Carnival Corporation $CCL Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon trimmed its Carnival stake by 2.5% in the fourth quarter, selling 137,357 shares and ending with 5.33 million shares valued at about $162.8 million.
• Insider selling has also occurred recently, including sales by director Sir Jonathon Band and insider Bettina Alejandra Deynes, with insiders selling 55,058 shares worth about $1.52 million over the last 90 days.
• Analysts remain broadly bullish on Carnival, with a consensus “Moderate Buy” rating and average price target of $34.80, even as the stock recently traded around $27.43 and was down 1.5% on the day.

Bank of New York Mellon Corp decreased its holdings in shares of Carnival Corporation (NYSE:CCL - Free Report) by 2.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,329,893 shares of the company's stock after selling 137,357 shares during the quarter. Bank of New York Mellon Corp owned about 0.43% of Carnival worth $162,775,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CCL. CVA Family Office LLC increased its position in shares of Carnival by 15.6% in the 4th quarter. CVA Family Office LLC now owns 2,597 shares of the company's stock worth $79,000 after purchasing an additional 350 shares during the last quarter. Net Worth Advisory Group increased its position in shares of Carnival by 2.9% in the 4th quarter. Net Worth Advisory Group now owns 12,383 shares of the company's stock worth $378,000 after purchasing an additional 354 shares during the last quarter. Triad Wealth Partners LLC increased its position in shares of Carnival by 2.1% in the 4th quarter. Triad Wealth Partners LLC now owns 17,464 shares of the company's stock worth $533,000 after purchasing an additional 358 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in shares of Carnival by 3.5% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 10,540 shares of the company's stock worth $322,000 after purchasing an additional 358 shares during the last quarter. Finally, Brooklyn Investment Group increased its position in shares of Carnival by 1.9% in the 3rd quarter. Brooklyn Investment Group now owns 21,363 shares of the company's stock worth $618,000 after purchasing an additional 396 shares during the last quarter. Institutional investors and hedge funds own 67.19% of the company's stock.

Insider Buying and Selling at Carnival

In other 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 transaction of $313,965.72. Following the completion of the transaction, the director owned 52,601 shares of the company's stock, valued at approximately $1,377,620.19. This represents a 18.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bettina Alejandra Deynes sold 43,058 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $28.10, for a total transaction of $1,209,929.80. Following the completion of the sale, the insider owned 69,238 shares of the company's stock, valued at approximately $1,945,587.80. The trade was a 38.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 55,058 shares of company stock worth $1,524,195. 7.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CCL shares. TD Cowen boosted their target price on shares of Carnival from $33.00 to $34.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Loop Capital began coverage on shares of Carnival in a report on Monday. They issued a "buy" rating and a $36.00 price target for the company. Stifel Nicolaus decreased their price target on shares of Carnival from $40.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, March 11th. Sanford C. Bernstein decreased their price target on shares of Carnival from $33.00 to $28.70 and set a "market perform" rating for the company in a report on Monday, March 30th. Finally, Morgan Stanley raised shares of Carnival from an "equal weight" rating to an "overweight" rating and reduced their target price for the company from $33.00 to $31.00 in a research note on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $34.80.

Carnival Stock Down 1.5%

Carnival stock opened at $27.43 on Friday. The firm has a market cap of $33.98 billion, a PE ratio of 12.19, a P/E/G ratio of 1.24 and a beta of 2.32. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.26 and a current ratio of 0.30. The firm's 50 day moving average price is $26.59 and its two-hundred day moving average price is $28.06. 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 released its quarterly earnings data 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 analyst estimates of $6.13 billion. During the same quarter in the prior year, the business earned $0.13 EPS. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. On average, research analysts predict that Carnival Corporation will post 2.21 EPS for the current fiscal year.

Carnival Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, May 18th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. Carnival's dividend payout ratio is 26.67%.

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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