State Treasurer State of Michigan reduced its stake in shares of Carnival Corp (NYSE:CCL) by 16.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 95,860 shares of the company’s stock after selling 19,500 shares during the quarter. State Treasurer State of Michigan’s holdings in Carnival were worth $4,462,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Carnival by 8.2% during the 1st quarter. BlackRock Inc. now owns 30,754,347 shares of the company’s stock worth $1,559,860,000 after acquiring an additional 2,336,518 shares in the last quarter. Geode Capital Management LLC raised its holdings in Carnival by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 4,710,995 shares of the company’s stock valued at $231,797,000 after acquiring an additional 292,550 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Carnival by 7.2% in the 1st quarter. Janus Henderson Group PLC now owns 4,361,100 shares of the company’s stock valued at $221,207,000 after acquiring an additional 293,077 shares during the last quarter. American Century Companies Inc. raised its holdings in Carnival by 8.6% in the 1st quarter. American Century Companies Inc. now owns 4,025,913 shares of the company’s stock valued at $204,194,000 after acquiring an additional 318,308 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Carnival by 6.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,364,611 shares of the company’s stock valued at $165,861,000 after acquiring an additional 212,303 shares during the last quarter. 74.34% of the stock is currently owned by institutional investors.
A number of analysts have commented on the stock. Wells Fargo & Co cut their price objective on shares of Carnival from $67.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, June 24th. William Blair downgraded shares of Carnival from an “outperform” rating to a “market perform” rating in a report on Thursday, June 20th. Wedbush cut their price target on shares of Carnival from $54.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, June 21st. Wolfe Research downgraded shares of Carnival from an “outperform” rating to a “peer perform” rating in a report on Thursday, June 27th. Finally, Nomura downgraded shares of Carnival from a “buy” rating to a “neutral” rating and cut their price target for the stock from $60.00 to $52.00 in a report on Thursday, June 20th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $61.26.
Carnival stock traded down $0.83 during trading on Friday, hitting $45.62. The company had a trading volume of 193,902 shares, compared to its average volume of 3,875,997. Carnival Corp has a 1-year low of $44.58 and a 1-year high of $67.69. The company has a current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.38. The company has a 50 day simple moving average of $46.27. The stock has a market cap of $23.74 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 1.07 and a beta of 1.08.
Carnival (NYSE:CCL) last posted its earnings results on Thursday, June 20th. The company reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.05. Carnival had a net margin of 15.09% and a return on equity of 12.15%. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.49 billion. During the same quarter last year, the firm earned $0.68 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities analysts anticipate that Carnival Corp will post 4.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 23rd will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, August 22nd. This represents a $2.00 annualized dividend and a dividend yield of 4.38%. Carnival’s dividend payout ratio (DPR) is currently 46.95%.
Carnival Corporation operates as a leisure travel company in North America, Australia, Europe, and Asia. It operates in four segments: North America and Australia Cruise Operations, Europe and Asia Cruise Operations, Cruise Support, and Tour and Other. The company operates cruises under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa, AIDA, P&O Cruises (UK), and Cunard brand names.
Further Reading: How to invest in a bear market
Want to see what other hedge funds are holding CCL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carnival Corp (NYSE:CCL).
Receive News & Ratings for Carnival Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carnival and related companies with MarketBeat.com's FREE daily email newsletter.