Royal Caribbean Cruises Ltd. (NYSE:RCL) Price Target Raised to $129.00
Royal Caribbean Cruises Ltd. (NYSE:RCL) had its target price raised by investment analysts at Wedbush from $125.00 to $129.00 in a report issued on Wednesday, Marketbeat Ratings reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 7.78% from the stock’s current price. Wedbush also issued estimates for Royal Caribbean Cruises’ Q3 2017 earnings at $3.45 EPS, Q4 2017 earnings at $1.28 EPS, FY2017 earnings at $7.43 EPS and FY2018 earnings at $8.50 EPS.
A number of other research firms have also recently commented on RCL. Zacks Investment Research cut shares of Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Stifel Nicolaus lifted their price objective on shares of Royal Caribbean Cruises from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, May 1st. Goldman Sachs Group, Inc. (The) lifted their price objective on shares of Royal Caribbean Cruises from $90.00 to $94.00 and gave the stock a “sell” rating in a research report on Monday, May 1st. J P Morgan Chase & Co raised shares of Royal Caribbean Cruises from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $111.00 to $130.00 in a research report on Thursday, July 20th. Finally, Bank of America Corporation started coverage on shares of Royal Caribbean Cruises in a research report on Monday, July 24th. They set a “neutral” rating and a $123.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nineteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $117.23.
Royal Caribbean Cruises (RCL) traded down 0.19% during mid-day trading on Wednesday, hitting $119.69. 1,529,210 shares of the company traded hands. The company’s 50-day moving average is $111.74 and its 200-day moving average is $102.72. Royal Caribbean Cruises has a one year low of $65.10 and a one year high of $120.96. The stock has a market capitalization of $25.75 billion, a price-to-earnings ratio of 16.79 and a beta of 1.06.
Royal Caribbean Cruises (NYSE:RCL) last released its quarterly earnings data on Tuesday, August 1st. The company reported $1.71 EPS for the quarter, topping the Zacks’ consensus estimate of $1.67 by $0.04. Royal Caribbean Cruises had a net margin of 17.73% and a return on equity of 16.71%. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the business posted $1.09 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Analysts predict that Royal Caribbean Cruises will post $7.43 EPS for the current year.
Royal Caribbean Cruises declared that its board has approved a share buyback plan on Friday, April 28th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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In other Royal Caribbean Cruises news, Director Bernt Reitan sold 4,793 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $117.22, for a total transaction of $561,835.46. Following the completion of the transaction, the director now owns 7,862 shares of the company’s stock, valued at $921,583.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard D. Fain sold 210,706 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $115.83, for a total value of $24,406,075.98. Following the transaction, the chief executive officer now directly owns 967,741 shares of the company’s stock, valued at approximately $112,093,440.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 255,499 shares of company stock valued at $29,315,711. 15.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System increased its position in shares of Royal Caribbean Cruises by 1.0% in the second quarter. State Board of Administration of Florida Retirement System now owns 261,775 shares of the company’s stock valued at $28,594,000 after buying an additional 2,557 shares during the last quarter. Marshall Wace North America L.P. acquired a new position in shares of Royal Caribbean Cruises during the second quarter valued at approximately $950,000. KBC Group NV increased its position in shares of Royal Caribbean Cruises by 10.7% in the second quarter. KBC Group NV now owns 62,855 shares of the company’s stock valued at $6,865,000 after buying an additional 6,080 shares during the last quarter. Legal & General Group Plc increased its position in shares of Royal Caribbean Cruises by 12.6% in the second quarter. Legal & General Group Plc now owns 813,441 shares of the company’s stock valued at $88,853,000 after buying an additional 91,310 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC increased its position in shares of Royal Caribbean Cruises by 276.4% in the second quarter. Jaffetilchin Investment Partners LLC now owns 8,583 shares of the company’s stock valued at $937,000 after buying an additional 6,303 shares during the last quarter. 71.23% of the stock is owned by hedge funds and other institutional investors.
Royal Caribbean Cruises Company Profile
Royal Caribbean Cruises Ltd. is a cruise company. The Company owns and operates three global cruise brands: Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises (Global Brands). The Company also own joint venture interest in the German brand TUI Cruises, interest in the Spanish brand Pullmantur and interest in the Chinese brand SkySea Cruises (collectively, Partner Brands).
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