Panagora Asset Management Inc. Sells 1,502,224 Shares of Carnival Corporation $CCL

Key Points

• Panagora Asset Management Inc. reduced its stake in Carnival Corporation by 53.2%, selling over 1.5 million shares, and now holds approximately 1.32 million shares valued at $25.76 million.
• Multiple hedge funds have increased their holdings in Carnival, with SouthState Corp leading with a 9.8% increase in shares owned during the first quarter.
• Analysts have raised Carnival's price target, with Barclays setting it at $33.00 and Tigress Financial at $38.00, indicating a positive outlook for the stock.

Panagora Asset Management Inc. decreased its stake in shares of Carnival Corporation (NYSE:CCL - Free Report) by 53.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,319,115 shares of the company's stock after selling 1,502,224 shares during the period. Panagora Asset Management Inc. owned 0.11% of Carnival worth $25,762,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CCL. The Manufacturers Life Insurance Company lifted its position in shares of Carnival by 2.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 627,132 shares of the company's stock worth $15,628,000 after purchasing an additional 16,529 shares during the last quarter. Lido Advisors LLC lifted its holdings in shares of Carnival by 3.5% during the fourth quarter. Lido Advisors LLC now owns 41,057 shares of the company's stock worth $1,023,000 after buying an additional 1,374 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Carnival in the fourth quarter valued at approximately $733,000. Mercer Global Advisors Inc. ADV grew its stake in shares of Carnival by 5.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 614,229 shares of the company's stock worth $15,307,000 after acquiring an additional 33,323 shares during the last quarter. Finally, Advanced Portfolio Management LLC acquired a new stake in shares of Carnival in the fourth quarter worth $3,738,000. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Carnival Stock Up 1.7%

CCL stock traded up $0.53 during mid-day trading on Thursday, hitting $31.86. 7,699,998 shares of the company were exchanged, compared to its average volume of 23,215,166. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.30 and a current ratio of 0.34. Carnival Corporation has a 1-year low of $15.07 and a 1-year high of $32.77. The firm's 50 day simple moving average is $29.75 and its 200 day simple moving average is $24.22. The firm has a market cap of $37.19 billion, a P/E ratio of 17.21, a P/E/G ratio of 0.71 and a beta of 2.70.

Carnival (NYSE:CCL - Get Free Report) last released its earnings results on Tuesday, June 24th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. Carnival had a return on equity of 27.88% and a net margin of 9.72%.The firm had revenue of $6.33 billion for the quarter, compared to analysts' expectations of $6.20 billion. During the same quarter in the previous year, the business posted $0.11 EPS. The business's quarterly revenue was up 9.5% compared to the same quarter last year. Carnival has set its FY 2025 guidance at 1.970-1.970 EPS. Q3 2025 guidance at 1.300-1.300 EPS. On average, sell-side analysts predict that Carnival Corporation will post 1.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CCL shares. Hsbc Global Res upgraded Carnival from a "moderate sell" rating to a "hold" rating in a research note on Friday, May 16th. Loop Capital restated a "hold" rating and set a $22.00 price target on shares of Carnival in a research report on Monday, June 23rd. Citigroup lifted their price objective on Carnival from $30.00 to $37.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Bank of America boosted their price objective on Carnival from $31.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, Mizuho raised their price target on shares of Carnival from $33.00 to $35.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Thirteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Carnival has an average rating of "Moderate Buy" and an average target price of $30.71.

Insider Activity

In other Carnival news, Director Sir Jonathon Band sold 12,500 shares of Carnival stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $29.75, for a total transaction of $371,875.00. Following the completion of the transaction, the director directly owned 64,406 shares of the company's stock, valued at $1,916,078.50. The trade was a 16.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 7.60% of the company's stock.

Carnival Company Profile

Carnival Corp. engages in the operation of cruise ships. It operates through the following business segments: North America and Australia (NAA) Cruise, Europe and Asia (EA) Cruise Operations, Cruise Support, and Tour and Others. The North America and Australia (NAA) Cruise segment includes the Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn.