Carnival Corporation (NYSE:CCL) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Carnival Corporation (NYSE:CCL) have earned an average rating of “Moderate Buy” from the twenty-six ratings firms that are covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $34.9429.

CCL has been the topic of a number of recent analyst reports. Zacks Research raised shares of Carnival from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. The Goldman Sachs Group dropped their price target on shares of Carnival from $34.00 to $30.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Freedom Capital raised shares of Carnival to a “strong-buy” rating in a research report on Wednesday, June 3rd. Truist Financial dropped their price target on shares of Carnival from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Friday, May 22nd. Finally, Citigroup raised their price target on shares of Carnival from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday.

Carnival Stock Up 2.6%

CCL opened at $30.90 on Wednesday. The company has a debt-to-equity ratio of 1.82, a current ratio of 0.30 and a quick ratio of 0.26. The company’s 50-day moving average is $27.03 and its 200 day moving average is $28.21. Carnival has a fifty-two week low of $22.58 and a fifty-two week high of $34.03. The firm has a market capitalization of $38.29 billion, a P/E ratio of 13.73, a PEG ratio of 1.33 and a beta of 2.32.

Carnival (NYSE:CCL) last released its quarterly earnings results on Friday, March 27th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. Carnival had a net margin of 11.48% and a return on equity of 26.92%. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.13 billion. During the same period last year, the firm earned $0.13 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. Research analysts expect that Carnival will post 2.22 earnings per share for the current fiscal year.

Carnival Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.60 annualized dividend and a yield of 1.9%. Carnival’s payout ratio is currently 26.67%.

Insider Activity

In other Carnival news, insider Bettina Alejandra Deynes sold 43,058 shares of Carnival stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $28.10, for a total value of $1,209,929.80. Following the sale, the insider owned 69,238 shares of the company’s stock, valued at approximately $1,945,587.80. The trade was a 38.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sir Jonathon Band sold 11,988 shares of Carnival stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $26.19, for a total transaction of $313,965.72. Following the completion of the sale, the director directly owned 52,601 shares in the company, valued at approximately $1,377,620.19. This represents a 18.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 55,058 shares of company stock worth $1,524,195. Insiders own 7.90% of the company’s stock.

Institutional Trading of Carnival

Several hedge funds have recently added to or reduced their stakes in CCL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Carnival by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,167 shares of the company’s stock worth $2,191,000 after purchasing an additional 5,435 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in Carnival during the first quarter valued at approximately $228,000. Empowered Funds LLC grew its stake in Carnival by 61.6% during the first quarter. Empowered Funds LLC now owns 30,437 shares of the company’s stock valued at $594,000 after acquiring an additional 11,601 shares in the last quarter. Woodline Partners LP grew its stake in Carnival by 41.9% during the first quarter. Woodline Partners LP now owns 88,522 shares of the company’s stock valued at $1,729,000 after acquiring an additional 26,141 shares in the last quarter. Finally, Baird Financial Group Inc. grew its stake in Carnival by 57.0% during the second quarter. Baird Financial Group Inc. now owns 64,720 shares of the company’s stock valued at $1,820,000 after acquiring an additional 23,484 shares in the last quarter. Institutional investors own 67.19% of the company’s stock.

Key Headlines Impacting Carnival

Here are the key news stories impacting Carnival this week:

• Positive Sentiment: News that Carnival may beat second-quarter earnings estimates is supporting the stock, as investors look for another quarter of solid revenue and profit growth. Article Title
• Positive Sentiment: Lower oil prices after a U.S.-Iran peace agreement are easing fuel-cost pressure on cruise lines, which can improve margins for Carnival and peers. Article Title
• Positive Sentiment: Easing shipping-route risk is also helping sentiment around Carnival, since fewer geopolitical disruptions could support bookings and reduce uncertainty for the travel sector. Article Title
• Neutral Sentiment: Several market commentary pieces continue to highlight Carnival as a notable leisure stock ahead of earnings, but they do not add a new company-specific catalyst. Article Title
• Neutral Sentiment: Broader market weakness has been mixed, but Carnival’s gains suggest investors are favoring the cruise trade over the softer index backdrop today. Article Title

Carnival Company Profile

Carnival Corporation (NYSE: CCL) is a global cruise operator that provides leisure travel services through a portfolio of passenger cruise brands. The company’s core business is operating cruise ships that offer multi-night voyages and associated vacation services, including onboard accommodations, dining, entertainment, spa and wellness offerings, casinos, youth programs, and organized shore excursions. Carnival markets cruise vacations to a broad range of consumers, from value-focused travelers to premium and luxury segments, through differentiated brand positioning and onboard experiences.

Its operating structure comprises multiple well-known cruise brands that target distinct geographic and demographic markets.