Fred Alger Management Inc. purchased a new stake in Carnival Corp (NYSE:CCL) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 21,336 shares of the company’s stock, valued at approximately $1,416,000.
Several other hedge funds also recently made changes to their positions in CCL. SeaCrest Wealth Management LLC bought a new stake in shares of Carnival in the 4th quarter valued at about $123,000. Grove Bank & Trust increased its stake in Carnival by 367.8% during the 3rd quarter. Grove Bank & Trust now owns 2,035 shares of the company’s stock worth $131,000 after purchasing an additional 1,600 shares in the last quarter. Focused Wealth Management Inc bought a new stake in Carnival during the 4th quarter worth approximately $133,000. Delpha Capital Management LLC bought a new stake in Carnival during the 4th quarter worth approximately $173,000. Finally, First Allied Advisory Services Inc. bought a new stake in Carnival during the 4th quarter worth approximately $215,000. 76.74% of the stock is owned by institutional investors.
CCL has been the subject of a number of research reports. Zacks Investment Research cut Carnival from a “hold” rating to a “sell” rating in a research note on Tuesday, November 28th. Morgan Stanley raised Carnival from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $65.94 to $68.00 in a research note on Wednesday, December 6th. Credit Suisse Group set a $72.00 target price on Carnival and gave the stock a “hold” rating in a research note on Tuesday, December 12th. SunTrust Banks reissued a “buy” rating and set a $84.00 target price (up from $72.00) on shares of Carnival in a research note on Tuesday, December 19th. They noted that the move was a valuation call. Finally, Stifel Nicolaus increased their target price on Carnival from $79.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Seven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $73.84.
Carnival (NYSE:CCL) last issued its quarterly earnings results on Tuesday, December 19th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.12. The company had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Carnival had a net margin of 14.88% and a return on equity of 11.78%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the business earned $0.67 EPS. equities research analysts predict that Carnival Corp will post 4.28 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Stockholders of record on Friday, February 23rd will be paid a dividend of $0.45 per share. The ex-dividend date is Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.66%. Carnival’s dividend payout ratio is currently 22.28%.
In other news, CFO David Bernstein sold 2,600 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $69.59, for a total value of $180,934.00. Following the completion of the sale, the chief financial officer now owns 34,620 shares of the company’s stock, valued at approximately $2,409,205.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Arnold W. Donald sold 6,000 shares of the 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 completion of the sale, the chief executive officer now directly owns 115,572 shares of the company’s stock, valued at approximately $7,858,896. The disclosure for this sale can be found here. Insiders have sold a total of 336,364 shares of company stock valued at $22,626,561 over the last ninety days. Company insiders own 23.80% of the company’s stock.
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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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