Carnival (CCL) Price Target Lowered to $65.00 at Buckingham Research

Carnival (NYSE:CCL) had its target price lowered by Buckingham Research from $68.00 to $65.00 in a research report released on Wednesday, March 27th, BenzingaRatingsTable reports. The firm currently has a buy rating on the stock.

CCL has been the topic of several other reports. Standpoint Research initiated coverage on shares of Carnival in a report on Wednesday, December 26th. They set an accumulate rating on the stock. SunTrust Banks decreased their price target on shares of Carnival from $77.00 to $67.00 and set a buy rating for the company in a research report on Friday, December 21st. Cleveland Research upgraded Carnival from a neutral rating to a buy rating in a research note on Monday, December 17th. Wolfe Research set a $73.00 price objective on shares of Carnival and gave the company a buy rating in a research note on Tuesday, December 11th. Finally, Goldman Sachs Group raised Carnival from a neutral rating to a buy rating and lifted their target price for the stock from $63.00 to $65.00 in a report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company. Carnival has a consensus rating of Buy and an average price target of $66.70.

Shares of CCL traded down $0.91 during trading on Wednesday, reaching $53.63. 4,114,260 shares of the company traded hands, compared to its average volume of 4,911,254. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.22 and a quick ratio of 0.17. Carnival has a twelve month low of $45.64 and a twelve month high of $67.69. The stock has a market cap of $28.26 billion, a PE ratio of 12.59, a P/E/G ratio of 1.08 and a beta of 1.23.

Carnival (NYSE:CCL) last announced its quarterly earnings data on Tuesday, March 26th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. The company had revenue of $4.67 billion for the quarter, compared to analysts’ expectations of $4.31 billion. Carnival had a net margin of 16.03% and a return on equity of 12.30%. Carnival’s revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. As a group, sell-side analysts expect that Carnival will post 4.54 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 24th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Thursday, May 23rd. Carnival’s dividend payout ratio is currently 46.95%.

In other Carnival news, CFO David Bernstein sold 24,682 shares of the stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $57.08, for a total value of $1,408,848.56. Following the completion of the sale, the chief financial officer now directly owns 70,362 shares in the company, valued at $4,016,262.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Arnaldo Perez sold 5,691 shares of the stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $57.08, for a total value of $324,842.28. Following the transaction, the general counsel now owns 43,724 shares of the company’s stock, valued at $2,495,765.92. The disclosure for this sale can be found here. In the last three months, insiders sold 62,536 shares of company stock worth $3,569,555. Insiders own 24.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FTB Advisors Inc. lifted its holdings in Carnival by 18.0% during the 4th quarter. FTB Advisors Inc. now owns 3,481 shares of the company’s stock worth $171,000 after purchasing an additional 532 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Carnival by 8.6% in the 4th quarter. Legal & General Group Plc now owns 2,383,898 shares of the company’s stock valued at $117,488,000 after purchasing an additional 188,640 shares during the last quarter. Chartwell Investment Partners LLC increased its stake in shares of Carnival by 10.0% in the 4th quarter. Chartwell Investment Partners LLC now owns 246,448 shares of the company’s stock valued at $12,150,000 after purchasing an additional 22,373 shares during the last quarter. First Merchants Corp lifted its holdings in Carnival by 6.3% during the 4th quarter. First Merchants Corp now owns 35,110 shares of the company’s stock worth $1,731,000 after buying an additional 2,072 shares during the period. Finally, MA Private Wealth acquired a new position in Carnival during the 4th quarter worth about $308,000. 76.56% of the stock is owned by hedge funds and other institutional investors.

About Carnival

Carnival Corporation operates as a leisure travel company in North America, Australia, Europe, and Asia. It operates in four segments: North America and Australia Cruise Operations, Europe and Asia Cruise Operations, Cruise Support, and Tour and Other. The company operates cruises under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa, AIDA, P&O Cruises (UK), and Cunard brand names.

Further Reading: Intrinsic Value and Stock Selection

Analyst Recommendations for Carnival (NYSE:CCL)

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