Bank of Nova Scotia Lowers Position in Royal Caribbean Cruises Ltd. (NYSE:RCL)

Key Points

• Bank of Nova Scotia has reduced its stake in Royal Caribbean Cruises Ltd. by 86.5%, now owning 38,503 shares worth approximately $7.91 million.
• Several hedge funds have increased their holdings in RCL, with Rathbones Group PLC boosting its stake by an astonishing 15,633.2% during the last quarter.
• Analysts have a consensus rating of "Moderate Buy" for Royal Caribbean Cruises, with an average target price of $321.10 after multiple price target increases from various research firms.

Bank of Nova Scotia lessened its stake in Royal Caribbean Cruises Ltd. (NYSE:RCL - Free Report) by 86.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,503 shares of the company's stock after selling 247,489 shares during the quarter. Bank of Nova Scotia's holdings in Royal Caribbean Cruises were worth $7,910,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of RCL. Brighton Jones LLC lifted its holdings in shares of Royal Caribbean Cruises by 12.2% in the fourth quarter. Brighton Jones LLC now owns 1,312 shares of the company's stock worth $303,000 after buying an additional 143 shares in the last quarter. Aviva PLC lifted its holdings in shares of Royal Caribbean Cruises by 28.0% in the fourth quarter. Aviva PLC now owns 147,040 shares of the company's stock worth $33,921,000 after buying an additional 32,177 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Royal Caribbean Cruises by 14.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 297,864 shares of the company's stock worth $68,714,000 after buying an additional 37,421 shares in the last quarter. Rathbones Group PLC lifted its holdings in shares of Royal Caribbean Cruises by 15,633.2% in the fourth quarter. Rathbones Group PLC now owns 353,996 shares of the company's stock worth $81,663,000 after buying an additional 351,746 shares in the last quarter. Finally, Shelton Capital Management lifted its holdings in shares of Royal Caribbean Cruises by 8.5% in the fourth quarter. Shelton Capital Management now owns 1,341 shares of the company's stock worth $309,000 after buying an additional 105 shares in the last quarter. Hedge funds and other institutional investors own 87.53% of the company's stock.

Wall Street Analysts Forecast Growth

RCL has been the topic of several research analyst reports. Melius Research raised shares of Royal Caribbean Cruises to a "strong-buy" rating in a report on Monday, April 21st. William Blair restated an "outperform" rating on shares of Royal Caribbean Cruises in a research report on Wednesday, July 23rd. Loop Capital restated a "buy" rating and issued a $290.00 price target (up previously from $250.00) on shares of Royal Caribbean Cruises in a research report on Tuesday, June 3rd. Citigroup boosted their price target on shares of Royal Caribbean Cruises from $390.00 to $399.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, Jefferies Financial Group boosted their price target on shares of Royal Caribbean Cruises from $235.00 to $315.00 and gave the stock a "hold" rating in a research report on Monday, July 7th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Royal Caribbean Cruises currently has a consensus rating of "Moderate Buy" and an average target price of $321.10.

Royal Caribbean Cruises Stock Up 0.4%

NYSE:RCL opened at $315.61 on Tuesday. Royal Caribbean Cruises Ltd. has a twelve month low of $130.08 and a twelve month high of $355.91. The company has a market cap of $85.73 billion, a price-to-earnings ratio of 23.66, a price-to-earnings-growth ratio of 0.88 and a beta of 2.22. The stock has a fifty day simple moving average of $304.14 and a 200-day simple moving average of $254.61. The company has a current ratio of 0.23, a quick ratio of 0.21 and a debt-to-equity ratio of 1.88.

Royal Caribbean Cruises (NYSE:RCL - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.34. Royal Caribbean Cruises had a return on equity of 47.15% and a net margin of 20.97%. The business had revenue of $4.54 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same period last year, the company earned $3.21 earnings per share. The business's revenue for the quarter was up 10.4% compared to the same quarter last year. Analysts anticipate that Royal Caribbean Cruises Ltd. will post 14.9 EPS for the current year.

Insider Buying and Selling at Royal Caribbean Cruises

In other news, CAO Henry L. Pujol sold 5,207 shares of Royal Caribbean Cruises stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $329.47, for a total transaction of $1,715,550.29. Following the completion of the sale, the chief accounting officer directly owned 7,826 shares in the company, valued at approximately $2,578,432.22. This trade represents a 39.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard D. Fain sold 19,600 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $253.10, for a total value of $4,960,760.00. Following the transaction, the director owned 165,421 shares in the company, valued at approximately $41,868,055.10. This represents a 10.59% decrease in their position. The disclosure for this sale can be found here. 6.95% of the stock is currently owned by company insiders.

Royal Caribbean Cruises Company Profile

Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd.

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