Carnival (NYSE:CCL) Sets New 1-Year High - Here's Why

Carnival Corporation (NYSE:CCL - Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $30.46 and last traded at $29.73, with a volume of 9822066 shares traded. The stock had previously closed at $29.96.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CCL. Truist Financial set a $27.00 price target on shares of Carnival in a research report on Monday, June 23rd. HSBC upgraded shares of Carnival from a "reduce" rating to a "hold" rating and set a $24.00 price objective for the company in a report on Friday, May 16th. Citigroup increased their price objective on shares of Carnival from $28.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Wall Street Zen raised shares of Carnival from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Finally, Mizuho increased their price target on shares of Carnival from $33.00 to $35.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $28.65.

Carnival Price Performance

The company's 50 day moving average is $23.56 and its 200 day moving average is $22.94. The company has a current ratio of 0.34, a quick ratio of 0.30 and a debt-to-equity ratio of 2.58. The stock has a market capitalization of $33.68 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 0.64 and a beta of 2.61.

Carnival (NYSE:CCL - Get Free Report) last posted its quarterly earnings data on Tuesday, June 24th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $6.33 billion during 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%. The company's revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 earnings per share. Research analysts anticipate that Carnival Corporation will post 1.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Carnival

Several institutional investors have recently added to or reduced their stakes in CCL. Causeway Capital Management LLC acquired a new position in Carnival in the 1st quarter valued at about $518,816,000. Nuveen LLC acquired a new position in shares of Carnival during the first quarter worth about $432,718,000. FMR LLC boosted its holdings in Carnival by 186.6% during the fourth quarter. FMR LLC now owns 9,898,906 shares of the company's stock worth $246,681,000 after buying an additional 6,444,444 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in Carnival by 33.7% during the fourth quarter. Nuveen Asset Management LLC now owns 22,850,042 shares of the company's stock worth $569,423,000 after buying an additional 5,761,489 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Carnival by 4.0% during the fourth quarter. Vanguard Group Inc. now owns 117,095,566 shares of the company's stock worth $2,918,022,000 after buying an additional 4,458,329 shares in the last quarter. Institutional investors and hedge funds own 67.19% of the company's stock.

Carnival Company Profile

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.