Carnival (NYSE:CCL) Given New $38.00 Price Target at Bank of America

Carnival (NYSE:CCL - Get Free Report) had its target price raised by Bank of America from $31.00 to $38.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Bank of America's target price indicates a potential upside of 27.74% from the stock's previous close.

A number of other analysts have also issued reports on CCL. BNP Paribas assumed coverage on shares of Carnival in a research note on Thursday, March 27th. They set an "outperform" rating and a $26.00 price objective on the stock. Macquarie cut their price target on shares of Carnival from $31.00 to $26.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Barclays upped their price target on shares of Carnival from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Wednesday, June 25th. Mizuho upped their price target on shares of Carnival from $33.00 to $35.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Finally, Morgan Stanley upped their price target on shares of Carnival from $21.00 to $24.00 and gave the company an "equal weight" rating in a report on Thursday, June 26th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.35.

Carnival Stock Down 0.1%

Shares of CCL traded down $0.03 during mid-day trading on Wednesday, reaching $29.75. 13,057,685 shares of the stock traded hands, compared to its average volume of 22,977,866. 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 stock has a fifty day simple moving average of $26.02 and a 200 day simple moving average of $23.40. Carnival has a 12-month low of $13.78 and a 12-month high of $31.01. The company has a quick ratio of 0.30, a current ratio of 0.34 and a debt-to-equity ratio of 2.58.

Carnival (NYSE:CCL - Get Free Report) last posted its quarterly earnings data on Tuesday, June 24th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The company 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 business's quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 earnings per share. Sell-side analysts expect that Carnival will post 1.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Carnival

Hedge funds and other institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans raised its position in Carnival by 2.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 54,814 shares of the company's stock worth $1,366,000 after acquiring an additional 1,085 shares in the last quarter. American Century Companies Inc. raised its position in Carnival by 10.5% in the fourth quarter. American Century Companies Inc. now owns 1,534,582 shares of the company's stock worth $38,242,000 after acquiring an additional 146,267 shares in the last quarter. LPL Financial LLC raised its position in Carnival by 11.1% in the fourth quarter. LPL Financial LLC now owns 730,544 shares of the company's stock worth $18,205,000 after acquiring an additional 72,701 shares in the last quarter. Vanguard Group Inc. raised its holdings in Carnival by 4.0% during the 4th 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 during the period. Finally, 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 worth $6,558,000 after buying an additional 7,778 shares during the period. 67.19% of the stock is currently owned by institutional investors.

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.