CIBC Asset Management Inc Buys 109,196 Shares of Carnival Corporation $CCL

CIBC Asset Management Inc raised its holdings in Carnival Corporation (NYSE:CCL) by 73.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 256,924 shares of the company’s stock after buying an additional 109,196 shares during the quarter. CIBC Asset Management Inc’s holdings in Carnival were worth $7,846,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CCL. Wellington Management Group LLP grew its position in shares of Carnival by 99.6% in the 3rd quarter. Wellington Management Group LLP now owns 12,159,619 shares of the company’s stock worth $351,535,000 after buying an additional 6,066,336 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Carnival by 50.7% during the third quarter. Dimensional Fund Advisors LP now owns 14,510,016 shares of the company’s stock valued at $419,573,000 after purchasing an additional 4,883,024 shares in the last quarter. Norges Bank bought a new stake in shares of Carnival during the fourth quarter valued at approximately $124,201,000. Causeway Capital Management LLC boosted its position in shares of Carnival by 9.6% during the third quarter. Causeway Capital Management LLC now owns 31,912,001 shares of the company’s stock valued at $922,576,000 after purchasing an additional 2,783,927 shares in the last quarter. Finally, Alua Capital Management LP bought a new stake in shares of Carnival during the third quarter valued at approximately $68,557,000. 67.19% of the stock is currently owned by institutional investors.

Carnival Stock Down 1.5%

CCL stock opened at $27.43 on Friday. Carnival Corporation has a 1-year low of $22.11 and a 1-year high of $34.03. The business has a fifty day moving average price of $26.59 and a 200-day moving average price of $28.06. The company has a debt-to-equity ratio of 1.82, a current ratio of 0.30 and a quick ratio of 0.26. The stock has a market capitalization of $33.98 billion, a P/E ratio of 12.19, a P/E/G ratio of 1.24 and a beta of 2.32.

Carnival (NYSE:CCL) last issued its quarterly earnings data on Friday, March 27th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.18 by $0.02. Carnival had a return on equity of 26.92% and a net margin of 11.48%.The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.13 billion. During the same quarter in the previous year, the company posted $0.13 earnings per share. Carnival’s revenue was up 6.1% compared to the same quarter last year. Equities analysts forecast that Carnival Corporation will post 2.21 earnings per share for the current fiscal year.

Carnival Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.60 annualized dividend and a dividend yield of 2.2%. Carnival’s payout ratio is presently 26.67%.

Analyst Ratings Changes

Several research firms recently weighed in on CCL. Weiss Ratings lowered Carnival from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 18th. Susquehanna dropped their price target on Carnival from $40.00 to $30.00 and set a “positive” rating on the stock in a research report on Monday, March 23rd. The Goldman Sachs Group lowered their price objective on Carnival from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. TD Cowen lifted their price objective on Carnival from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Truist Financial lowered their price objective on Carnival from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.80.

Insider Buying and Selling at Carnival

In related news, Director Sir Jonathon Band sold 11,988 shares of Carnival stock in a transaction on 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 sale, the director owned 52,601 shares of the company’s stock, valued at $1,377,620.19. The trade was a 18.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bettina Alejandra Deynes sold 43,058 shares of Carnival stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $28.10, for a total value of $1,209,929.80. Following the completion of the sale, the insider directly owned 69,238 shares of the company’s stock, valued at $1,945,587.80. The trade was a 38.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 55,058 shares of company stock valued at $1,524,195 in the last ninety days. 7.90% of the stock is currently owned by corporate insiders.

Carnival 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.