Carnival (NYSE:CCL) Given New $29.00 Price Target at Truist Financial

Carnival (NYSE:CCL) had its price target lowered by equities researchers at Truist Financial from $30.00 to $29.00 in a report released on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price suggests a potential upside of 10.81% from the company’s previous close.

Several other research analysts have also recently issued reports on CCL. Weiss Ratings cut Carnival from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. William Blair reiterated an “outperform” rating on shares of Carnival in a research report on Tuesday, March 3rd. HSBC upgraded Carnival from a “hold” rating to a “buy” rating and cut their price objective for the stock from $33.60 to $30.10 in a research report on Monday, March 30th. Wells Fargo & Company cut their price objective on Carnival from $37.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, April 15th. Finally, Stifel Nicolaus cut their price objective on Carnival from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Nineteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.13.

Carnival Price Performance

Shares of NYSE CCL opened at $26.17 on Friday. The company has a debt-to-equity ratio of 1.82, a current ratio of 0.30 and a quick ratio of 0.26. The stock has a fifty day moving average price of $26.06 and a 200 day moving average price of $28.03. Carnival has a 1-year low of $21.62 and a 1-year high of $34.03. The company has a market cap of $32.42 billion, a PE ratio of 11.63, a P/E/G ratio of 1.16 and a beta of 2.33.

Carnival (NYSE:CCL) last issued its quarterly earnings results on Friday, March 27th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.02. Carnival had a return on equity of 26.92% and a net margin of 11.48%.The firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.13 billion. During the same period last year, the company earned $0.13 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Sell-side analysts forecast that Carnival will post 2.21 EPS for the current year.

Insider Buying and Selling at Carnival

In related news, Director Sir Jonathon Band sold 11,988 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $26.19, for a total transaction of $313,965.72. Following the sale, the director owned 52,601 shares of the company’s stock, valued at $1,377,620.19. This trade represents a 18.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 12,000 shares of company stock valued at $314,265 in the last three months. Company insiders own 7.90% of the company’s stock.

Institutional Investors Weigh In On Carnival

Several hedge funds have recently modified their holdings of the company. CVA Family Office LLC boosted its stake in shares of Carnival by 15.6% during the 4th quarter. CVA Family Office LLC now owns 2,597 shares of the company’s stock worth $79,000 after purchasing an additional 350 shares during the last quarter. Net Worth Advisory Group boosted its stake in shares of Carnival by 2.9% during the 4th quarter. Net Worth Advisory Group now owns 12,383 shares of the company’s stock worth $378,000 after purchasing an additional 354 shares during the last quarter. Triad Wealth Partners LLC boosted its stake in shares of Carnival by 2.1% during the 4th quarter. Triad Wealth Partners LLC now owns 17,464 shares of the company’s stock worth $533,000 after purchasing an additional 358 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Carnival by 3.5% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 10,540 shares of the company’s stock worth $322,000 after purchasing an additional 358 shares during the last quarter. Finally, StoneX Group Inc. boosted its stake in shares of Carnival by 4.9% during the 4th quarter. StoneX Group Inc. now owns 7,935 shares of the company’s stock worth $242,000 after purchasing an additional 368 shares during the last quarter. 67.19% of the stock is owned by institutional investors and hedge funds.

Carnival Company Profile

Carnival Corporation (NYSE: CCL) is a global cruise operator that provides leisure travel services through a portfolio of passenger cruise brands. The company’s core business is operating cruise ships that offer multi-night voyages and associated vacation services, including onboard accommodations, dining, entertainment, spa and wellness offerings, casinos, youth programs, and organized shore excursions. Carnival markets cruise vacations to a broad range of consumers, from value-focused travelers to premium and luxury segments, through differentiated brand positioning and onboard experiences.

Its operating structure comprises multiple well-known cruise brands that target distinct geographic and demographic markets.