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

Carnival (NYSE:CCL) had its target price dropped by stock analysts at Truist Financial from $30.00 to $29.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential upside of 10.81% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Mizuho lifted their price objective on Carnival from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Friday, March 27th. Weiss Ratings downgraded Carnival from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday. Citigroup dropped their price objective on Carnival from $39.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, March 30th. HSBC upgraded Carnival from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $33.60 to $30.10 in a report on Monday, March 30th. Finally, The Goldman Sachs Group dropped their price objective on Carnival from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Nineteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.13.

Carnival Stock Performance

NYSE CCL opened at $26.17 on Friday. The firm has a market capitalization of $32.42 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.16 and a beta of 2.33. Carnival has a 1-year low of $21.62 and a 1-year high of $34.03. 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 business’s 50-day simple moving average is $26.06 and its 200-day simple moving average is $28.03.

Carnival (NYSE:CCL) last released its quarterly earnings data on Friday, March 27th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.13 billion. Carnival had a return on equity of 26.92% and a net margin of 11.48%.The company’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 EPS. Equities analysts predict that Carnival will post 2.21 EPS for the current year.

Insider Buying and Selling at Carnival

In other news, Director Sir Jonathon Band sold 11,988 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $26.19, for a total value of $313,965.72. Following the completion of the sale, the director directly owned 52,601 shares in the company, valued at approximately $1,377,620.19. The trade was a 18.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 12,000 shares of company stock valued at $314,265. 7.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Carnival

A number of institutional investors have recently made changes to their positions in CCL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Carnival by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,167 shares of the company’s stock valued at $2,191,000 after acquiring an additional 5,435 shares during the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Carnival in the 1st quarter valued at approximately $228,000. Empowered Funds LLC increased its holdings in shares of Carnival by 61.6% in the 1st quarter. Empowered Funds LLC now owns 30,437 shares of the company’s stock valued at $594,000 after acquiring an additional 11,601 shares during the last quarter. Woodline Partners LP increased its holdings in shares of Carnival by 41.9% in the 1st quarter. Woodline Partners LP now owns 88,522 shares of the company’s stock valued at $1,729,000 after acquiring an additional 26,141 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in shares of Carnival by 57.0% in the 2nd quarter. Baird Financial Group Inc. now owns 64,720 shares of the company’s stock valued at $1,820,000 after acquiring an additional 23,484 shares during the last quarter. 67.19% of the stock is currently owned by institutional investors.

About Carnival

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.