Royal Caribbean Cruises’ (RCL) Outperform Rating Reaffirmed at Wedbush
Royal Caribbean Cruises Ltd. (NYSE:RCL)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a research report issued to clients and investors on Tuesday. They presently have a $129.00 price target on the stock, up from their prior price target of $125.00. Wedbush’s target price would indicate a potential upside of 7.68% from the stock’s previous close.
Other equities research analysts also recently issued reports about the stock. Deutsche Bank AG reduced their price objective on shares of Royal Caribbean Cruises from $102.00 to $91.00 and set a “hold” rating for the company in a research report on Tuesday, May 2nd. Stifel Nicolaus upped their price objective on shares of Royal Caribbean Cruises from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, May 1st. Nomura upped their price objective on shares of Royal Caribbean Cruises from $131.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Buckingham Research upped their price objective on shares of Royal Caribbean Cruises to $149.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research raised shares of Royal Caribbean Cruises from a “hold” rating to a “buy” rating and set a $128.00 price objective for the company in a research report on Thursday, June 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nineteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $117.23.
Shares of Royal Caribbean Cruises (RCL) traded up 1.73% during midday trading on Tuesday, reaching $119.80. 2,409,552 shares of the company traded hands. The firm has a market capitalization of $25.77 billion, a PE ratio of 16.81 and a beta of 1.06. The company has a 50-day moving average of $112.38 and a 200 day moving average of $103.07. Royal Caribbean Cruises has a 12-month low of $65.10 and a 12-month high of $121.47.
Royal Caribbean Cruises (NYSE:RCL) last posted its earnings results on Tuesday, August 1st. The company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.67 by $0.04. Royal Caribbean Cruises had a net margin of 17.73% and a return on equity of 16.71%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the firm posted $1.09 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities analysts forecast that Royal Caribbean Cruises will post $7.43 earnings per share for the current year.
Royal Caribbean Cruises announced that its Board of Directors has approved a share buyback plan on Friday, April 28th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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In related news, COO Adam M. Goldstein sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $117.24, for a total transaction of $7,034,400.00. Following the sale, the chief operating officer now directly owns 191,252 shares in the company, valued at approximately $22,422,384.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Adam M. Goldstein sold 120,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $118.21, for a total transaction of $14,185,200.00. Following the sale, the chief operating officer now owns 191,252 shares in the company, valued at $22,607,898.92. The disclosure for this sale can be found here. Insiders have sold a total of 452,499 shares of company stock worth $52,583,811 over the last 90 days. 15.30% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. NEXT Financial Group Inc boosted its stake in shares of Royal Caribbean Cruises by 25.0% in the first quarter. NEXT Financial Group Inc now owns 1,000 shares of the company’s stock worth $107,000 after buying an additional 200 shares during the last quarter. Advisors Preferred LLC acquired a new stake in shares of Royal Caribbean Cruises during the first quarter worth approximately $103,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Royal Caribbean Cruises during the first quarter worth approximately $119,000. Whittier Trust Co. boosted its stake in shares of Royal Caribbean Cruises by 24.4% in the first quarter. Whittier Trust Co. now owns 1,266 shares of the company’s stock worth $124,000 after buying an additional 248 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Royal Caribbean Cruises by 447.1% in the first quarter. Acadian Asset Management LLC now owns 1,778 shares of the company’s stock worth $174,000 after buying an additional 1,453 shares during the last quarter. Institutional investors own 71.67% of the company’s stock.
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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