Nuveen LLC Makes New $432.72 Million Investment in Carnival Corporation (NYSE:CCL)

Key Points

• Nuveen LLC purchased 22,156,602 shares of Carnival Corporation (NYSE:CCL) for approximately $432.7 million, representing about 1.90% ownership in the company.
• Carnival's recent earnings report showed earnings per share of $0.35, exceeding expectations, and a revenue increase of 9.5% year-over-year to $6.33 billion.
• Institutional investors hold 67.19% of Carnival's stock, indicating strong support, with analysts giving the stock an average rating of "Moderate Buy" and a price target of $30.71.

Nuveen LLC purchased a new stake in Carnival Corporation (NYSE:CCL - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,156,602 shares of the company's stock, valued at approximately $432,718,000. Nuveen LLC owned approximately 1.90% of Carnival as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. N.E.W. Advisory Services LLC acquired a new position in Carnival in the 1st quarter valued at approximately $25,000. Graybill Wealth Management LTD. acquired a new position in shares of Carnival during the 1st quarter worth $26,000. Measured Risk Portfolios Inc. acquired a new position in Carnival in the 4th quarter valued at $29,000. Orion Capital Management LLC acquired a new position in Carnival in the 4th quarter valued at $30,000. Finally, Zions Bancorporation National Association UT acquired a new position in Carnival in the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 67.19% of the company's stock.

Carnival Price Performance

Shares of CCL traded up $0.99 during mid-day trading on Wednesday, reaching $30.63. The company had a trading volume of 22,064,794 shares, compared to its average volume of 17,536,168. The company's 50 day simple moving average is $27.54 and its 200 day simple moving average is $23.75. Carnival Corporation has a 1-year low of $14.53 and a 1-year high of $31.01. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.30 and a current ratio of 0.34. The company has a market capitalization of $35.76 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 0.66 and a beta of 2.70.

Carnival (NYSE:CCL - Get Free Report) last posted its quarterly earnings results on Tuesday, June 24th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. Carnival had a net margin of 9.72% and a return on equity of 27.88%. The company had revenue of $6.33 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same period last year, the company posted $0.11 EPS. The firm's quarterly revenue was up 9.5% compared to the same quarter last year. Analysts expect that Carnival Corporation will post 1.77 EPS for the current year.

Insider Buying and Selling

In related news, Director Sir Jonathon Band sold 12,500 shares of Carnival stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $29.75, for a total transaction of $371,875.00. Following the sale, the director directly owned 64,406 shares in the company, valued at $1,916,078.50. This trade represents a 16.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on CCL shares. Stifel Nicolaus increased their price target on shares of Carnival from $33.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Susquehanna raised their price objective on shares of Carnival from $27.00 to $30.00 and gave the stock a "positive" rating in a report on Wednesday, June 25th. Hsbc Global Res raised shares of Carnival from a "moderate sell" rating to a "hold" rating in a report on Friday, May 16th. Loop Capital reiterated a "hold" rating and set a $22.00 target price on shares of Carnival in a research report on Monday, June 23rd. Finally, Mizuho increased their target price on shares of Carnival from $33.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $30.71.

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.