SunTrust Banks Research Analysts Lower Earnings Estimates for Carnival Corp (CCL)

Carnival Corp (NYSE:CCL) – Research analysts at SunTrust Banks lowered their FY2018 EPS estimates for shares of Carnival in a report released on Tuesday, June 26th. SunTrust Banks analyst P. Scholes now anticipates that the company will post earnings of $4.23 per share for the year, down from their previous forecast of $4.40. SunTrust Banks currently has a “Buy” rating and a $79.00 target price on the stock. SunTrust Banks also issued estimates for Carnival’s Q4 2018 earnings at $0.73 EPS, Q4 2019 earnings at $0.87 EPS and FY2019 earnings at $4.90 EPS.

Carnival (NYSE:CCL) last posted its earnings results on Monday, June 25th. The company reported $0.68 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.09. The business had revenue of $4.36 billion during the quarter, compared to analyst estimates of $4.32 billion. Carnival had a return on equity of 12.31% and a net margin of 15.40%. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS.

Other analysts have also issued research reports about the company. Stifel Nicolaus reduced their target price on Carnival from $81.00 to $78.00 and set a “buy” rating for the company in a report on Tuesday. Zacks Investment Research raised Carnival from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a report on Tuesday, May 22nd. Deutsche Bank reduced their target price on Carnival from $71.00 to $68.00 and set a “hold” rating for the company in a report on Tuesday. ValuEngine lowered Carnival from a “hold” rating to a “sell” rating in a report on Wednesday, June 6th. Finally, Barclays reduced their target price on Carnival from $77.00 to $72.00 and set an “overweight” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $75.01.

Carnival opened at $57.31 on Thursday, Marketbeat Ratings reports. The firm has a market capitalization of $30.81 billion, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 0.91 and a beta of 0.86. Carnival has a 12 month low of $56.79 and a 12 month high of $72.70. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.24 and a quick ratio of 0.14.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Friday, May 25th were issued a $0.50 dividend. The ex-dividend date was Thursday, May 24th. This represents a $2.00 annualized dividend and a dividend yield of 3.49%. This is a positive change from Carnival’s previous quarterly dividend of $0.45. Carnival’s payout ratio is presently 52.36%.

In related news, CEO Arnold W. Donald sold 5,000 shares of Carnival stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $64.49, for a total value of $322,450.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Arnaldo Perez sold 7,000 shares of Carnival stock in a transaction on Monday, April 16th. The stock was sold at an average price of $64.01, for a total value of $448,070.00. The disclosure for this sale can be found here. Insiders sold 22,000 shares of company stock valued at $1,402,020 in the last ninety days. 23.80% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in Carnival by 5.5% during the first quarter. BlackRock Inc. now owns 31,448,549 shares of the company’s stock valued at $2,062,397,000 after purchasing an additional 1,644,059 shares during the period. OppenheimerFunds Inc. grew its holdings in Carnival by 15.6% during the first quarter. OppenheimerFunds Inc. now owns 9,178,493 shares of the company’s stock valued at $601,926,000 after purchasing an additional 1,236,840 shares during the period. Two Sigma Advisers LP grew its holdings in Carnival by 48.7% during the fourth quarter. Two Sigma Advisers LP now owns 2,569,310 shares of the company’s stock valued at $170,525,000 after purchasing an additional 841,421 shares during the period. Alliancebernstein L.P. grew its holdings in Carnival by 8.8% during the fourth quarter. Alliancebernstein L.P. now owns 1,927,835 shares of the company’s stock valued at $127,950,000 after purchasing an additional 156,469 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in Carnival by 1.6% during the first quarter. Wells Fargo & Company MN now owns 1,896,152 shares of the company’s stock valued at $124,349,000 after purchasing an additional 29,670 shares during the period. 76.92% of the stock is owned by institutional investors.

About Carnival

Carnival Corporation operates as a leisure travel and cruise company. It offers cruises under the Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn brands in North America; and AIDA, Costa, P&O Cruises (Australia), Cunard, and P&O Cruises (UK) brands in Europe, Australia, and Asia.

Earnings History and Estimates for Carnival (NYSE:CCL)

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