Carnival Corporation (CCL) Downgraded by Credit Suisse Group
Credit Suisse Group lowered shares of Carnival Corporation (NYSE:CCL) from an outperform rating to a neutral rating in a research report released on Friday, MarketBeat reports. Credit Suisse Group currently has $70.00 price target on the stock, down from their previous price target of $78.00.
A number of other brokerages have also recently issued reports on CCL. Instinet raised their price objective on Carnival Corporation from $72.00 to $75.00 and gave the company a buy rating in a research note on Friday, June 23rd. UBS AG reaffirmed a buy rating and set a $76.00 price objective (up from $67.00) on shares of Carnival Corporation in a research note on Thursday, August 17th. Bank of America Corporation reaffirmed a buy rating and set a $73.20 price objective on shares of Carnival Corporation in a research note on Monday, July 24th. BidaskClub cut Carnival Corporation from a strong-buy rating to a buy rating in a research note on Monday, July 31st. Finally, Zacks Investment Research cut Carnival Corporation from a buy rating to a hold rating in a research note on Wednesday, August 30th. Eight research 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 has a consensus rating of Buy and a consensus target price 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 P/E ratio of 17.44 and a beta of 0.74. The company’s 50 day moving average price is $67.77 and its 200 day moving average price is $63.36. Carnival Corporation has a 12-month low of $45.46 and a 12-month high of $69.89.
Carnival Corporation (NYSE:CCL) last released its earnings results on Thursday, June 22nd. The company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.05. The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.89 billion. Carnival Corporation had a return on equity of 11.26% and a net margin of 16.48%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.49 earnings per share. Equities research analysts forecast that Carnival Corporation will post $3.74 EPS for the current year.
WARNING: This story was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this story on another website, it was stolen and republished in violation of United States & international copyright and trademark law. The legal version of this story can be read at https://www.thecerbatgem.com/2017/09/18/carnival-corporation-ccl-downgraded-by-credit-suisse-group.html.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, August 25th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Wednesday, August 23rd. Carnival Corporation’s dividend payout ratio (DPR) is presently 42.55%.
In other Carnival Corporation news, insider Alan Buckelew sold 15,000 shares of Carnival Corporation stock in a transaction that occurred on 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 completion of the sale, the insider now owns 150,860 shares of the company’s stock, valued at approximately $10,110,637.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 23.80% of the company’s stock.
Large investors have recently bought and sold shares of the business. Teachers Advisors LLC grew its position in Carnival Corporation by 4.0% in the 1st quarter. Teachers Advisors LLC now owns 1,313,131 shares of the company’s stock worth $77,357,000 after purchasing an additional 50,283 shares during the period. Prudential Financial Inc. grew its position in Carnival Corporation by 4.3% in the 2nd quarter. Prudential Financial Inc. now owns 669,634 shares of the company’s stock worth $43,908,000 after purchasing an additional 27,330 shares during the period. Covenant Multifamily Offices LLC grew its position in Carnival Corporation by 2.4% in the 2nd quarter. Covenant Multifamily Offices LLC now owns 39,931 shares of the company’s stock worth $2,618,000 after purchasing an additional 929 shares during the period. Peak Capital Management LLC bought a new stake in Carnival Corporation in the 2nd quarter worth approximately $495,000. Finally, BB&T Securities LLC grew its position in Carnival Corporation by 41.3% in the 2nd quarter. BB&T Securities LLC now owns 11,300 shares of the company’s stock worth $741,000 after purchasing an additional 3,300 shares during the period. 77.34% of the stock is owned by institutional investors and hedge funds.
Carnival Corporation Company Profile
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.
Receive News & Stock Ratings for Carnival Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carnival Corporation and related stocks with our FREE daily email newsletter.