Carnival Corp (CCL) Upgraded to “Outperform” at Wolfe Research

Wolfe Research upgraded shares of Carnival Corp (NYSE:CCL) from a market perform rating to an outperform rating in a report issued on Thursday.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus raised their target price on Carnival Corp from $62.00 to $65.00 and gave the stock a buy rating in a research report on Wednesday, March 22nd. Instinet raised their target price on Carnival Corp from $61.00 to $67.00 and gave the stock a buy rating in a research report on Wednesday, March 29th. Argus upgraded Carnival Corp from a hold rating to a buy rating and raised their target price for the stock from $56.03 to $64.00 in a research report on Monday, February 27th. Barclays PLC raised their price target on Carnival Corp from $56.00 to $63.00 and gave the company an equal weight rating in a report on Wednesday, March 29th. Finally, Zacks Investment Research raised Carnival Corp from a sell rating to a hold rating in a report on Tuesday, February 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $57.28.

Analyst Recommendations for Carnival Corp (NYSE:CCL)

Carnival Corp (NYSE:CCL) traded up 0.900% during trading on Thursday, reaching $63.335. The company had a trading volume of 953,101 shares. The company has a market capitalization of $45.98 billion, a P/E ratio of 15.607 and a beta of 0.73. Carnival Corp has a 12 month low of $42.94 and a 12 month high of $63.41. The stock has a 50 day moving average of $60.69 and a 200-day moving average of $56.03.

Carnival Corp (NYSE:CCL) last posted its earnings results on Tuesday, March 28th. The company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.03. The business had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.78 billion. Carnival Corp had a return on equity of 11.35% and a net margin of 16.96%. Carnival Corp’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.39 EPS. Equities research analysts expect that Carnival Corp will post $3.71 EPS for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, May 26th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.55%. This is a positive change from Carnival Corp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Wednesday, May 24th. Carnival Corp’s payout ratio is 37.43%.

In related news, Director Richard Glasier sold 6,000 shares of Carnival Corp stock in a transaction dated Thursday, April 13th. The stock was sold at an average price of $58.29, for a total value of $349,740.00. Following the sale, the director now owns 26,684 shares of the company’s stock, valued at $1,555,410.36. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sir John Parker sold 19,965 shares of Carnival Corp stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $60.98, for a total value of $1,217,465.70. Following the completion of the sale, the director now directly owns 22,798 shares in the company, valued at approximately $1,390,222.04. The disclosure for this sale can be found here. Insiders own 22.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Kornitzer Capital Management Inc. KS increased its stake in Carnival Corp by 114.0% in the third quarter. Kornitzer Capital Management Inc. KS now owns 24,025 shares of the company’s stock worth $1,173,000 after buying an additional 12,800 shares in the last quarter. Quantitative Investment Management LLC bought a new stake in Carnival Corp during the third quarter worth about $4,603,000. Dumont & Blake Investment Advisors LLC increased its stake in Carnival Corp by 8.4% in the third quarter. Dumont & Blake Investment Advisors LLC now owns 15,480 shares of the company’s stock worth $756,000 after buying an additional 1,195 shares in the last quarter. Advisors Capital Management LLC increased its stake in Carnival Corp by 0.3% in the third quarter. Advisors Capital Management LLC now owns 192,958 shares of the company’s stock worth $9,420,000 after buying an additional 632 shares in the last quarter. Finally, Granite Investment Advisors Inc. increased its stake in Carnival Corp by 0.5% in the third quarter. Granite Investment Advisors Inc. now owns 109,550 shares of the company’s stock worth $5,348,000 after buying an additional 560 shares in the last quarter. 79.45% of the stock is currently owned by institutional investors and hedge funds.

About Carnival Corp

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.

12 Month Chart for NYSE:CCL

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