Todays Report: Today, Carnival Corp (CCL) Upgraded to Outperform at Sanford C. Bernstein

Today, Carnival Corp (CCL) Upgraded to Outperform at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Carnival Corp (NYSE:CCL) from a market perform rating to an outperform rating in a report released on Tuesday. The brokerage currently has $63.00 price target on the stock, up from their previous price target of $52.00.

Other equities analysts have also issued reports about the company. Buckingham Research boosted their price target on Carnival Corp from $53.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, September 27th. Deutsche Bank AG began coverage on Carnival Corp in a research note on Thursday, September 29th. They issued a hold rating and a $48.00 price target on the stock. Zacks Investment Research raised Carnival Corp from a sell rating to a hold rating in a research note on Monday, September 12th. Stifel Nicolaus restated a buy rating and set a $60.00 price objective on shares of Carnival Corp in a report on Tuesday, September 27th. Finally, Wedbush reiterated a neutral rating and issued a $54.00 target price on shares of Carnival Corp in a report on Tuesday, September 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $55.64.

Shares of Carnival Corp (NYSE:CCL) opened at 52.30 on Tuesday. The stock has a 50 day moving average price of $48.60 and a 200 day moving average price of $47.41. The firm has a market cap of $38.18 billion, a P/E ratio of 16.26 and a beta of 0.66. Carnival Corp has a 12-month low of $40.52 and a 12-month high of $55.77.

Carnival Corp (NYSE:CCL) last issued its quarterly earnings results on Monday, September 26th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.03. Carnival Corp had a return on equity of 10.76% and a net margin of 15.10%. The firm had revenue of $5.10 billion for the quarter. During the same period last year, the firm posted $1.75 earnings per share. Carnival Corp’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, equities analysts expect that Carnival Corp will post $3.36 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, November 25th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $1.40 annualized dividend and a yield of 2.68%. Carnival Corp’s dividend payout ratio is currently 42.94%.

In other Carnival Corp news, CFO David Bernstein sold 4,030 shares of the firm’s stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $49.18, for a total value of $198,195.40. Following the completion of the transaction, the chief financial officer now owns 47,256 shares in the company, valued at approximately $2,324,050.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Arnold W. Donald sold 91,813 shares of the firm’s stock in a transaction dated Tuesday, October 18th. The stock was sold at an average price of $46.67, for a total value of $4,284,912.71. The disclosure for this sale can be found here. 22.00% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Forte Capital LLC ADV increased its position in shares of Carnival Corp by 40.2% in the second quarter. Forte Capital LLC ADV now owns 14,667 shares of the company’s stock valued at $648,000 after buying an additional 4,202 shares in the last quarter. Trust Co increased its position in shares of Carnival Corp by 7.6% in the first quarter. Trust Co now owns 9,074 shares of the company’s stock valued at $479,000 after buying an additional 639 shares in the last quarter. Exxonmobil Investment Management Inc. TX increased its position in shares of Carnival Corp by 3.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 113,497 shares of the company’s stock valued at $5,017,000 after buying an additional 3,777 shares in the last quarter. DNB Asset Management AS increased its position in shares of Carnival Corp by 3.2% in the second quarter. DNB Asset Management AS now owns 801,906 shares of the company’s stock valued at $34,861,000 after buying an additional 25,000 shares in the last quarter. Finally, British Columbia Investment Management Corp increased its position in shares of Carnival Corp by 4.1% in the second quarter. British Columbia Investment Management Corp now owns 250,978 shares of the company’s stock valued at $11,093,000 after buying an additional 9,881 shares in the last quarter. Institutional investors and hedge funds own 78.10% of the company’s stock.

About Carnival Corp

Carnival Corporation is a leisure travel company. The Company is a cruise company and provides vacations to cruise destinations throughout the world. The Company aggregates its approximately nine global, regional and national cruise brands into North America, and Europe, Australia & Asia (EAA) segments.

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