Citigroup Raises Price Target for Carnival Co. Stock

Carnival Co. & (NYSE:CCL - Get Free Report) has received an upgraded price target from Citigroup, which increased its estimate from $30.00 to $31.00 in a research report made available to clients and investors on Monday. Citigroup has assigned a "buy" rating to the stock, suggesting a potential increase in value based on this new price target. Currently, this target indicates a possible upside of 20.34% from the stock's previous closing price.

In addition to Citigroup's update, several other financial institutions have also recently shared their insights on Carnival Co. & (NYSE:CCL). Goldman Sachs raised their target price from $24.00 to $32.00 while maintaining a "buy" rating in a report released on December 10th. Meanwhile, Mizuho increased their price target from $26.00 to $32.00, labeling the stock as "outperform" in a report on December 5th. Morgan Stanley adjusted their target from $15.00 to $16.50, but they hold an "underweight" rating as of October 1st. Additionally, Bank of America lifted their price target from $24.00 to $28.00, also giving a "buy" rating on November 13th. However, HSBC Global Research downgraded Carnival Co. to a "moderate sell" rating on September 3rd.

As per MarketBeat data, there is currently a mix of ratings for Carnival Co. One analyst has provided a sell rating on the stock, while three others labeled it as a hold. A majority, totaling fourteen analysts, have given it a strong buy rating. The stock has a consensus rating classified as "Moderate Buy" along with a consensus target price of $26.85.

Carnival Co. Stock Performance

On Monday, shares of NYSE:CCL fluctuated, decreasing by $1.04 and reaching a trading volume of 23,382,035 shares. This is compared to the company's average trading volume of 28,696,057. Presently, Carnival Co.& has a market capitalization of $29.73 billion, a P/E ratio of 23.00, and a beta of 2.67. The stock's fifty-day simple moving average stands at $24.03, while the two-hundred-day simple moving average is at $19.51. In terms of debt, the company has a debt-to-equity ratio of 3.10 and liquidity ratios (quick ratio of 0.26 and current ratio of 0.30). Over the past year, the company’s stock has seen a low of $13.78 and a high of $27.17.

Recently, Carnival Co. & announced its quarterly earnings on December 20th, reporting earnings per share (EPS) of $0.14, surpassing the analysts' expectations of $0.08. The company's revenue for the quarter was recorded at $5.94 billion, which met the anticipated expectation. In comparison to the same quarter last year, the company's revenue witnessed an impressive 10.0% increase. The previous year, during the same quarter, they had reported an EPS of ($0.07). Analysts project that Carnival Co. & is expected to report an EPS of 1.33 for the current fiscal year.

Insider Trading Activity

Moreover, there have been some movements with insider trading at Carnival Co. &. Recently, Director Sir Jonathon Band sold 17,500 shares of company stock during a transaction that took place on October 29th. The shares were sold for an average price of $21.72, amounting to a total value of $380,100. Post-sale, the director holds 65,789 shares valued at approximately $1,428,937.08, marking a 21.01% decrease in his stock holdings. This transaction has been documented in a legal filing with the SEC. As a note, corporate insiders own around 11.00% of Carnival's stock.

Institutional Investor Activity

In terms of institutional involvement, several investors have recently bought and sold shares of Carnival Co. Ashton Thomas Securities LLC established a new stake during the third quarter, valued at approximately $25,000. Hantz Financial Services Inc. and Assetmark Inc. also acquired new holdings, worth about $30,000 and increasing their position, respectively. Additionally, CVA Family Office LLC raised its share count by 163.9%, now owning 1,940 shares, valued at around $36,000. Institutional investors and hedge funds collectively own 67.19% of Carnival Co. &'s stock.

About Carnival Co. &

Carnival Corporation & plc specializes in providing leisure travel services not only in North America but also in Australia, Europe, Asia, and beyond. The company operates through four main segments: NAA Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. Carnival Co. & also manages port destinations, private islands, and various accommodations, which include hotels and motor coaches.

Carnival, Citigroup, Stock