Royal Caribbean Cruises (NYSE:RCL) Price Target Raised to $399.00 at Citigroup

Key Points

• Citigroup raised its price target for Royal Caribbean Cruises (NYSE:RCL) from $390 to $399, indicating a potential upside of 19.39% based on the stock’s previous close. The brokerage maintains a "buy" rating on the stock.
• Royal Caribbean reported a quarterly EPS of $4.38, surpassing analysts' expectations of $4.04, while revenue increased by 10.4% year-over-year.
• Investment analysts have a consensus rating of "Moderate Buy" for RCL, with 18 analysts issuing buy ratings and 5 giving hold ratings; the average price target stands at $321.10.

Royal Caribbean Cruises (NYSE:RCL - Free Report) had its price objective boosted by Citigroup from $390.00 to $399.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. William Blair reaffirmed an "outperform" rating on shares of Royal Caribbean Cruises in a research report on Wednesday, July 23rd. Jefferies Financial Group raised their price objective on Royal Caribbean Cruises from $235.00 to $315.00 and gave the company a "hold" rating in a research report on Monday, July 7th. Barclays raised their price objective on Royal Caribbean Cruises from $263.00 to $358.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Macquarie dropped their price objective on Royal Caribbean Cruises from $300.00 to $265.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, Morgan Stanley raised their price objective on Royal Caribbean Cruises from $220.00 to $230.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $321.10.

Royal Caribbean Cruises Stock Down 1.5%

Shares of RCL traded down $4.65 during midday trading on Wednesday, reaching $313.22. 1,091,611 shares of the stock were exchanged, compared to its average volume of 2,571,060. Royal Caribbean Cruises has a 52 week low of $130.08 and a 52 week high of $355.91. The company has a current ratio of 0.23, a quick ratio of 0.15 and a debt-to-equity ratio of 1.88. The company's 50 day moving average is $301.16 and its two-hundred day moving average is $253.21. The company has a market capitalization of $85.06 billion, a P/E ratio of 23.44, a PEG ratio of 0.93 and a beta of 2.17.

Royal Caribbean Cruises (NYSE:RCL - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $4.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.04 by $0.34. Royal Caribbean Cruises had a return on equity of 47.15% and a net margin of 20.97%. The business had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the prior year, the company earned $3.21 EPS. The business's revenue was up 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Royal Caribbean Cruises will post 14.9 earnings per share for the current year.

Royal Caribbean Cruises Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 4th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.0%. Royal Caribbean Cruises's payout ratio is 22.49%.

Insider Activity

In other news, Director Richard D. Fain sold 19,600 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $253.10, for a total value of $4,960,760.00. Following the completion of the transaction, the director directly owned 165,421 shares in the company, valued at $41,868,055.10. This trade represents a 10.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 6.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Frazier Financial Advisors LLC raised its position in Royal Caribbean Cruises by 27.1% during the second quarter. Frazier Financial Advisors LLC now owns 136 shares of the company's stock valued at $43,000 after acquiring an additional 29 shares in the last quarter. Prosperity Financial Group Inc. raised its position in Royal Caribbean Cruises by 0.5% during the second quarter. Prosperity Financial Group Inc. now owns 6,936 shares of the company's stock valued at $2,172,000 after acquiring an additional 32 shares in the last quarter. CX Institutional raised its position in Royal Caribbean Cruises by 1.4% during the second quarter. CX Institutional now owns 2,423 shares of the company's stock valued at $759,000 after acquiring an additional 34 shares in the last quarter. Tritonpoint Wealth LLC raised its position in Royal Caribbean Cruises by 0.8% during the second quarter. Tritonpoint Wealth LLC now owns 4,531 shares of the company's stock valued at $1,422,000 after acquiring an additional 38 shares in the last quarter. Finally, Valeo Financial Advisors LLC raised its position in Royal Caribbean Cruises by 1.0% during the second quarter. Valeo Financial Advisors LLC now owns 3,823 shares of the company's stock valued at $1,197,000 after acquiring an additional 39 shares in the last quarter. 87.53% of the stock is currently owned by hedge funds and other institutional investors.

Royal Caribbean Cruises Company 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.