Carnival Corporation (NYSE:CCL) issued its quarterly earnings results on Thursday, June 22nd. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05, Bloomberg Earnings reports. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.89 billion. Carnival Corporation had a return on equity of 11.26% and a net margin of 16.48%. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the company earned $0.49 earnings per share. Carnival Corporation updated its Q3 guidance to $2.16-2.20 EPS and its FY17 guidance to $3.60-3.70 EPS.
Shares of Carnival Corporation (NYSE:CCL) opened at 66.75 on Wednesday. Carnival Corporation has a one year low of $44.11 and a one year high of $67.30. The firm’s 50-day moving average price is $65.38 and its 200-day moving average price is $59.70. The company has a market capitalization of $48.33 billion, a price-to-earnings ratio of 17.65 and a beta of 0.75.
In other Carnival Corporation news, Director Sir John Parker sold 19,965 shares of Carnival Corporation stock in a transaction that occurred on 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 owns 22,798 shares of the company’s stock, valued at approximately $1,390,222.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 23.80% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Lodestar Investment Counsel LLC IL boosted its stake in shares of Carnival Corporation by 2.6% in the first quarter. Lodestar Investment Counsel LLC IL now owns 12,050 shares of the company’s stock valued at $710,000 after buying an additional 300 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Carnival Corporation by 4.0% in the first quarter. Teachers Advisors LLC now owns 1,313,131 shares of the company’s stock valued at $77,357,000 after buying an additional 50,283 shares during the last quarter. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Carnival Corporation during the first quarter valued at $525,000. AT Bancorp boosted its stake in shares of Carnival Corporation by 28.3% in the first quarter. AT Bancorp now owns 19,423 shares of the company’s stock valued at $1,144,000 after buying an additional 4,283 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Carnival Corporation by 899.3% in the first quarter. SG Americas Securities LLC now owns 161,580 shares of the company’s stock valued at $9,519,000 after buying an additional 145,410 shares during the last quarter. 78.27% of the stock is owned by institutional investors.
Carnival Corporation announced that its Board of Directors has approved a share repurchase program on Friday, April 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
A number of research analysts recently issued reports on CCL shares. ValuEngine raised Carnival Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Stifel Nicolaus restated a “buy” rating and set a $68.00 price objective on shares of Carnival Corporation in a research report on Friday, June 16th. Instinet raised their price objective on Carnival Corporation from $61.00 to $67.00 and gave the stock a “buy” rating in a research report on Wednesday, March 29th. UBS Group AG reaffirmed a “buy” rating and issued a $67.00 price target on shares of Carnival Corporation in a research report on Monday, April 17th. Finally, HSBC Holdings plc reaffirmed a “buy” rating and issued a $71.00 price target (up from $65.00) on shares of Carnival Corporation in a research report on Monday, June 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have given a buy rating to the company’s stock. Carnival Corporation currently has an average rating of “Buy” and an average price target of $61.07.
About Carnival Corporation
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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