Platinum Investment Management Ltd. Trims Holdings in Carnival Corporation (CCL)

Platinum Investment Management Ltd. trimmed its stake in Carnival Corporation (NYSE:CCL) by 73.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 159,955 shares of the company’s stock after selling 432,876 shares during the quarter. Platinum Investment Management Ltd.’s holdings in Carnival were worth $10,328,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CCL. Almanack Investment Partners LLC. bought a new position in shares of Carnival during the second quarter valued at about $117,000. Grove Bank & Trust raised its position in Carnival by 367.8% in the third quarter. Grove Bank & Trust now owns 2,035 shares of the company’s stock worth $131,000 after acquiring an additional 1,600 shares during the period. Bessemer Group Inc. raised its position in Carnival by 109.4% in the second quarter. Bessemer Group Inc. now owns 2,618 shares of the company’s stock worth $171,000 after acquiring an additional 1,368 shares during the period. Smithfield Trust Co. raised its position in Carnival by 826.2% in the third quarter. Smithfield Trust Co. now owns 2,825 shares of the company’s stock worth $182,000 after acquiring an additional 2,520 shares during the period. Finally, YorkBridge Wealth Partners LLC raised its position in Carnival by 1.4% in the second quarter. YorkBridge Wealth Partners LLC now owns 2,926 shares of the company’s stock worth $191,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors own 75.94% of the company’s stock.

CCL has been the topic of several research reports. 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 report on Tuesday, August 22nd. UBS reaffirmed a “buy” rating and issued a $76.00 price objective (up previously from $67.00) on shares of Carnival in a research report on Thursday, August 17th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $79.00 price objective (up previously from $74.00) on shares of Carnival in a research report on Wednesday, September 27th. Nomura reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Carnival in a research report on Friday, September 29th. Finally, Instinet reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Carnival in a research report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Carnival presently has a consensus rating of “Buy” and an average target price of $67.71.

In related news, CEO Arnold W. Donald sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $65.43, for a total transaction of $327,150.00. Following the completion of the transaction, the chief executive officer now owns 115,572 shares of the company’s stock, valued at $7,561,875.96. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders have sold 100,903 shares of company stock valued at $6,782,771. 23.80% of the stock is owned by corporate insiders.

Carnival Corporation (CCL) traded up $0.01 on Wednesday, hitting $65.95. 539,672 shares of the stock traded hands, compared to its average volume of 3,165,140. The stock has a market capitalization of $36,034.97, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 1.20 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.21 and a quick ratio of 0.16. Carnival Corporation has a 52-week low of $50.77 and a 52-week high of $69.89.

Carnival (NYSE:CCL) last posted its earnings results on Tuesday, September 26th. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.09. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.39 billion. Carnival had a net margin of 15.53% and a return on equity of 12.15%. The company’s revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the company earned $1.92 earnings per share. research analysts expect that Carnival Corporation will post 3.7 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 24th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $1.80 annualized dividend and a yield of 2.73%. This is a boost from Carnival’s previous quarterly dividend of $0.40. Carnival’s payout ratio is currently 43.72%.

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About Carnival

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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Institutional Ownership by Quarter for Carnival (NYSE:CCL)

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