Carnival Corporation (NYSE:CCL) Receives $30.35 Average Target Price from Brokerages

Key Points

• Carnival Corporation's stock is rated as a "Moderate Buy" by analysts, with a consensus price target of $30.35.
• The company's most recent quarterly earnings exceeded expectations, reporting $0.35 earnings per share on revenue of $6.33 billion.
• Hedge funds have increased their holdings in Carnival, with institutional investors owning approximately 67.19% of the company's stock.

Carnival Corporation (NYSE:CCL - Get Free Report) has earned an average rating of "Moderate Buy" from the twenty analysts that are presently covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $30.35.

Several brokerages have issued reports on CCL. HSBC upgraded Carnival from a "reduce" rating to a "hold" rating and set a $24.00 price target for the company in a report on Friday, May 16th. Stifel Nicolaus upped their price target on shares of Carnival from $33.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Loop Capital reaffirmed a "hold" rating and set a $22.00 price target on shares of Carnival in a report on Monday, June 23rd. Susquehanna lifted their target price on Carnival from $27.00 to $30.00 and gave the stock a "positive" rating in a report on Wednesday, June 25th. Finally, Barclays increased their price target on Carnival from $30.00 to $33.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 25th.

Carnival Stock Performance

CCL traded down $0.02 during trading on Friday, reaching $29.73. 15,407,953 shares of the company's stock were exchanged, compared to its average volume of 24,481,244. The company has a quick ratio of 0.30, a current ratio of 0.34 and a debt-to-equity ratio of 2.58. The business has a 50 day moving average price of $26.02 and a 200 day moving average price of $23.39. The company has a market capitalization of $34.71 billion, a P/E ratio of 16.07, a PEG ratio of 0.67 and a beta of 2.61. Carnival has a fifty-two week low of $13.78 and a fifty-two week high of $31.01.

Carnival (NYSE:CCL - Get Free Report) last announced its earnings results on Tuesday, June 24th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11. The business had revenue of $6.33 billion for the quarter, compared to the consensus estimate of $6.20 billion. Carnival had a return on equity of 27.88% and a net margin of 9.72%. Carnival's revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.11 EPS. As a group, analysts predict that Carnival will post 1.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carnival

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CCL. Thrivent Financial for Lutherans raised its position in shares of Carnival by 2.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 54,814 shares of the company's stock valued at $1,366,000 after purchasing an additional 1,085 shares during the period. LPL Financial LLC grew its stake in Carnival by 11.1% in the 4th quarter. LPL Financial LLC now owns 730,544 shares of the company's stock valued at $18,205,000 after buying an additional 72,701 shares in the last quarter. Corebridge Financial Inc. raised its holdings in Carnival by 3.0% during the 4th quarter. Corebridge Financial Inc. now owns 263,168 shares of the company's stock valued at $6,558,000 after acquiring an additional 7,778 shares during the period. Modern Wealth Management LLC purchased a new stake in shares of Carnival during the fourth quarter worth $275,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Carnival by 8.1% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 504,117 shares of the company's stock worth $12,563,000 after acquiring an additional 37,827 shares during the period. 67.19% of the stock is currently owned by institutional investors.

About Carnival

Carnival Corp. engages in the operation of cruise ships. It operates through the following business segments: North America and Australia (NAA) Cruise, Europe and Asia (EA) Cruise Operations, Cruise Support, and Tour and Others. The North America and Australia (NAA) Cruise segment includes the Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn.