Cornerstone Capital Inc. Raises Holdings in Carnival Corp (CCL)

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Cornerstone Capital Inc. increased its stake in shares of Carnival Corp (NYSE:CCL) by 6.2% during the second quarter, Holdings Channel reports. The institutional investor owned 277,715 shares of the company’s stock after acquiring an additional 16,185 shares during the period. Carnival makes up about 2.7% of Cornerstone Capital Inc.’s investment portfolio, making the stock its 21st largest position. Cornerstone Capital Inc.’s holdings in Carnival were worth $15,916,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CCL. CNB Bank boosted its holdings in Carnival by 448.6% in the 1st quarter. CNB Bank now owns 1,942 shares of the company’s stock valued at $127,000 after purchasing an additional 1,588 shares in the last quarter. Private Capital Group LLC boosted its holdings in Carnival by 2,911.6% in the 1st quarter. Private Capital Group LLC now owns 2,078 shares of the company’s stock valued at $136,000 after purchasing an additional 2,009 shares in the last quarter. Signaturefd LLC purchased a new stake in Carnival in the 1st quarter valued at approximately $180,000. Chase Investment Counsel Corp purchased a new stake in Carnival in the 2nd quarter valued at approximately $214,000. Finally, Jump Trading LLC purchased a new stake in Carnival in the 1st quarter valued at approximately $218,000. 75.71% of the stock is currently owned by hedge funds and other institutional investors.

CCL stock opened at $61.20 on Wednesday. Carnival Corp has a 12-month low of $56.45 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 0.20. The company has a market cap of $32.63 billion, a PE ratio of 16.02, a P/E/G ratio of 0.97 and a beta of 0.87.

Carnival (NYSE:CCL) last posted its quarterly earnings results on Monday, June 25th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.09. Carnival had a net margin of 15.40% and a return on equity of 12.31%. The company had revenue of $4.36 billion during the quarter, compared to the consensus estimate of $4.32 billion. During the same period last year, the firm earned $0.52 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. analysts forecast that Carnival Corp will post 4.24 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Friday, August 24th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.27%. Carnival’s payout ratio is 52.36%.

A number of equities research analysts have weighed in on the company. Zacks Investment Research lowered Carnival from a “hold” rating to a “sell” rating in a report on Monday, August 27th. Citigroup lowered their price objective on Carnival from $79.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, August 8th. Goldman Sachs Group set a $71.00 price objective on Carnival and gave the company a “hold” rating in a report on Tuesday, July 10th. Argus lowered Carnival from a “buy” rating to a “hold” rating in a report on Friday, July 6th. Finally, Barclays lowered their price objective on Carnival from $77.00 to $72.00 and set an “overweight” rating on the stock in a report on Wednesday, June 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company. Carnival presently has an average rating of “Buy” and a consensus target price of $74.44.

Carnival Profile

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.

Further Reading: Return on Investment (ROI)

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Institutional Ownership by Quarter for Carnival (NYSE:CCL)

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