Royal Caribbean Cruises Ltd. (NYSE:RCL) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its holdings in Royal Caribbean Cruises Ltd. (NYSE:RCL) by 8.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 38,438 shares of the company’s stock after acquiring an additional 2,865 shares during the period. CIBC Asset Management Inc’s holdings in Royal Caribbean Cruises were worth $8,867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of RCL. Exchange Traded Concepts LLC boosted its holdings in shares of Royal Caribbean Cruises by 241.5% during the third quarter. Exchange Traded Concepts LLC now owns 888 shares of the company’s stock valued at $157,000 after acquiring an additional 628 shares during the period. Creative Planning boosted its holdings in shares of Royal Caribbean Cruises by 12.8% during the third quarter. Creative Planning now owns 38,119 shares of the company’s stock valued at $6,761,000 after acquiring an additional 4,311 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of Royal Caribbean Cruises by 13.9% during the third quarter. Global Retirement Partners LLC now owns 2,042 shares of the company’s stock valued at $362,000 after acquiring an additional 249 shares during the period. Stratos Wealth Advisors LLC acquired a new position in shares of Royal Caribbean Cruises during the third quarter valued at $374,000. Finally, Blue Trust Inc. boosted its holdings in shares of Royal Caribbean Cruises by 262.0% during the third quarter. Blue Trust Inc. now owns 1,390 shares of the company’s stock valued at $247,000 after acquiring an additional 1,006 shares during the period. Institutional investors and hedge funds own 87.53% of the company’s stock.

Royal Caribbean Cruises Price Performance

Shares of Royal Caribbean Cruises stock opened at $261.62 on Wednesday. The company has a current ratio of 0.17, a quick ratio of 0.15 and a debt-to-equity ratio of 2.39. The company’s 50-day moving average price is $243.88 and its two-hundred day moving average price is $210.31. Royal Caribbean Cruises Ltd. has a 52 week low of $113.10 and a 52 week high of $277.08. The stock has a market cap of $70.35 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 1.00 and a beta of 2.59.

Royal Caribbean Cruises (NYSE:RCL) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.13. Royal Caribbean Cruises had a return on equity of 48.97% and a net margin of 17.46%. During the same quarter in the prior year, the firm posted $1.25 EPS. As a group, sell-side analysts anticipate that Royal Caribbean Cruises Ltd. will post 14.96 EPS for the current fiscal year.

Royal Caribbean Cruises declared that its board has authorized a stock buyback plan on Wednesday, February 12th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 1.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Royal Caribbean Cruises Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Royal Caribbean Cruises’s previous quarterly dividend of $0.55. Royal Caribbean Cruises’s payout ratio is presently 20.58%.

Insiders Place Their Bets

In other Royal Caribbean Cruises news, Director Richard D. Fain sold 19,500 shares of Royal Caribbean Cruises stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $256.68, for a total transaction of $5,005,260.00. Following the transaction, the director now owns 185,021 shares of the company’s stock, valued at $47,491,190.28. The trade was a 9.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Arne Alexander Wilhelmsen sold 139,353 shares of Royal Caribbean Cruises stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $237.89, for a total value of $33,150,685.17. Following the transaction, the director now directly owns 18,167,507 shares in the company, valued at approximately $4,321,868,240.23. This trade represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 7.95% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RCL. Bank of America boosted their price target on shares of Royal Caribbean Cruises from $210.00 to $240.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Argus lifted their price objective on shares of Royal Caribbean Cruises from $280.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Loop Capital began coverage on shares of Royal Caribbean Cruises in a research note on Tuesday, February 4th. They set a “hold” rating and a $250.00 price objective on the stock. Sanford C. Bernstein began coverage on shares of Royal Caribbean Cruises in a research note on Tuesday, November 26th. They set an “outperform” rating and a $290.00 price objective on the stock. Finally, Tigress Financial lifted their price objective on shares of Royal Caribbean Cruises from $270.00 to $330.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $284.12.

Royal Caribbean Cruises Profile

Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd.