Royal Caribbean Cruises Ltd. (RCL) Trading Up 4.1% Following Dividend Announcement
Royal Caribbean Cruises Ltd. (NYSE:RCL)’s share price traded up 4.1% on Tuesday following a dividend announcement from the company. The company traded as high as $68.48 and last traded at $68.15, with a volume of 2,239,079 shares traded. The stock had previously closed at $65.48.
The newly announced dividend which will be paid on Thursday, October 13th. Stockholders of record on Thursday, September 29th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.81%. This is a positive change from Royal Caribbean Cruises’s previous quarterly dividend of $0.38. Royal Caribbean Cruises’s dividend payout ratio is currently 42.98%.
A number of analysts have recently weighed in on the company. Tigress Financial raised Royal Caribbean Cruises to a “buy” rating in a research report on Tuesday, May 31st. Credit Suisse Group AG reiterated a “buy” rating on shares of Royal Caribbean Cruises in a research note on Tuesday, May 24th. Zacks Investment Research downgraded shares of Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Argus downgraded shares of Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a research note on Wednesday, September 7th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of Royal Caribbean Cruises in a research note on Friday, September 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the stock. Royal Caribbean Cruises presently has an average rating of “Buy” and an average price target of $94.13.
The stock’s 50-day moving average price is $69.64 and its 200 day moving average price is $73.72. The company has a market capitalization of $14.73 billion, a P/E ratio of 19.52 and a beta of 1.73.
Royal Caribbean Cruises (NYSE:RCL) last released its earnings results on Tuesday, August 2nd. The company reported $1.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.07. The company earned $2.11 billion during the quarter, compared to the consensus estimate of $2.17 billion. Royal Caribbean Cruises had a net margin of 9.05% and a return on equity of 14.76%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 EPS. Equities analysts anticipate that Royal Caribbean Cruises Ltd. will post $6.08 EPS for the current year.
In related news, Director Vagn O. Sorensen bought 1,100 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was bought at an average price of $70.50 per share, with a total value of $77,550.00. Following the transaction, the director now owns 18,871 shares of the company’s stock, valued at $1,330,405.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Lisa Lutoff-Perlo sold 6,790 shares of Royal Caribbean Cruises stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $74.46, for a total transaction of $505,583.40. Following the completion of the transaction, the chief executive officer now directly owns 34,450 shares of the company’s stock, valued at $2,565,147. The disclosure for this sale can be found here. 16.80% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Primecap Management Co. CA raised its position in Royal Caribbean Cruises by 31.6% in the second quarter. Primecap Management Co. CA now owns 7,721,989 shares of the company’s stock valued at $518,532,000 after buying an additional 1,852,117 shares during the period. Norges Bank acquired a new position in Royal Caribbean Cruises during the fourth quarter valued at approximately $144,680,000. Emerald Acquisition Ltd. acquired a new position in Royal Caribbean Cruises during the second quarter valued at approximately $80,476,000. Suvretta Capital Management LLC acquired a new position in Royal Caribbean Cruises during the first quarter valued at approximately $78,724,000. Finally, MD Sass Investors Services Inc. raised its position in Royal Caribbean Cruises by 1,406.8% in the second quarter. MD Sass Investors Services Inc. now owns 883,334 shares of the company’s stock valued at $59,312,000 after buying an additional 824,709 shares during the period. 75.28% of the stock is owned by institutional investors and hedge funds.
About Royal Caribbean Cruises
Royal Caribbean Cruises Ltd. is a cruise company. The Company owns various brands, such as Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises, CDF Croisieres de France and joint venture interest in TUI Cruises. It operates approximately 23 ships with an aggregate capacity of approximately 68,600 berths under its Royal Caribbean International brand, offering cruise itineraries that range from 2 to 24 nights.
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