Carnival (CCL) Rating Increased to Outperform at Credit Suisse Group
Credit Suisse Group upgraded shares of Carnival (NYSE:CCL) from a neutral rating to an outperform rating in a report published on Tuesday, Marketbeat Ratings reports. The brokerage currently has $70.00 price objective on the stock, up from their previous price objective of $66.05.
A number of other research firms have also commented on CCL. Buckingham Research reaffirmed a buy rating and set a $84.00 price target (up previously from $80.00) on shares of Carnival in a research report on Wednesday, December 20th. Deutsche Bank reaffirmed a hold rating and set a $61.00 price target (down previously from $62.00) on shares of Carnival in a research report on Wednesday, September 27th. Argus reaffirmed a neutral rating and set a $67.00 price target (down previously from $78.00) on shares of Carnival in a research report on Thursday, September 28th. Morgan Stanley raised Carnival from an underweight rating to an equal weight rating and upped their price target for the company from $65.94 to $68.00 in a research report on Wednesday, December 6th. Finally, Tigress Financial reaffirmed a buy rating on shares of Carnival in a research report on Friday, December 22nd. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $72.78.
Carnival (NYSE:CCL) traded up $0.89 on Tuesday, reaching $69.69. The company’s stock had a trading volume of 3,243,963 shares, compared to its average volume of 3,170,000. The company has a market cap of $49,900.00, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 1.17 and a beta of 0.73. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.18 and a quick ratio of 0.14. Carnival has a fifty-two week low of $52.65 and a fifty-two week high of $69.89.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, November 24th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend was Wednesday, November 22nd. This is a positive change from Carnival’s previous quarterly dividend of $0.40. Carnival’s dividend payout ratio (DPR) is 44.57%.
In related news, CFO David Bernstein sold 51,454 shares of the firm’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $66.76, for a total transaction of $3,435,069.04. Following the completion of the transaction, the chief financial officer now owns 67,371 shares of the company’s stock, valued at approximately $4,497,687.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Arnaldo Perez sold 15,166 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $66.59, for a total value of $1,009,903.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 354,545 shares of company stock valued at $23,694,789. 23.80% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Pathstone Family Office LLC increased its position in Carnival by 200.0% during the 2nd quarter. Pathstone Family Office LLC now owns 57 shares of the company’s stock valued at $2,493,000 after buying an additional 38 shares in the last quarter. Grove Bank & Trust increased its position in Carnival by 367.8% during the 3rd quarter. Grove Bank & Trust now owns 2,035 shares of the company’s stock valued at $131,000 after buying an additional 1,600 shares in the last quarter. Smithfield Trust Co. increased its position in Carnival by 826.2% during the 3rd quarter. Smithfield Trust Co. now owns 2,825 shares of the company’s stock valued at $182,000 after buying an additional 2,520 shares in the last quarter. YorkBridge Wealth Partners LLC increased its position in Carnival by 1.4% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 2,926 shares of the company’s stock valued at $191,000 after buying an additional 40 shares in the last quarter. Finally, Sun Life Financial INC increased its position in Carnival by 23,315.4% during the 2nd quarter. Sun Life Financial INC now owns 3,044 shares of the company’s stock valued at $200,000 after buying an additional 3,031 shares in the last quarter. 75.91% of the stock is owned by institutional investors.
Carnival 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.
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