Wedge Capital Management L L P NC Sells 28,120 Shares of Royal Caribbean Cruises Ltd. (NYSE:RCL)

Wedge Capital Management L L P NC reduced its holdings in shares of Royal Caribbean Cruises Ltd. (NYSE:RCL - Free Report) by 13.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 180,537 shares of the company's stock after selling 28,120 shares during the quarter. Wedge Capital Management L L P NC owned 0.07% of Royal Caribbean Cruises worth $37,090,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Brown Brothers Harriman & Co. lifted its holdings in shares of Royal Caribbean Cruises by 618.8% in the fourth quarter. Brown Brothers Harriman & Co. now owns 115 shares of the company's stock worth $27,000 after acquiring an additional 99 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in Royal Caribbean Cruises during the 4th quarter worth approximately $35,000. Truvestments Capital LLC bought a new position in Royal Caribbean Cruises in the 4th quarter valued at approximately $36,000. Capital A Wealth Management LLC acquired a new stake in Royal Caribbean Cruises in the fourth quarter valued at approximately $40,000. Finally, Atlantic Edge Private Wealth Management LLC grew its stake in shares of Royal Caribbean Cruises by 100.0% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 200 shares of the company's stock worth $46,000 after buying an additional 100 shares during the last quarter. 87.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Richard D. Fain sold 19,600 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $253.10, for a total transaction of $4,960,760.00. Following the transaction, the director now directly owns 165,421 shares in the company, valued at approximately $41,868,055.10. The trade was a 10.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.95% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RCL shares. Citigroup increased their price target on Royal Caribbean Cruises from $268.00 to $318.00 and gave the company a "buy" rating in a research note on Thursday. Northcoast Research began coverage on shares of Royal Caribbean Cruises in a report on Friday, April 25th. They set a "buy" rating and a $279.00 price target on the stock. Morgan Stanley increased 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. UBS Group set a $311.00 target price on Royal Caribbean Cruises and gave the stock a "buy" rating in a report on Tuesday, May 20th. Finally, Macquarie decreased their price target on Royal Caribbean Cruises from $300.00 to $265.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Royal Caribbean Cruises presently has an average rating of "Moderate Buy" and a consensus target price of $276.90.

Royal Caribbean Cruises Stock Down 0.9%

Shares of NYSE RCL traded down $2.39 during midday trading on Monday, hitting $273.95. 2,109,676 shares of the stock traded hands, compared to its average volume of 2,280,475. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.15 and a current ratio of 0.17. Royal Caribbean Cruises Ltd. has a one year low of $130.08 and a one year high of $279.79. The business has a 50 day moving average price of $224.35 and a two-hundred day moving average price of $232.99. The company has a market cap of $74.39 billion, a PE ratio of 25.63, a P/E/G ratio of 0.90 and a beta of 2.14.

Royal Caribbean Cruises (NYSE:RCL - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $2.71 EPS for the quarter, beating analysts' consensus estimates of $2.53 by $0.18. The business had revenue of $4 billion during the quarter, compared to analyst estimates of $4.02 billion. Royal Caribbean Cruises had a net margin of 17.46% and a return on equity of 48.97%. Royal Caribbean Cruises's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.77 EPS. On average, equities analysts predict that Royal Caribbean Cruises Ltd. will post 14.9 EPS for the current year.

Royal Caribbean Cruises declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 12th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Royal Caribbean Cruises Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 4th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.10%. Royal Caribbean Cruises's payout ratio is 24.92%.

Royal Caribbean Cruises Profile

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.