Carnival Corporation $CCL Shares Purchased by Allstate Corp

Key Points

• Allstate Corp nearly doubled its stake in Carnival, increasing holdings by 96.5% in the fourth quarter to 74,258 shares worth about $2.27 million.
• Carnival reported stronger-than-expected quarterly results, with earnings of $0.20 per share versus the $0.18 estimate and revenue of $6.17 billion, up 6.1% from a year earlier.
• The company also announced a quarterly dividend of $0.15 per share, while analysts remain generally positive with a consensus Moderate Buy rating and a $34.13 price target.

Allstate Corp increased its holdings in shares of Carnival Corporation (NYSE:CCL - Free Report) by 96.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 74,258 shares of the company's stock after acquiring an additional 36,476 shares during the period. Allstate Corp's holdings in Carnival were worth $2,268,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Carnival by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 128,133,282 shares of the company's stock valued at $3,913,190,000 after acquiring an additional 368,445 shares during the period. State Street Corp boosted its holdings in Carnival by 4.1% in the 3rd quarter. State Street Corp now owns 47,369,740 shares of the company's stock worth $1,369,459,000 after buying an additional 1,845,850 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Carnival by 0.8% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 36,109,629 shares of the company's stock worth $1,043,929,000 after buying an additional 291,864 shares during the last quarter. Causeway Capital Management LLC boosted its holdings in Carnival by 9.6% in the 3rd quarter. Causeway Capital Management LLC now owns 31,912,001 shares of the company's stock worth $922,576,000 after buying an additional 2,783,927 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Carnival by 50.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 14,510,016 shares of the company's stock worth $419,573,000 after buying an additional 4,883,024 shares during the last quarter. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Carnival Trading Down 0.1%

Shares of CCL stock opened at $27.97 on Friday. The company's 50-day moving average price is $26.28 and its 200-day moving average price is $28.02. The company has a current ratio of 0.30, a quick ratio of 0.26 and a debt-to-equity ratio of 1.82. The stock has a market cap of $34.65 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 1.24 and a beta of 2.33. Carnival Corporation has a twelve month low of $22.11 and a twelve month high of $34.03.

Carnival (NYSE:CCL - Get Free Report) last announced its quarterly earnings results on Friday, March 27th. The company reported $0.20 earnings per share 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 analysts' expectations of $6.13 billion. During the same quarter in the previous year, the company posted $0.13 EPS. The company's revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts predict that Carnival Corporation will post 2.21 earnings per share for the current year.

Carnival Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Monday, May 18th will be issued a $0.15 dividend. The ex-dividend date is Monday, May 18th. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. Carnival's dividend payout ratio is currently 26.67%.

Key Headlines Impacting Carnival

Here are the key news stories impacting Carnival this week:

• Positive Sentiment: Falling oil prices are easing fuel-cost pressure for Carnival and other cruise lines, which could lift near-term profitability as fuel is a major expense for the company. Carnival Sees Fuel Cost Relief As Travel Interest Shows Early Strength
• Positive Sentiment: Travel demand appears to be holding up early, with signs that consumers are still planning vacations and showing interest in cruises, supporting revenue expectations. Carnival Sees Fuel Cost Relief As Travel Interest Shows Early Strength
• Neutral Sentiment: Holland America, one of Carnival’s brands, announced year-round Europe cruising, which could help long-term capacity and product mix, but the benefit is more gradual than immediate. Holland America Expands to Year-Round Europe Cruising
• Negative Sentiment: Carnival disclosed a cybersecurity incident that exposed personal data, creating potential reputational and legal risk for the cruise operator. Cruise operator Carnival discloses personal data breach
• Negative Sentiment: Insider selling has also drawn attention, with reports that Carnival insiders sold about $13 million of stock over the past year, which may signal some caution from management or insiders. Carnival Insiders Sold US$13m Of Shares Suggesting Hesitancy

Insider Buying and Selling

In other Carnival news, Director Sir Jonathon Band sold 11,988 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $26.19, for a total value of $313,965.72. Following the transaction, the director owned 52,601 shares of the company's stock, valued at $1,377,620.19. This represents a 18.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 12,000 shares of company stock valued at $314,265 in the last 90 days. Corporate insiders own 7.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CCL shares. HSBC upgraded Carnival from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $33.60 to $30.10 in a report on Monday, March 30th. Morgan Stanley raised shares of Carnival from an "equal weight" rating to an "overweight" rating and lowered their target price for the stock from $33.00 to $31.00 in a research note on Thursday, March 19th. Mizuho lifted their target price on shares of Carnival from $38.00 to $39.00 and gave the stock an "outperform" rating in a research note on Friday, March 27th. Wall Street Zen cut shares of Carnival from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Finally, UBS Group lowered their target price on shares of Carnival from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 13th. Nineteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.13.

Carnival Profile

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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