Carnival Corporation $CCL Shares Sold by CenterBook Partners LP

Key Points

• CenterBook Partners LP cut its Carnival stake by 62% in the fourth quarter, selling 111,280 shares and leaving it with 68,338 shares worth about $2.1 million.
• Carnival reported better-than-expected quarterly results, with EPS of $0.20 versus the $0.18 estimate and revenue of $6.17 billion, up 6.1% from a year earlier.
• The company also paid a quarterly dividend of $0.15 per share, and analysts currently rate the stock a consensus Moderate Buy with an average price target of $34.80.

CenterBook Partners LP trimmed its stake in Carnival Corporation (NYSE:CCL - Free Report) by 62.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,338 shares of the company's stock after selling 111,280 shares during the period. CenterBook Partners LP's holdings in Carnival were worth $2,087,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CCL. BOCHK Asset Management Ltd purchased a new stake in shares of Carnival in the 4th quarter valued at about $25,000. Measured Wealth Private Client Group LLC purchased a new position in Carnival during the 3rd quarter worth approximately $25,000. Lloyd Advisory Services LLC. acquired a new position in Carnival during the fourth quarter worth approximately $26,000. Newbridge Financial Services Group Inc. lifted its stake in Carnival by 381.0% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 962 shares of the company's stock valued at $29,000 after buying an additional 762 shares during the last quarter. Finally, Optima Capital LLC purchased a new stake in Carnival in the fourth quarter valued at approximately $32,000. 67.19% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Sir Jonathon Band sold 11,988 shares of the company's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $26.19, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bettina Alejandra Deynes sold 43,058 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $28.10, for a total value of $1,209,929.80. Following the completion of the transaction, the insider owned 69,238 shares of the company's stock, valued at $1,945,587.80. The trade was a 38.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 55,058 shares of company stock worth $1,524,195. Company insiders own 7.90% of the company's stock.

Carnival Stock Performance

Shares of CCL opened at $27.72 on Wednesday. The stock has a market capitalization of $34.34 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.20 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. Carnival Corporation has a 1 year low of $22.11 and a 1 year high of $34.03. The company's fifty day moving average is $26.70 and its two-hundred day moving average is $28.10.

Carnival (NYSE:CCL - Get Free Report) last released its earnings results on Friday, March 27th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.18 by $0.02. The company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.13 billion. Carnival had a net margin of 11.48% and a return on equity of 26.92%. The business's revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the business earned $0.13 EPS. On average, sell-side analysts predict that Carnival Corporation will post 2.21 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. Stockholders of record on Monday, May 18th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, May 18th. Carnival's dividend payout ratio (DPR) is currently 26.67%.

Analysts Set New Price Targets

CCL has been the topic of a number of research reports. Stifel Nicolaus lowered their target price on shares of Carnival from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, March 11th. HSBC upgraded shares of Carnival from a "hold" rating to a "buy" rating and decreased their price target for the stock from $33.60 to $30.10 in a research note on Monday, March 30th. Weiss Ratings downgraded shares of Carnival from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, May 18th. Mizuho upped their target price on shares of Carnival from $38.00 to $39.00 and gave the company an "outperform" rating in a report on Friday, March 27th. Finally, Truist Financial decreased their target price on shares of Carnival from $30.00 to $29.00 and set a "hold" rating for the company in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Carnival currently has a consensus rating of "Moderate Buy" and an average price target of $34.80.

Carnival Company 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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