Bessemer Group Inc. Lowers Stock Position in Carnival Corporation $CCL

Bessemer Group Inc. reduced its stake in shares of Carnival Corporation (NYSE:CCL) by 68.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 8,500,463 shares of the company’s stock after selling 18,090,978 shares during the period. Bessemer Group Inc.’s holdings in Carnival were worth $259,603,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BOCHK Asset Management Ltd bought a new stake in Carnival during the 4th quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC bought a new stake in Carnival during the 3rd quarter valued at approximately $25,000. Newbridge Financial Services Group Inc. raised its stake in Carnival by 381.0% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 962 shares of the company’s stock valued at $29,000 after purchasing an additional 762 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its stake in Carnival by 182.0% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,021 shares of the company’s stock valued at $30,000 after purchasing an additional 659 shares during the period. Finally, LRI Investments LLC bought a new stake in Carnival during the 3rd quarter valued at approximately $30,000. Institutional investors own 67.19% of the company’s stock.

Wall Street Analyst Weigh In

CCL has been the topic of several recent analyst reports. Morgan Stanley raised Carnival from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $33.00 to $31.00 in a research note on Thursday, March 19th. Sanford C. Bernstein decreased their target price on Carnival from $33.00 to $28.70 and set a “market perform” rating on the stock in a research note on Monday, March 30th. Stifel Nicolaus decreased their target price on Carnival from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Mizuho lifted their target price on Carnival from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Friday, March 27th. Finally, Susquehanna decreased their target price on Carnival from $40.00 to $30.00 and set a “positive” rating on the stock in a research note on Monday, March 23rd. Twenty investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Carnival presently has an average rating of “Moderate Buy” and a consensus price target of $34.37.

Carnival Stock Performance

NYSE:CCL opened at $25.20 on Friday. The company has a debt-to-equity ratio of 1.82, a current ratio of 0.30 and a quick ratio of 0.26. Carnival Corporation has a 1 year low of $21.62 and a 1 year high of $34.03. The stock’s 50 day simple moving average is $26.21 and its two-hundred day simple moving average is $28.14. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 1.11 and a beta of 2.33.

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

Carnival Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Monday, May 18th will be issued a $0.15 dividend. The ex-dividend date is Monday, May 18th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.4%. Carnival’s payout ratio is 26.67%.

Insider Activity at Carnival

In other news, Director Sir Jonathon Band sold 11,988 shares of Carnival stock in a transaction that occurred 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 transaction, the director owned 52,601 shares in the company, valued at approximately $1,377,620.19. The trade was a 18.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 12,000 shares of company stock valued at $314,265. 7.90% of the stock is currently owned by 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.