BlackRock Fund Advisors recently announced the acquisition of new stake in Carnival Corp. (NYSE:CCL). The institutional investor has increased its shareholding in the Consumer Cyclical company by 1.88% to 46.06 million shares with purchase of 0.85 million shares. This fresh investment now brings its stake to 4.11% valued currently at $853.89 million. In addition, SSgA Funds Management, Inc. raised its holdings by 10817.0 to 37.92 million shares. And Bessemer Investment Management LL has lifted its position by 0.00% or 252.0 shares – to 35.75 million shares.
With over 24.42 million Carnival Corp. (CCL) shares trading Friday and a closing price of $16.96 on the day, the dollar volume was approximately $414.18 million. The shares have shown a negative half year performance of -1.57% and its price on 01/12/24 lost nearly -3.25%. Currently, there are 1.11B common shares owned by the public and among those 983.60M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for CCL have a consensus price objective of $20.22. The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $7.00. The average price target is 16.12% above its recent price level and a downside to the estimated low will see the stock lose -142.29% over that period. But an upside of 32.16% will see the stock hit the forecast high price target while median target price for the stock is $22.00.
Insiders at the company have transacted a total of 97 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 68 of these insider trades were purchases, accounting for 4,140,643 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 452,594 shares.
The top 3 mutual fund holders in Carnival Corp. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 31.52 million shares of the company’s stock, all valued at over $584.44 million. The company bought an additional 39477.0 shares recently to bring their total holdings to about 2.82% of the shares outstanding. Vanguard 500 Index Fund bought 0.11 million shares to see its total holdings expand to 24.32 million shares valued at over $450.82 million and representing 2.17% of the shares outstanding. Vanguard Mid Cap Index Fund bought 22370.0 shares to bring its total holdings to over 22.83 million shares at a value of $423.19 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.04% of the shares outstanding.
However, the script later moved the day high at 17.53, down -3.25%. The company’s stock has a 5-day price change of -2.14% and 34.60% over the past three months. CCL shares are trading -8.52% year to date (YTD), with the 12-month market performance up to 72.01% higher. It has a 12-month low price of $8.37 and touched a high of $19.74 over the same period. CCL has an average intraday trading volume of 30.25 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.08%, 6.49%, and 18.54% respectively.
Institutional ownership of Carnival Corp. (NYSE: CCL) shares accounts for 47.61% of the company’s 1.11B shares outstanding. Mutual fund holders own 30.26%, while other institutional holders and individual stakeholders account for 7.69% and 23.67% respectively.
It has a market capitalization of $21.43B and a beta (3y monthly) value of 2.59. The earnings-per-share (ttm) stands at -$0.12. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.64% over the week and 3.68% over the month.
Analysts forecast that Carnival Corp. (CCL) will achieve an EPS of -$0.19 for the current quarter, $0.02 for the next quarter and $1.35 for 2025. The lowest estimate earnings-per-share for the quarter is -$0.22 while analysts give the company a high EPS estimate of -$0.13. Comparatively, EPS for the current quarter was -$0.55 a year ago.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Carnival Corp. (CCL) as a “Strong Buy” at a consensus score of 1.75. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 2 of the 20 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the CCL, a number of firms have released research notes about the stock. Wells Fargo stated their Overweight rating for the stock in a research note on January 05, 2024, with the firm’s price target at $22.
