Wells Fargo & Company Has Lowered Expectations for Carnival (NYSE:CCL) Stock Price

Carnival (NYSE:CCL) had its price objective cut by Wells Fargo & Company from $40.00 to $37.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 51.65% from the company’s previous close.

A number of other research analysts also recently commented on CCL. Bank of America boosted their target price on Carnival from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Truist Financial lowered their price target on Carnival from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Stifel Nicolaus reduced their target price on shares of Carnival from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Susquehanna cut their price target on shares of Carnival from $40.00 to $30.00 and set a “positive” rating on the stock in a report on Monday, March 23rd. Finally, Citigroup upped their price objective on shares of Carnival from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. Twenty investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.35.

Carnival Stock Up 0.9%

Shares of CCL stock traded up $0.21 during trading on Monday, hitting $24.40. 8,105,645 shares of the company were exchanged, compared to its average volume of 23,816,674. The business’s 50-day simple moving average is $28.95 and its 200 day simple moving average is $28.82. Carnival has a twelve month low of $15.07 and a twelve month high of $34.03. The firm has a market capitalization of $30.23 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 1.07 and a beta of 2.42. The company has a debt-to-equity ratio of 1.82, a quick ratio of 0.26 and a current ratio of 0.30.

Carnival (NYSE:CCL) last released its quarterly earnings data on Friday, March 27th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.13 billion. Carnival had a net margin of 11.48% and a return on equity of 26.92%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 EPS. As a group, analysts forecast that Carnival will post 1.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Carnival

Several large investors have recently added to or reduced their stakes in the company. BOCHK Asset Management Ltd acquired a new stake in Carnival during the fourth quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC bought a new position in Carnival in the 3rd quarter valued at $25,000. Lloyd Advisory Services LLC. acquired a new stake in Carnival in the fourth quarter worth about $26,000. Evolution Wealth Management Inc. bought a new stake in shares of Carnival during the second quarter worth approximately $25,000. Finally, Newbridge Financial Services Group Inc. raised its position in shares of 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 acquiring an additional 762 shares during the last quarter. Institutional investors and hedge funds own 67.19% of the company’s stock.

About Carnival

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.