last released its quarterly earnings results on Friday, April 28th. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $2.02 billion. Royal Caribbean Cruises had a return on equity of 15.91% and a net margin of 16.29%. Royal Caribbean Cruises’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS.
Several other research firms also recently commented on RCL. Zacks Investment Research raised Royal Caribbean Cruises from a “hold” rating to a “buy” rating and set a $126.00 target price on the stock in a report on Wednesday, June 7th. Stifel Nicolaus boosted their target price on Royal Caribbean Cruises from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Goldman Sachs Group, Inc. (The) boosted their target price on Royal Caribbean Cruises from $90.00 to $94.00 and gave the stock a “sell” rating in a report on Monday, May 1st. J P Morgan Chase & Co raised Royal Caribbean Cruises from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $111.00 to $130.00 in a report on Thursday, July 20th. Finally, Bank of America Corporation assumed coverage on Royal Caribbean Cruises in a report on Monday. They issued a “neutral” rating and a $123.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $106.19.
Shares of Royal Caribbean Cruises (RCL) opened at 114.92 on Wednesday. The stock has a market capitalization of $24.72 billion, a price-to-earnings ratio of 17.76 and a beta of 1.06. Royal Caribbean Cruises has a 12 month low of $65.10 and a 12 month high of $116.89. The stock’s 50 day moving average price is $111.21 and its 200 day moving average price is $101.45.
Hedge funds have recently modified their holdings of the company. Eqis Capital Management Inc. boosted its stake in shares of Royal Caribbean Cruises by 0.3% in the second quarter. Eqis Capital Management Inc. now owns 2,370 shares of the company’s stock worth $259,000 after buying an additional 8 shares during the last quarter. Granahan Investment Management Inc. MA boosted its stake in shares of Royal Caribbean Cruises by 0.4% in the first quarter. Granahan Investment Management Inc. MA now owns 2,882 shares of the company’s stock worth $283,000 after buying an additional 11 shares during the last quarter. Cleararc Capital Inc. boosted its stake in shares of Royal Caribbean Cruises by 0.6% in the first quarter. Cleararc Capital Inc. now owns 4,095 shares of the company’s stock worth $402,000 after buying an additional 25 shares during the last quarter. BKD Wealth Advisors LLC boosted its stake in shares of Royal Caribbean Cruises by 1.1% in the first quarter. BKD Wealth Advisors LLC now owns 3,944 shares of the company’s stock worth $387,000 after buying an additional 42 shares during the last quarter. Finally, NEXT Financial Group Inc boosted its stake in shares of Royal Caribbean Cruises by 9.0% in the second quarter. NEXT Financial Group Inc now owns 1,090 shares of the company’s stock worth $119,000 after buying an additional 90 shares during the last quarter. Institutional investors and hedge funds own 71.16% of the company’s stock.
In related news, CEO Richard D. Fain sold 20,000 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $107.77, for a total transaction of $2,155,400.00. Following the completion of the sale, the chief executive officer now owns 1,007,741 shares in the company, valued at $108,604,247.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Harri U. Kulovaara sold 7,527 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $110.00, for a total value of $827,970.00. Following the sale, the executive vice president now owns 29,667 shares of the company’s stock, valued at approximately $3,263,370. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,527 shares of company stock valued at $5,175,770. 15.30% of the stock is owned by company insiders.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Friday, June 2nd were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date was Wednesday, May 31st. Royal Caribbean Cruises’s dividend payout ratio (DPR) is presently 29.68%.
Royal Caribbean Cruises announced that its Board of Directors has approved a share repurchase program on Friday, April 28th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
Royal Caribbean Cruises Company Profile
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).
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