Carnival (NYSE:CCL) Stock Price Up 9.9% – Here’s Why

Carnival Corporation (NYSE:CCL) shares were up 9.9% during mid-day trading on Wednesday . The stock traded as high as $26.34 and last traded at $26.2510. Approximately 37,145,261 shares traded hands during trading, an increase of 44% from the average daily volume of 25,801,492 shares. The stock had previously closed at $23.89.

Wall Street Analysts Forecast Growth

CCL has been the subject of a number of research analyst reports. The Goldman Sachs Group cut their price objective on shares of Carnival from $34.00 to $30.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Morgan Stanley raised shares of Carnival from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $33.00 to $31.00 in a report on Thursday, March 19th. Truist Financial dropped their target price on shares of Carnival from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Friday. Citigroup cut their target price on shares of Carnival from $39.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, March 30th. Finally, UBS Group reduced their price target on shares of Carnival from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, April 13th. Nineteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.13.

Carnival Stock Down 0.7%

The business has a 50-day moving average price of $26.06 and a 200 day moving average price of $28.03. The company has a current ratio of 0.30, a quick ratio of 0.26 and a debt-to-equity ratio of 1.82. The stock has a market capitalization of $32.23 billion, a P/E ratio of 11.56, a P/E/G ratio of 1.16 and a beta of 2.33.

Carnival (NYSE:CCL) last announced 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 net margin of 11.48% and a return on equity of 26.92%. The company had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.13 billion. During the same quarter in the previous year, the business posted $0.13 earnings per share. Carnival’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts expect that Carnival Corporation will post 2.21 EPS for the current fiscal year.

Carnival Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Monday, May 18th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Monday, May 18th. Carnival’s dividend payout ratio is currently 26.67%.

Insider Activity at Carnival

In related news, Director Sir Jonathon Band sold 11,988 shares of Carnival stock in a transaction dated 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 transaction, the director owned 52,601 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 12,000 shares of company stock valued at $314,265. 7.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Carnival

A number of institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Carnival by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,167 shares of the company’s stock worth $2,191,000 after buying an additional 5,435 shares during the last quarter. Great Lakes Advisors LLC purchased a new position in shares of Carnival during the 1st quarter worth about $228,000. Empowered Funds LLC grew its holdings in Carnival by 61.6% during the 1st quarter. Empowered Funds LLC now owns 30,437 shares of the company’s stock valued at $594,000 after purchasing an additional 11,601 shares during the last quarter. Woodline Partners LP raised its position in Carnival by 41.9% in the 1st quarter. Woodline Partners LP now owns 88,522 shares of the company’s stock worth $1,729,000 after purchasing an additional 26,141 shares during the period. Finally, Baird Financial Group Inc. lifted its stake in Carnival by 57.0% in the second quarter. Baird Financial Group Inc. now owns 64,720 shares of the company’s stock worth $1,820,000 after purchasing an additional 23,484 shares during the last quarter. Hedge funds and other institutional investors own 67.19% of the company’s stock.

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.