TD Asset Management Inc Cuts Stake in Carnival Corporation (NYSE:CCL)

Key Points

• TD Asset Management Inc reduced its position in Carnival Corporation by 13.6%, owning 774,392 shares after selling 122,380 shares in the first quarter.
• Several research firms have recently updated their ratings for Carnival, with Bank of America predicting a price target increase to $38.00 and a consensus rating of "Moderate Buy" among analysts.
• Carnival reported earnings of $0.35 EPS for the last quarter, exceeding expectations, and showed a 9.5% year-over-year revenue increase to $6.33 billion.

TD Asset Management Inc cut its holdings in shares of Carnival Corporation (NYSE:CCL - Free Report) by 13.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 774,392 shares of the company's stock after selling 122,380 shares during the period. TD Asset Management Inc owned about 0.07% of Carnival worth $15,124,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. HB Wealth Management LLC raised its holdings in Carnival by 5.0% during the 1st quarter. HB Wealth Management LLC now owns 26,409 shares of the company's stock worth $516,000 after purchasing an additional 1,254 shares during the last quarter. Mediolanum International Funds Ltd raised its holdings in Carnival by 500.5% during the 1st quarter. Mediolanum International Funds Ltd now owns 114,516 shares of the company's stock worth $2,275,000 after purchasing an additional 95,446 shares during the last quarter. Cetera Investment Advisers raised its holdings in Carnival by 4.0% during the 1st quarter. Cetera Investment Advisers now owns 262,856 shares of the company's stock worth $5,134,000 after purchasing an additional 10,125 shares during the last quarter. Black Swift Group LLC bought a new position in Carnival during the 1st quarter worth approximately $2,217,000. Finally, AE Wealth Management LLC raised its holdings in Carnival by 9.9% during the 1st quarter. AE Wealth Management LLC now owns 26,606 shares of the company's stock worth $520,000 after purchasing an additional 2,391 shares during the last quarter. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Carnival Stock Down 2.4%

CCL traded down $0.71 during mid-day trading on Friday, reaching $29.06. 26,863,895 shares of the stock were exchanged, compared to its average volume of 19,550,636. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.30 and a current ratio of 0.34. The stock has a market capitalization of $33.92 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 0.67 and a beta of 2.70. The company has a 50 day moving average price of $26.72 and a two-hundred day moving average price of $23.58. Carnival Corporation has a 1 year low of $13.78 and a 1 year high of $31.01.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CCL. Morgan Stanley lifted their price objective on shares of Carnival from $21.00 to $24.00 and gave the company an "equal weight" rating in a research note on Thursday, June 26th. Northcoast Research began coverage on shares of Carnival in a research note on Friday, April 25th. They issued a "neutral" rating for the company. Tigress Financial lifted their price objective on shares of Carnival from $32.00 to $38.00 and gave the company a "buy" rating in a research note on Tuesday. Wall Street Zen upgraded shares of Carnival from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Finally, TD Cowen began coverage on shares of Carnival in a research note on Tuesday, July 22nd. They issued a "buy" rating and a $36.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $30.71.

About Carnival

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.