Carnival PLC (NYSE:CUK) shares dropped 2.5% during mid-day trading on Friday . The stock traded as low as $45.75 and last traded at $46.04, with a volume of 446,388 shares. The stock had previously closed at $47.24.

Separately, Zacks Investment Research upgraded shares of Carnival PLC from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Thursday, April 28th.

The stock has a market cap of $34.34 billion and a PE ratio of 15.88. The stock has a 50-day moving average of $47.75 and a 200 day moving average of $50.33.

In other news, CEO Michael Olaf Thamm sold 9,590 shares of Carnival PLC stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of GBX 49.58 ($0.64), for a total transaction of £4,754.72 ($6,167.75). Following the transaction, the chief executive officer now directly owns 52,721 shares of the company’s stock, valued at approximately £26,139.07 ($33,907.21). The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

A number of hedge funds and institutional investors have bought and sold shares of CUK. Cibc World Markets Corp acquired a new position in Carnival PLC during the fourth quarter worth approximately $23,802,000. Bank of Montreal Can boosted its position in Carnival PLC by 7,092.6% in the fourth quarter. Bank of Montreal Can now owns 37,689 shares of the company’s stock worth $2,145,000 after buying an additional 37,165 shares in the last quarter. Morgan Stanley boosted its position in Carnival PLC by 31.9% in the fourth quarter. Morgan Stanley now owns 51,694 shares of the company’s stock worth $2,942,000 after buying an additional 12,515 shares in the last quarter. Todd Asset Management LLC boosted its position in Carnival PLC by 77.9% in the fourth quarter. Todd Asset Management LLC now owns 298,820 shares of the company’s stock worth $17,009,000 after buying an additional 130,862 shares in the last quarter. Finally, Sei Investments Co. boosted its position in Carnival PLC by 343.8% in the fourth quarter. Sei Investments Co. now owns 54,532 shares of the company’s stock worth $3,104,000 after buying an additional 42,245 shares in the last quarter.

Carnival plc is a leisure travel company. The Company’s segments include North America, and Europe, and Australia & Asia (EAA). Its North America segment includes Carnival Cruise Lines, Princess Cruises (Princess), Holland America Line and Seabourn. Its EAA segment includes Costa Cruises (Costa), AIDA Cruises (AIDA), P&O Cruises (United Kingdom), P&O Cruises (Australia) and Cunard.

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