Carnival (NYSE:CCL) Hits New 12-Month High on Analyst Upgrade

Carnival Corporation (NYSE:CCL - Get Free Report)'s stock price hit a new 52-week high on Wednesday after Bank of America raised their price target on the stock from $31.00 to $38.00. Bank of America currently has a buy rating on the stock. Carnival traded as high as $30.66 and last traded at $30.63, with a volume of 2801013 shares changing hands. The stock had previously closed at $29.89.

A number of other brokerages have also recently issued reports on CCL. Wall Street Zen upgraded Carnival from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Morgan Stanley increased their target price on shares of Carnival from $21.00 to $24.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Barclays increased their target price on shares of Carnival from $30.00 to $33.00 and gave the stock an "overweight" rating in a report on Wednesday, June 25th. Loop Capital reaffirmed a "hold" rating and set a $22.00 price objective on shares of Carnival in a research note on Monday, June 23rd. Finally, Stifel Nicolaus raised their price objective on Carnival from $33.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, Carnival presently has an average rating of "Moderate Buy" and an average price target of $30.35.

Hedge Funds Weigh In On Carnival

A number of large investors have recently modified their holdings of CCL. REAP Financial Group LLC grew its stake in Carnival by 10.5% in the 2nd quarter. REAP Financial Group LLC now owns 3,678 shares of the company's stock valued at $103,000 after buying an additional 349 shares during the last quarter. Eagle Wealth Strategies LLC grew its position in shares of Carnival by 1.4% during the 2nd quarter. Eagle Wealth Strategies LLC now owns 25,967 shares of the company's stock worth $730,000 after purchasing an additional 369 shares in the last quarter. 1834 Investment Advisors Co. grew its position in Carnival by 1.6% during the second quarter. 1834 Investment Advisors Co. now owns 23,964 shares of the company's stock worth $674,000 after buying an additional 372 shares in the last quarter. Greenleaf Trust grew its position in Carnival by 3.1% during the second quarter. Greenleaf Trust now owns 14,547 shares of the company's stock worth $409,000 after buying an additional 443 shares in the last quarter. Finally, Encompass Wealth Advisors LLC grew its position in Carnival by 2.9% during the second quarter. Encompass Wealth Advisors LLC now owns 16,545 shares of the company's stock worth $465,000 after buying an additional 466 shares in the last quarter. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Carnival Stock Down 0.1%

The firm has a market cap of $34.73 billion, a price-to-earnings ratio of 16.08, a P/E/G ratio of 0.67 and a beta of 2.61. The company has a debt-to-equity ratio of 2.58, a current ratio of 0.34 and a quick ratio of 0.30. The stock has a 50-day moving average of $26.02 and a 200-day moving average of $23.40.

Carnival (NYSE:CCL - Get Free Report) last posted its quarterly earnings results on Tuesday, June 24th. The company reported $0.35 earnings per share (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 analyst estimates of $6.20 billion. Carnival had a net margin of 9.72% and a return on equity of 27.88%. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the business posted $0.11 EPS. Sell-side analysts predict that Carnival Corporation will post 1.77 EPS for the current fiscal year.

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.