Boothbay Fund Management LLC Sells 45,263 Shares of Carnival Corporation $CCL

Key Points

• Boothbay Fund Management reduced its Carnival stake by 6.8% in the fourth quarter, selling 45,263 shares and leaving it with 621,392 shares valued at about $19 million.
• Institutional ownership remains heavy, with funds such as Vanguard and State Street among the largest holders; overall, institutions and hedge funds own about 67.19% of Carnival’s stock.
• Analyst sentiment is still generally positive: Carnival has a consensus “Moderate Buy” rating and a price target of $34.94, while the company also recently beat quarterly earnings estimates and continues to attract bullish commentary ahead of its next report.

Boothbay Fund Management LLC cut its holdings in Carnival Corporation (NYSE:CCL - Free Report) by 6.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 621,392 shares of the company's stock after selling 45,263 shares during the period. Carnival comprises approximately 0.3% of Boothbay Fund Management LLC's investment portfolio, making the stock its 20th biggest holding. Boothbay Fund Management LLC owned approximately 0.05% of Carnival worth $18,977,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Carnival by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 128,133,282 shares of the company's stock valued at $3,913,190,000 after purchasing an additional 368,445 shares during the last quarter. State Street Corp increased its position in shares of Carnival by 1.5% in the fourth quarter. State Street Corp now owns 48,074,173 shares of the company's stock valued at $1,468,185,000 after acquiring an additional 704,433 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Carnival by 0.8% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 36,109,629 shares of the company's stock valued at $1,043,929,000 after acquiring an additional 291,864 shares during the last quarter. Causeway Capital Management LLC raised its holdings in Carnival by 9.6% during the third quarter. Causeway Capital Management LLC now owns 31,912,001 shares of the company's stock worth $922,576,000 after acquiring an additional 2,783,927 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Carnival by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 29,450,412 shares of the company's stock worth $896,104,000 after acquiring an additional 683,311 shares in the last quarter. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Carnival

In related news, Director Sir Jonathon Band sold 11,988 shares of the firm's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $26.19, for a total transaction of $313,965.72. Following the transaction, the director directly owned 52,601 shares of the company's stock, valued at approximately $1,377,620.19. This trade represents a 18.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bettina Alejandra Deynes sold 43,058 shares of the firm's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $28.10, for a total transaction of $1,209,929.80. Following the transaction, the insider directly owned 69,238 shares in the company, valued at approximately $1,945,587.80. This represents a 38.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 55,058 shares of company stock worth $1,524,195. 7.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. William Blair reiterated an "outperform" rating on shares of Carnival in a report on Tuesday, March 3rd. Mizuho upped their target price on Carnival from $38.00 to $39.00 and gave the stock an "outperform" rating in a report on Friday, March 27th. HSBC upgraded Carnival from a "hold" rating to a "buy" rating and dropped their target price for the stock from $33.60 to $30.10 in a report on Monday, March 30th. Loop Capital began coverage on shares of Carnival in a research report on Monday, June 1st. They set a "buy" rating and a $36.00 price target on the stock. Finally, Weiss Ratings lowered shares of Carnival from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.94.

Carnival News Summary

Here are the key news stories impacting Carnival this week:

• Positive Sentiment: Analysts and market commentary continue to highlight Carnival as a potential earnings beat candidate for Q2, with expectations for stronger revenue and EPS ahead of the June 23 report. Article Title
• Positive Sentiment: Brokerage coverage remains supportive, with Carnival carrying a consensus “Moderate Buy” rating, reinforcing a bullish longer-term outlook. Article Title
• Positive Sentiment: Recent commentary says Carnival has outperformed the consumer cyclical sector over the past year, suggesting improving investor confidence in the cruise operator’s rebound story. Article Title
• Positive Sentiment: The easing of shipping-route disruption risk and the broader peace-deal headlines have been viewed as supportive for travel-related demand and lower operating friction for cruise lines. Article Title
• Neutral Sentiment: Several articles are focused on previewing Carnival’s upcoming quarterly results, including deeper looks at key operating metrics beyond revenue and EPS; these reports add attention, but do not by themselves change fundamentals. Article Title
• Negative Sentiment: Short-term pressure may also be coming from valuation-focused commentary noting the stock’s recent decline and comparing the share price with a lower GF Value estimate, which can encourage caution near earnings. Article Title

Carnival Price Performance

NYSE:CCL opened at $29.90 on Thursday. Carnival Corporation has a one year low of $22.58 and a one year high of $34.03. The company has a market cap of $37.04 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.37 and a beta of 2.32. The firm's fifty day moving average price is $27.11 and its two-hundred day moving average price is $28.25. The company has a debt-to-equity ratio of 1.82, a current ratio of 0.30 and a quick ratio of 0.26.

Carnival (NYSE:CCL - Get Free Report) last released its quarterly earnings data on Friday, March 27th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.18 by $0.02. Carnival had a net margin of 11.48% and a return on equity of 26.92%. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.13 billion. During the same period in the previous year, the company earned $0.13 earnings per share. The company's quarterly revenue was up 6.1% on a year-over-year basis. Equities analysts expect that Carnival Corporation will post 2.22 earnings per share for the current year.

Carnival Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, May 18th. Carnival's dividend payout ratio (DPR) is currently 26.67%.

About Carnival

Carnival Corporation NYSE: CCL is a global cruise operator that provides leisure travel services through a portfolio of passenger cruise brands. The company's core business is operating cruise ships that offer multi-night voyages and associated vacation services, including onboard accommodations, dining, entertainment, spa and wellness offerings, casinos, youth programs, and organized shore excursions. Carnival markets cruise vacations to a broad range of consumers, from value-focused travelers to premium and luxury segments, through differentiated brand positioning and onboard experiences.

Its operating structure comprises multiple well-known cruise brands that target distinct geographic and demographic markets.

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