Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Carnival Corporation (NYSE:CCL)

Key Points

• Zurcher Kantonalbank increased its holdings in Carnival Corporation by 5.8%, owning 528,015 shares worth approximately $10.31 million as of the last quarter.
• Carnival Corporation reported earnings of $0.35 per share for the latest quarter, exceeding estimates and achieving a 9.5% year-over-year revenue growth.
• Analysts have positive outlooks for Carnival, with Citigroup recently raising its price target from $30.00 to $37.00 and many others maintaining a "buy" or "hold" rating.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Carnival Corporation (NYSE:CCL - Free Report) by 5.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 528,015 shares of the company's stock after buying an additional 29,035 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Carnival were worth $10,312,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CCL. Graybill Wealth Management LTD. acquired a new position in shares of Carnival in the first quarter worth $26,000. Measured Risk Portfolios Inc. acquired a new position in shares of Carnival in the fourth quarter worth $29,000. Orion Capital Management LLC acquired a new position in shares of Carnival during the fourth quarter worth $30,000. Dunhill Financial LLC grew its stake in shares of Carnival by 1,125.0% during the first quarter. Dunhill Financial LLC now owns 1,862 shares of the company's stock worth $36,000 after purchasing an additional 1,710 shares in the last quarter. Finally, Wealthquest Corp acquired a new position in shares of Carnival during the first quarter worth $36,000. Institutional investors and hedge funds own 67.19% of the company's stock.

Analysts Set New Price Targets

CCL has been the subject of a number of analyst reports. HSBC upgraded shares of Carnival from a "reduce" rating to a "hold" rating and set a $24.00 target price for the company in a research note on Friday, May 16th. Wall Street Zen upgraded shares of Carnival from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Bank of America boosted their target price on shares of Carnival from $31.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Macquarie lowered their target price on shares of Carnival from $31.00 to $26.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, Stifel Nicolaus boosted their target price on shares of Carnival from $33.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Carnival currently has an average rating of "Moderate Buy" and an average price target of $30.71.

Carnival Stock Performance

Shares of NYSE CCL traded down $0.71 during midday trading on Friday, reaching $29.06. 26,863,895 shares of the company were exchanged, compared to its average volume of 19,550,636. The company has a current ratio of 0.34, a quick ratio of 0.30 and a debt-to-equity ratio of 2.58. Carnival Corporation has a 1 year low of $13.78 and a 1 year high of $31.01. The stock has a fifty day simple moving average of $26.72 and a 200 day simple moving average of $23.58. The stock has a market cap of $33.92 billion, a P/E ratio of 15.71, a PEG ratio of 0.67 and a beta of 2.70.

Carnival (NYSE:CCL - Get Free Report) last issued its earnings results 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 business 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 company's revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.11 EPS. On average, research analysts forecast that Carnival Corporation will post 1.77 earnings per share for the current fiscal year.

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.