Primecap Management Co. CA Sells 102,400 Shares of Carnival Corporation (NYSE:CCL)

Key Points

• Primecap Management Co. has reduced its stake in Carnival Corporation by 1.7% to 5,901,750 shares, valued at approximately $115.26 million.
• Multiple analysts have issued buy ratings and price target increases for Carnival, with a consensus average price target of $30.71 and a rating of "Moderate Buy".
• Carnival reported quarterly earnings of $0.35 EPS, surpassing expectations, with a revenue increase of 9.5% year-over-year.

Primecap Management Co. CA lowered its position in shares of Carnival Corporation (NYSE:CCL - Free Report) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,901,750 shares of the company's stock after selling 102,400 shares during the period. Primecap Management Co. CA owned approximately 0.51% of Carnival worth $115,261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CCL. Vanguard Group Inc. boosted its holdings in shares of Carnival by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 119,505,754 shares of the company's stock valued at $2,333,947,000 after acquiring an additional 2,410,188 shares during the last quarter. Financial Connections Group Inc. boosted its holdings in Carnival by 23,173.3% in the first quarter. Financial Connections Group Inc. now owns 70,518 shares of the company's stock worth $1,377,000 after purchasing an additional 70,215 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in Carnival in the first quarter worth approximately $49,000. PNC Financial Services Group Inc. grew its position in Carnival by 1.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 202,302 shares of the company's stock worth $3,951,000 after purchasing an additional 2,133 shares during the period. Finally, Blueshift Asset Management LLC purchased a new stake in Carnival during the 1st quarter valued at $309,000. 67.19% of the stock is currently owned by hedge funds and other institutional investors.

Carnival Price Performance

Shares of CCL traded down $0.64 during trading hours on Friday, reaching $28.37. 18,048,954 shares of the stock traded hands, compared to its average volume of 17,669,816. The company has a market cap of $33.12 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 0.65 and a beta of 2.70. The company has a current ratio of 0.34, a quick ratio of 0.30 and a debt-to-equity ratio of 2.58. The company's 50-day moving average price is $27.33 and its two-hundred day moving average price is $23.71. Carnival Corporation has a 52-week low of $14.49 and a 52-week high of $31.01.

Carnival (NYSE:CCL - Get Free Report) last announced its quarterly earnings data on Tuesday, June 24th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $6.33 billion for the quarter, compared to the consensus estimate of $6.20 billion. Carnival had a return on equity of 27.88% and a net margin of 9.72%. The business's revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 earnings per share. On average, analysts anticipate that Carnival Corporation will post 1.77 earnings per share for the current year.

Insider Buying and Selling

In other Carnival news, Director Sir Jonathon Band sold 12,500 shares of the stock in a transaction that occurred 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 sale, the director directly owned 64,406 shares of the company's stock, valued at $1,916,078.50. This trade represents a 16.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 7.60% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Tigress Financial raised their price target on Carnival from $32.00 to $38.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Wall Street Zen raised Carnival from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Citigroup boosted their price target on Carnival from $30.00 to $37.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Macquarie lowered their price objective on shares of Carnival from $31.00 to $26.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Finally, Loop Capital restated a "hold" rating and set a $22.00 target price on shares of Carnival in a research report on Monday, June 23rd. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Carnival has a consensus rating of "Moderate Buy" and an average target price of $30.71.

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.