Carnival Corporation (NYSE:CCL) was downgraded by research analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research note issued to investors on Friday. They currently have a $70.00 price target on the stock, down from their prior price target of $78.00. Credit Suisse Group’s target price indicates a potential upside of 6.16% from the company’s previous close.
Several other research analysts have also issued reports on CCL. Zacks Investment Research lowered shares of Carnival Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 8th. Stifel Nicolaus restated a “buy” rating and issued a $68.00 price target on shares of Carnival Corporation in a research report on Friday, June 16th. UBS AG restated a “buy” rating and issued a $76.00 price target (up previously from $67.00) on shares of Carnival Corporation in a research report on Thursday, August 17th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $57.00 price target (up previously from $55.00) on shares of Carnival Corporation in a research report on Tuesday, June 20th. Finally, BidaskClub lowered shares of Carnival Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Eight analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $63.07.
Shares of Carnival Corporation (NYSE:CCL) opened at 65.94 on Friday. The firm has a market cap of $47.74 billion, a PE ratio of 17.44 and a beta of 0.74. Carnival Corporation has a 12-month low of $45.46 and a 12-month high of $69.89. The company has a 50 day moving average price of $67.77 and a 200-day moving average price of $63.36.
Carnival Corporation (NYSE:CCL) last posted its quarterly earnings results on Thursday, June 22nd. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.05. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.89 billion. Carnival Corporation had a net margin of 16.48% and a return on equity of 11.26%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 earnings per share. Analysts expect that Carnival Corporation will post $3.74 EPS for the current year.
In related news, insider Alan Buckelew sold 15,000 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $67.02, for a total value of $1,005,300.00. Following the sale, the insider now owns 150,860 shares of the company’s stock, valued at $10,110,637.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 23.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Almanack Investment Partners LLC. acquired a new position in Carnival Corporation in the second quarter valued at about $117,000. Point72 Asia Hong Kong Ltd acquired a new position in Carnival Corporation in the first quarter valued at about $138,000. Harbour Capital Advisors LLC acquired a new position in Carnival Corporation in the first quarter valued at about $147,000. Parallel Advisors LLC boosted its position in Carnival Corporation by 87.9% in the first quarter. Parallel Advisors LLC now owns 2,674 shares of the company’s stock valued at $167,000 after buying an additional 1,251 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in Carnival Corporation by 109.4% in the second quarter. Bessemer Group Inc. now owns 2,618 shares of the company’s stock valued at $171,000 after buying an additional 1,368 shares in the last quarter. Hedge funds and other institutional investors own 77.34% of the company’s stock.
About Carnival Corporation
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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