Carnival Corporation (CCL) Shares Gap Down to $68.74

Carnival Corporation (NYSE:CCL)’s share price gapped down prior to trading on Friday . The stock had previously closed at $70.21, but opened at $68.74. Carnival Corporation shares last traded at $65.94, with a volume of 10,390,474 shares changing hands.

A number of equities analysts have weighed in on the stock. Zacks Investment Research raised shares of Carnival Corporation from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research report on Tuesday, September 5th. UBS AG reissued a “buy” rating and issued a $76.00 price objective (up from $67.00) on shares of Carnival Corporation in a research report on Thursday, August 17th. Credit Suisse Group cut shares of Carnival Corporation from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $78.00 to $70.00 in a research report on Friday. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating on shares of Carnival Corporation in a research report on Tuesday, August 15th. Finally, BidaskClub raised shares of Carnival Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 18th. Eight equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $63.07.

The firm has a 50-day moving average price of $67.77 and a 200 day moving average price of $63.36. The company has a market capitalization of $47.74 billion, a P/E ratio of 17.44 and a beta of 0.74.

Carnival Corporation (NYSE:CCL) last issued its quarterly earnings data on Thursday, June 22nd. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05. The business had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.89 billion. Carnival Corporation had a net margin of 16.48% and a return on equity of 11.26%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business earned $0.49 EPS. On average, analysts anticipate that Carnival Corporation will post $3.74 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, August 25th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $1.60 annualized dividend and a yield of 2.43%. Carnival Corporation’s payout ratio is 42.55%.

In other news, insider Alan Buckelew sold 15,000 shares of Carnival Corporation stock in a transaction on Monday, July 31st. The shares were sold at an average price of $67.02, for a total value of $1,005,300.00. Following the completion of the sale, the insider now owns 150,860 shares in the company, valued at approximately $10,110,637.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 23.80% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pathstone Family Office LLC boosted its holdings in Carnival Corporation by 200.0% during the 2nd quarter. Pathstone Family Office LLC now owns 57 shares of the company’s stock worth $2,493,000 after acquiring an additional 38 shares during the last quarter. YorkBridge Wealth Partners LLC raised its stake in shares of Carnival Corporation by 1.4% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 2,926 shares of the company’s stock worth $191,000 after purchasing an additional 40 shares during the period. Cleararc Capital Inc. raised its stake in shares of Carnival Corporation by 0.6% during the 1st quarter. Cleararc Capital Inc. now owns 10,237 shares of the company’s stock worth $603,000 after purchasing an additional 63 shares during the period. Security National Bank of Sioux City Iowa IA raised its stake in shares of Carnival Corporation by 0.5% during the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 13,390 shares of the company’s stock worth $878,000 after purchasing an additional 65 shares during the period. Finally, Scotia Capital Inc. raised its stake in shares of Carnival Corporation by 0.4% during the 2nd quarter. Scotia Capital Inc. now owns 16,604 shares of the company’s stock worth $1,089,000 after purchasing an additional 71 shares during the period. 77.34% of the stock is owned by institutional investors and hedge funds.

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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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