Pinebridge Investments LLC Invests $14.20 Million in Carnival Corporation $CCL

Key Points

• Pinebridge Investments LLC opened a new position in Carnival in the fourth quarter, buying 464,813 shares valued at about $14.2 million.
• Carnival reported better-than-expected quarterly results, with EPS of $0.20 versus $0.18 expected and revenue of $6.17 billion, up 6.1% year over year.
• Despite recent insider selling and a modest 1.5% stock decline, analysts still largely rate CCL a Moderate Buy, with an average price target of $34.80.

Pinebridge Investments LLC acquired a new position in Carnival Corporation (NYSE:CCL - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 464,813 shares of the company's stock, valued at approximately $14,195,000.

Other institutional investors have also recently modified their holdings of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in Carnival during the third quarter worth about $1,291,000. Swedbank AB grew its holdings in Carnival by 10.0% during the fourth quarter. Swedbank AB now owns 519,939 shares of the company's stock worth $15,879,000 after acquiring an additional 47,070 shares during the period. Vanguard Group Inc. grew its holdings in Carnival by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 128,133,282 shares of the company's stock worth $3,913,190,000 after acquiring an additional 368,445 shares during the period. Russell Investments Group Ltd. grew its holdings in Carnival by 5.6% during the third quarter. Russell Investments Group Ltd. now owns 1,774,765 shares of the company's stock worth $51,867,000 after acquiring an additional 93,565 shares during the period. Finally, Nordea Investment Management AB grew its holdings in Carnival by 42.8% during the fourth quarter. Nordea Investment Management AB now owns 2,126,893 shares of the company's stock worth $65,487,000 after acquiring an additional 637,605 shares during the period. 67.19% of the stock is currently owned by hedge funds and other institutional investors.

Carnival Stock Down 1.5%

Shares of CCL opened at $27.43 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.26 and a debt-to-equity ratio of 1.82. Carnival Corporation has a 12 month low of $22.11 and a 12 month high of $34.03. The stock's 50 day moving average is $26.59 and its two-hundred day moving average is $28.06. The firm has a market cap of $33.98 billion, a P/E ratio of 12.19, a PEG ratio of 1.22 and a beta of 2.32.

Carnival (NYSE:CCL - Get Free Report) last issued 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 return on equity of 26.92% and a net margin of 11.48%.The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.13 billion. During the same period last year, the company earned $0.13 earnings per share. Carnival's quarterly revenue was up 6.1% compared to the same quarter last year. Analysts predict that Carnival Corporation will post 2.21 earnings per share for the current fiscal year.

Carnival Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Monday, May 18th. Carnival's dividend payout ratio (DPR) is presently 26.67%.

Insider Activity at Carnival

In other Carnival news, insider Bettina Alejandra Deynes sold 43,058 shares of the firm's stock in a transaction that occurred 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 sale, the insider directly owned 69,238 shares of the company's stock, valued at approximately $1,945,587.80. This trade represents a 38.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sir Jonathon Band sold 11,988 shares of Carnival stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $26.19, for a total value of $313,965.72. Following the completion of the sale, the director directly owned 52,601 shares in the company, valued at $1,377,620.19. This represents a 18.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 55,058 shares of company stock worth $1,524,195. 7.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CCL has been the topic of several analyst reports. HSBC raised 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. Mizuho raised 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. TD Cowen raised their target price on Carnival from $33.00 to $34.00 and gave the stock a "buy" rating in a report on Friday, May 15th. The Goldman Sachs Group dropped their target price on Carnival from $34.00 to $30.00 and set a "buy" rating on the stock in a report on Wednesday, March 11th. Finally, Barclays lowered their target price on shares of Carnival from $37.00 to $36.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $34.80.

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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