Q3 2017 EPS Estimates for Royal Caribbean Cruises Ltd. Boosted by Wedbush (RCL)
Royal Caribbean Cruises Ltd. (NYSE:RCL) – Wedbush lifted their Q3 2017 earnings per share estimates for shares of Royal Caribbean Cruises in a research report issued on Tuesday. Wedbush analyst J. Hardiman now forecasts that the company will earn $3.33 per share for the quarter, up from their prior estimate of $3.21. Wedbush currently has a “Outperform” rating and a $117.00 target price on the stock. Wedbush also issued estimates for Royal Caribbean Cruises’ FY2018 earnings at $8.43 EPS.
Royal Caribbean Cruises (NYSE:RCL) last issued its earnings results on Friday, April 28th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.07. Royal Caribbean Cruises had a return on equity of 15.91% and a net margin of 16.29%. The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the prior year, the firm posted $0.57 EPS. Royal Caribbean Cruises’s quarterly revenue was up 4.7% compared to the same quarter last year. ILLEGAL ACTIVITY WARNING: This news story was first reported by American Banking News and is the sole property of of American Banking News. If you are accessing this news story on another domain, it was stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be accessed at https://www.americanbankingnews.com/2017/07/27/q3-2017-eps-estimates-for-royal-caribbean-cruises-ltd-boosted-by-wedbush-rcl.html.
RCL has been the subject of several other reports. Zacks Investment Research downgraded shares of Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a research report on Wednesday, March 29th. Deutsche Bank AG lowered their price target on shares of Royal Caribbean Cruises from $102.00 to $91.00 and set a “hold” rating for the company in a report on Tuesday, May 2nd. Goldman Sachs Group, Inc. (The) assumed coverage on shares of Royal Caribbean Cruises in a report on Monday. They set a “neutral” rating for the company. ValuEngine upgraded shares of Royal Caribbean Cruises from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Wells Fargo & Company reiterated an “outperform” rating and set a $119.50 price target (up from $117.50) on shares of Royal Caribbean Cruises in a report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Royal Caribbean Cruises presently has an average rating of “Buy” and a consensus price target of $106.19.
Royal Caribbean Cruises (RCL) opened at 114.45 on Thursday. Royal Caribbean Cruises has a one year low of $65.10 and a one year high of $116.36. The firm has a market capitalization of $24.62 billion, a PE ratio of 17.69 and a beta of 1.06. The stock has a 50 day moving average price of $111.39 and a 200-day moving average price of $101.77.
Royal Caribbean Cruises announced that its board has authorized a share buyback program on Friday, April 28th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Stockholders of record on Friday, June 2nd were issued a dividend of $0.48 per share. The ex-dividend date was Wednesday, May 31st. This represents a $1.92 annualized dividend and a dividend yield of 1.68%. Royal Caribbean Cruises’s dividend payout ratio is currently 29.68%.
In other news, CEO Richard D. Fain sold 20,000 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $107.77, for a total transaction of $2,155,400.00. Following the transaction, the chief executive officer now owns 1,007,741 shares in the company, valued at $108,604,247.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Harri U. Kulovaara sold 7,527 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $110.00, for a total transaction of $827,970.00. Following the transaction, the executive vice president now owns 29,667 shares in the company, valued at approximately $3,263,370. The disclosure for this sale can be found here. Insiders have sold 47,527 shares of company stock worth $5,175,770 in the last quarter. Company insiders own 15.30% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. raised its position in shares of Royal Caribbean Cruises by 17.8% in the first quarter. Prudential Financial Inc. now owns 477,787 shares of the company’s stock valued at $46,875,000 after buying an additional 72,120 shares in the last quarter. Dynamic Capital Management Ltd raised its stake in Royal Caribbean Cruises by 55.5% in the first quarter. Dynamic Capital Management Ltd now owns 35,502 shares of the company’s stock worth $3,483,000 after buying an additional 12,675 shares in the last quarter. Bank of The West raised its stake in Royal Caribbean Cruises by 0.7% in the first quarter. Bank of The West now owns 34,275 shares of the company’s stock worth $3,363,000 after buying an additional 222 shares in the last quarter. Baltimore Washington Financial Advisors Inc. raised its stake in Royal Caribbean Cruises by 8.2% in the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 65,260 shares of the company’s stock worth $5,353,000 after buying an additional 4,950 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in Royal Caribbean Cruises during the first quarter worth $1,108,000. Hedge funds and other institutional investors own 71.16% of the company’s stock.
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).
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