Private Advisor Group LLC Trims Stock Holdings in Carnival Corporation (NYSE:CCL)

Key Points

• Private Advisor Group LLC reduced its stake in Carnival Corporation by 11.7%, selling 10,187 shares and holding a total of 76,650 shares valued at approximately $1.5 million.
• Several analysts have upgraded Carnival's stock, with Citigroup raising the price target from $30.00 to $37.00 and reiterating a "buy" rating.
• Carnival reported earnings of $0.35 per share, surpassing estimates, and its revenue increased by 9.5% year-over-year, totaling $6.33 billion.

Private Advisor Group LLC lowered its position in Carnival Corporation (NYSE:CCL - Free Report) by 11.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 76,650 shares of the company's stock after selling 10,187 shares during the period. Private Advisor Group LLC's holdings in Carnival were worth $1,497,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Graybill Wealth Management LTD. purchased a new position in Carnival in the 1st quarter valued at $26,000. Measured Risk Portfolios Inc. acquired a new position in shares of Carnival during the 4th quarter valued at about $29,000. Orion Capital Management LLC acquired a new position in shares of Carnival during the 4th quarter valued at about $30,000. Dunhill Financial LLC boosted its position in shares of Carnival by 1,125.0% during the 1st quarter. Dunhill Financial LLC now owns 1,862 shares of the company's stock valued at $36,000 after acquiring an additional 1,710 shares during the last quarter. Finally, Wealthquest Corp acquired a new position in shares of Carnival during the 1st quarter valued at about $36,000. Hedge funds and other institutional investors own 67.19% of the company's stock.

Carnival Stock Down 0.1%

NYSE:CCL traded down $0.03 during trading hours on Friday, hitting $29.75. The company's stock had a trading volume of 13,057,685 shares, compared to its average volume of 22,977,866. The stock has a market capitalization of $34.73 billion, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 0.67 and a beta of 2.61. 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 stock has a fifty day moving average of $26.02 and a 200-day moving average of $23.39. Carnival Corporation has a 52-week low of $13.78 and a 52-week high of $31.01.

Carnival (NYSE:CCL - Get Free Report) last announced its quarterly earnings results on Tuesday, June 24th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The firm had revenue of $6.33 billion during 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 firm's quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 earnings per share. On average, equities analysts forecast that Carnival Corporation will post 1.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CCL. Truist Financial boosted their price target on shares of Carnival from $27.00 to $31.00 and gave the company a "hold" rating in a research report on Monday, July 21st. Morgan Stanley boosted their price target on shares of Carnival from $21.00 to $24.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. Hsbc Global Res raised shares of Carnival from a "moderate sell" rating to a "hold" rating in a research report on Friday, May 16th. Bank of America boosted their price objective on shares of Carnival from $31.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday. Finally, TD Cowen began coverage on shares of Carnival in a report on Tuesday. They issued a "buy" rating and a $36.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.35.

Carnival 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.