VIRGINIA RETIREMENT SYSTEMS ET Al Increases Stock Holdings in Carnival Corporation $CCL

Key Points

• Virginia Retirement Systems ET Al increased its Carnival stake by 83.4% in the fourth quarter, lifting holdings to 1,385,600 shares worth about $42.3 million.
• Wall Street sentiment on Carnival remains positive overall, with 20 analysts rating the stock a Buy and an average price target of $34.37, even as several firms trimmed their targets.
• Carnival reported stronger-than-expected quarterly results and announced a quarterly dividend of $0.15 per share, equal to a 2.4% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of Carnival Corporation (NYSE:CCL - Free Report) by 83.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,385,600 shares of the company's stock after buying an additional 630,200 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.12% of Carnival worth $42,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CCL. BOCHK Asset Management Ltd purchased a new stake in Carnival during the 4th quarter valued at about $25,000. Measured Wealth Private Client Group LLC purchased a new stake in Carnival during the 3rd quarter valued at about $25,000. Newbridge Financial Services Group Inc. grew its stake in Carnival by 381.0% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 962 shares of the company's stock valued at $29,000 after purchasing an additional 762 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in Carnival by 182.0% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,021 shares of the company's stock valued at $30,000 after purchasing an additional 659 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in Carnival during the 3rd quarter valued at about $30,000. 67.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CCL. HSBC upgraded Carnival from a "hold" rating to a "buy" rating and dropped their price target for the company from $33.60 to $30.10 in a research note on Monday, March 30th. Morgan Stanley upgraded Carnival from an "equal weight" rating to an "overweight" rating and dropped their price target for the company from $33.00 to $31.00 in a research note on Thursday, March 19th. UBS Group dropped their price target on Carnival from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, April 13th. The Goldman Sachs Group dropped their price target on Carnival from $34.00 to $30.00 and set a "buy" rating on the stock in a research note on Wednesday, March 11th. Finally, Barclays dropped their price target on Carnival from $37.00 to $36.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 24th. Twenty equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $34.37.

Insiders Place Their Bets

In related news, Director Sir Jonathon Band sold 11,988 shares of the company's stock in a transaction dated 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 transaction, the director owned 52,601 shares of the company's stock, valued at approximately $1,377,620.19. This represents a 18.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 12,000 shares of company stock valued at $314,265. Corporate insiders own 7.90% of the company's stock.

Carnival Stock Down 2.3%

Shares of CCL opened at $24.85 on Wednesday. Carnival Corporation has a 52 week low of $21.62 and a 52 week high of $34.03. The company has a quick ratio of 0.26, a current ratio of 0.30 and a debt-to-equity ratio of 1.82. The company has a market capitalization of $30.79 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 1.13 and a beta of 2.33. The stock's 50-day moving average price is $26.36 and its 200-day moving average price is $28.20.

Carnival (NYSE:CCL - Get Free Report) last issued its earnings results on Friday, March 27th. The company reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.02. Carnival had a return on equity of 26.92% and a net margin of 11.48%.The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.13 billion. During the same quarter in the prior year, the business earned $0.13 earnings per share. The company's revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts predict that Carnival Corporation will post 2.21 EPS for the current year.

Carnival Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Monday, May 18th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. Carnival's dividend payout ratio is presently 26.67%.

Carnival Company 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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