Carnival Corporation (NYSE:CCL – Get Free Report)’s share price rose 9.5% during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $26.51 and last traded at $26.32. Approximately 24,400,074 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 25,483,343 shares. The stock had previously closed at $24.04.
The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. The company had revenue of $6.33 billion during the quarter, compared to the consensus estimate of $6.20 billion. Carnival had a net margin of 8.07% and a return on equity of 26.53%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 earnings per share.
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. HSBC raised shares of Carnival from a “reduce” rating to a “hold” rating and set a $24.00 price objective on the stock in a research note on Friday, May 16th. Truist Financial set a $27.00 price target on Carnival in a research note on Monday. Northcoast Research assumed coverage on shares of Carnival in a research report on Friday, April 25th. They set a “neutral” rating on the stock. Tigress Financial reaffirmed a “buy” rating on shares of Carnival in a report on Wednesday, March 26th. Finally, Morgan Stanley upgraded shares of Carnival from an “underweight” rating to an “equal weight” rating and reduced their price objective for the company from $25.00 to $21.00 in a research note on Thursday, April 10th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.79.
Institutional Trading of Carnival
Several large investors have recently modified their holdings of the business. N.E.W. Advisory Services LLC purchased a new stake in Carnival in the first quarter worth about $25,000. Graybill Wealth Management LTD. purchased a new stake in Carnival during the 1st quarter valued at $26,000. Measured Risk Portfolios Inc. bought a new stake in shares of Carnival during the 4th quarter valued at $29,000. Orion Capital Management LLC bought a new position in Carnival in the 4th quarter worth $30,000. Finally, Banque Transatlantique SA bought a new position in Carnival in the 1st quarter worth $33,000. 67.19% of the stock is owned by institutional investors.
Carnival Stock Performance
The firm has a market cap of $30.00 billion, a PE ratio of 17.14, a PEG ratio of 0.56 and a beta of 2.58. The company has a current ratio of 0.26, a quick ratio of 0.21 and a debt-to-equity ratio of 2.78. The firm’s 50 day simple moving average is $21.73 and its 200 day simple moving average is $22.81.
Carnival Company Profile
Carnival Corp. engages in the operation of cruise ships. It operates through the following business segments: North America and Australia (NAA) Cruise, Europe and Asia (EA) Cruise Operations, Cruise Support, and Tour and Others. The North America and Australia (NAA) Cruise segment includes the Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn.
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