Primecap Management Co. CA Has $729.06 Million Position in Royal Caribbean Cruises Ltd. (NYSE:RCL)

Key Points

• Primecap Management Co. CA reduced its stake in Royal Caribbean Cruises Ltd. by 16.9% in the 1st quarter, resulting in ownership of approximately $729 million in shares.
• Royal Caribbean Cruises reported earnings of $4.38 per share, exceeding analysts' expectations of $4.04, while also achieving a 10.4% increase in revenue compared to the previous year.
• The stock received multiple analyst upgrades with a consensus rating of "Moderate Buy" and an average target price set at $321.10.

Primecap Management Co. CA reduced its stake in shares of Royal Caribbean Cruises Ltd. (NYSE:RCL - Free Report) by 16.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,548,768 shares of the company's stock after selling 719,890 shares during the quarter. Primecap Management Co. CA owned about 1.31% of Royal Caribbean Cruises worth $729,059,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Capital International Investors grew its position in shares of Royal Caribbean Cruises by 0.9% during the 4th quarter. Capital International Investors now owns 29,712,610 shares of the company's stock worth $6,854,905,000 after buying an additional 278,860 shares during the period. Vanguard Group Inc. grew its position in shares of Royal Caribbean Cruises by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 28,674,763 shares of the company's stock worth $5,890,943,000 after buying an additional 602,447 shares during the period. Bank of New York Mellon Corp grew its position in shares of Royal Caribbean Cruises by 21.8% during the 1st quarter. Bank of New York Mellon Corp now owns 2,991,079 shares of the company's stock worth $614,487,000 after buying an additional 535,043 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Royal Caribbean Cruises by 24.0% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,653,258 shares of the company's stock worth $612,080,000 after buying an additional 513,702 shares during the period. Finally, Northern Trust Corp grew its position in shares of Royal Caribbean Cruises by 15.6% during the 4th quarter. Northern Trust Corp now owns 2,364,794 shares of the company's stock worth $545,534,000 after buying an additional 319,264 shares during the period. 87.53% of the stock is currently owned by institutional investors and hedge funds.

Royal Caribbean Cruises Stock Down 1.4%

RCL stock opened at $311.42 on Wednesday. The company has a current ratio of 0.23, a quick ratio of 0.21 and a debt-to-equity ratio of 1.88. The firm has a market capitalization of $84.59 billion, a PE ratio of 23.34, a PEG ratio of 0.89 and a beta of 2.22. Royal Caribbean Cruises Ltd. has a 1-year low of $145.59 and a 1-year high of $355.91. The business's 50 day simple moving average is $305.25 and its 200 day simple moving average is $255.00.

Royal Caribbean Cruises (NYSE:RCL - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $4.38 earnings per share for the quarter, topping analysts' consensus estimates of $4.04 by $0.34. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.54 billion. Royal Caribbean Cruises had a return on equity of 47.15% and a net margin of 20.97%. The firm's revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.21 EPS. As a group, research analysts anticipate that Royal Caribbean Cruises Ltd. will post 14.9 EPS for the current year.

Insider Buying and Selling

In related news, CAO Henry L. Pujol sold 5,207 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $329.47, for a total transaction of $1,715,550.29. Following the transaction, the chief accounting officer directly owned 7,826 shares of the company's stock, valued at approximately $2,578,432.22. The trade was a 39.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard D. Fain sold 19,600 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $253.10, for a total value of $4,960,760.00. Following the transaction, the director directly owned 165,421 shares in the company, valued at $41,868,055.10. The trade was a 10.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.95% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RCL has been the topic of several recent analyst reports. TD Cowen initiated coverage on Royal Caribbean Cruises in a report on Tuesday, July 22nd. They set a "buy" rating and a $405.00 price objective on the stock. Barclays lifted their price objective on Royal Caribbean Cruises from $263.00 to $358.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Citigroup lifted their price objective on Royal Caribbean Cruises from $390.00 to $399.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Morgan Stanley lifted their price objective on Royal Caribbean Cruises from $220.00 to $230.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price objective on Royal Caribbean Cruises from $302.00 to $367.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $321.10.

About Royal Caribbean Cruises

Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd.

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