SunTrust Banks Research Analysts Lift Earnings Estimates for Carnival Corporation (CCL)
Carnival Corporation (NYSE:CCL) – Analysts at SunTrust Banks increased their Q3 2018 EPS estimates for Carnival in a note issued to investors on Tuesday. SunTrust Banks analyst P. Scholes now anticipates that the company will post earnings per share of $2.63 for the quarter, up from their prior estimate of $2.52. SunTrust Banks currently has a “Buy” rating and a $84.00 target price on the stock. SunTrust Banks also issued estimates for Carnival’s Q4 2019 earnings at $0.97 EPS and FY2019 earnings at $4.94 EPS.
A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research raised shares of Carnival from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a research note on Tuesday, September 5th. Credit Suisse Group cut shares of Carnival from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $78.00 to $70.00 in a research note on Friday, September 15th. Morgan Stanley raised shares of Carnival from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $65.94 to $68.00 in a research note on Wednesday, December 6th. Finally, Deutsche Bank reissued a “hold” rating and issued a $61.00 price objective (down from $62.00) on shares of Carnival in a research note on Wednesday, September 27th. Eight analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $72.89.
Carnival (NYSE:CCL) last issued its quarterly earnings data on Tuesday, December 19th. The company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.12. The firm had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.15 billion. Carnival had a net margin of 14.88% and a return on equity of 11.90%. The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.67 EPS.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. raised its holdings in Carnival by 2,540.0% in the third quarter. Assenagon Asset Management S.A. now owns 263,997 shares of the company’s stock valued at $17,046,000 after buying an additional 253,997 shares during the period. Prudential Financial Inc. raised its holdings in Carnival by 4.3% in the second quarter. Prudential Financial Inc. now owns 669,634 shares of the company’s stock valued at $43,908,000 after buying an additional 27,330 shares during the period. Homrich & Berg purchased a new position in Carnival in the second quarter valued at approximately $272,000. Covenant Multifamily Offices LLC raised its stake in shares of Carnival by 2.4% during the second quarter. Covenant Multifamily Offices LLC now owns 39,931 shares of the company’s stock valued at $2,618,000 after purchasing an additional 929 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of Carnival by 14.7% during the second quarter. Victory Capital Management Inc. now owns 34,549 shares of the company’s stock valued at $2,265,000 after purchasing an additional 4,422 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.
In related news, CEO Arnold W. Donald sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $68.00, for a total value of $408,000.00. Following the sale, the chief executive officer now directly owns 115,572 shares of the company’s stock, valued at $7,858,896. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arnold W. Donald sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $65.57, for a total transaction of $327,850.00. The disclosure for this sale can be found here. Insiders sold 106,903 shares of company stock worth $7,190,771 over the last three months. Corporate insiders own 23.80% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, November 24th were given a $0.45 dividend. The ex-dividend date was Wednesday, November 22nd. This is a boost from Carnival’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.66%. Carnival’s dividend payout ratio (DPR) is currently 44.57%.
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Carnival Company Profile
Carnival Corporation is a leisure travel company. The Company is a cruise company of global cruise guests, and a provider of vacations to all cruise destinations throughout the world. The Company operates in four segments: North America, EAA, Cruise Support and, Tour and Other. The Company’s North America segment includes Carnival Cruise Line, Holland America Line, Princess Cruises (Princess) and Seabourn.
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