Royal Caribbean Cruises Ltd. (RCL) Receives New Coverage from Analysts at Macquarie
Macquarie began coverage on shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) in a research note issued to investors on Tuesday. The brokerage issued an outperform rating and a $88.00 price objective on the stock.
Several other research firms have also issued reports on RCL. Sterne Agee CRT assumed coverage on shares of Royal Caribbean Cruises in a report on Tuesday, June 7th. They set a neutral rating and a $83.00 target price for the company. Nomura reiterated a buy rating on shares of Royal Caribbean Cruises in a report on Wednesday, June 15th. Zacks Investment Research upgraded shares of Royal Caribbean Cruises from a hold rating to a buy rating and set a $74.00 target price for the company in a report on Wednesday, June 29th. Stifel Nicolaus lowered their target price on shares of Royal Caribbean Cruises from $99.00 to $94.00 and set a buy rating for the company in a report on Thursday, July 28th. Finally, Credit Suisse Group AG reiterated a buy rating and set a $100.00 target price on shares of Royal Caribbean Cruises in a report on Wednesday, August 3rd. Six investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $93.12.
Shares of Royal Caribbean Cruises (NYSE:RCL) traded up 0.24% during mid-day trading on Tuesday, reaching $75.40. The company had a trading volume of 757,525 shares. The firm has a 50-day moving average of $70.20 and a 200-day moving average of $73.72. Royal Caribbean Cruises has a 12-month low of $64.21 and a 12-month high of $103.40. The company has a market capitalization of $16.23 billion, a P/E ratio of 21.52 and a beta of 1.65.
Royal Caribbean Cruises (NYSE:RCL) last posted its earnings results on Tuesday, August 2nd. The company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.07. The company earned $2.11 billion during the quarter, compared to analyst estimates of $2.17 billion. Royal Caribbean Cruises had a net margin of 9.05% and a return on equity of 14.76%. Royal Caribbean Cruises’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 earnings per share. On average, equities analysts anticipate that Royal Caribbean Cruises will post $6.07 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Thursday, September 29th will be paid a $0.48 dividend. This is an increase from Royal Caribbean Cruises’s previous quarterly dividend of $0.38. This represents a $1.92 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Tuesday, September 27th. Royal Caribbean Cruises’s dividend payout ratio is currently 55.01%.
In related news, CEO Richard D. Fain bought 29,190 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were acquired at an average cost of $68.52 per share, for a total transaction of $2,000,098.80. Following the purchase, the chief executive officer now directly owns 1,068,881 shares of the company’s stock, valued at $73,239,726.12. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Lisa Lutoff-Perlo sold 6,790 shares of the company’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $74.46, for a total transaction of $505,583.40. Following the completion of the transaction, the chief executive officer now owns 34,450 shares in the company, valued at $2,565,147. The disclosure for this sale can be found here. 16.80% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the company. Primecap Management Co. CA increased its position in shares of Royal Caribbean Cruises by 31.6% in the second quarter. Primecap Management Co. CA now owns 7,721,989 shares of the company’s stock worth $518,532,000 after buying an additional 1,852,117 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Royal Caribbean Cruises during the second quarter worth approximately $80,476,000. Suvretta Capital Management LLC bought a new position in shares of Royal Caribbean Cruises during the first quarter worth approximately $78,724,000. MD Sass Investors Services Inc. increased its position in shares of Royal Caribbean Cruises by 1,406.8% in the second quarter. MD Sass Investors Services Inc. now owns 883,334 shares of the company’s stock worth $59,312,000 after buying an additional 824,709 shares in the last quarter. Finally, Roystone Capital Management LP increased its position in shares of Royal Caribbean Cruises by 42.7% in the second quarter. Roystone Capital Management LP now owns 1,336,850 shares of the company’s stock worth $89,769,000 after buying an additional 399,850 shares in the last quarter. Institutional investors and hedge funds own 75.04% of the company’s stock.
About Royal Caribbean Cruises
Royal Caribbean Cruises Ltd. is a cruise company. The Company owns various brands, such as Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises, CDF Croisieres de France and joint venture interest in TUI Cruises. It operates approximately 23 ships with an aggregate capacity of approximately 68,600 berths under its Royal Caribbean International brand, offering cruise itineraries that range from 2 to 24 nights.
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