Royal Caribbean Cruises’ (NYSE:RCL) “Outperform” Rating Reaffirmed at Wedbush
Wedbush reissued their outperform rating on shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) in a report published on Tuesday. The brokerage currently has a $129.00 price objective on the stock, up from their previous price objective of $125.00.
Several other brokerages have also issued reports on RCL. Zacks Investment Research lowered Royal Caribbean Cruises from a buy rating to a hold rating in a research report on Wednesday, June 21st. Stifel Nicolaus boosted their target price on Royal Caribbean Cruises from $115.00 to $125.00 and gave the company a buy rating in a research report on Monday, May 1st. Goldman Sachs Group, Inc. (The) boosted their target price on Royal Caribbean Cruises from $90.00 to $94.00 and gave the company a sell rating in a research report on Monday, May 1st. Berenberg Bank restated a buy rating and set a $135.00 target price on shares of Royal Caribbean Cruises in a research report on Thursday, August 3rd. Finally, J P Morgan Chase & Co upgraded Royal Caribbean Cruises from a neutral rating to an overweight rating and boosted their target price for the company from $111.00 to $130.00 in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nineteen have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $117.23.
Royal Caribbean Cruises (RCL) traded down 0.08% on Tuesday, reaching $117.22. The company’s stock had a trading volume of 1,787,406 shares. The firm has a 50-day moving average of $113.22 and a 200-day moving average of $104.26. Royal Caribbean Cruises has a one year low of $65.10 and a one year high of $121.47. The company has a market capitalization of $25.22 billion, a PE ratio of 16.45 and a beta of 1.06.
Royal Caribbean Cruises (NYSE:RCL) last announced its earnings results on Tuesday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.67 by $0.04. Royal Caribbean Cruises had a return on equity of 16.71% and a net margin of 17.73%. The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the business earned $1.09 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Analysts predict that Royal Caribbean Cruises will post $7.44 EPS for the current year.
Royal Caribbean Cruises declared that its Board of Directors has initiated a share repurchase program on Friday, April 28th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, CEO Richard D. Fain sold 20,000 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $107.77, for a total transaction of $2,155,400.00. Following the transaction, the chief executive officer now directly owns 1,007,741 shares of the company’s stock, valued at $108,604,247.57. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Richard D. Fain sold 210,706 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $115.83, for a total value of $24,406,075.98. Following the transaction, the chief executive officer now directly owns 967,741 shares in the company, valued at $112,093,440.03. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 452,499 shares of company stock worth $52,583,811. Insiders own 15.30% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Teachers Advisors LLC increased its position in shares of Royal Caribbean Cruises by 8.6% in the fourth quarter. Teachers Advisors LLC now owns 235,140 shares of the company’s stock worth $19,291,000 after buying an additional 18,638 shares during the last quarter. Macquarie Group Ltd. increased its position in Royal Caribbean Cruises by 162.9% in the fourth quarter. Macquarie Group Ltd. now owns 62,100 shares of the company’s stock valued at $5,094,000 after buying an additional 38,483 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its position in Royal Caribbean Cruises by 3.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 144,593 shares of the company’s stock valued at $14,186,000 after buying an additional 4,735 shares during the last quarter. Bank of Montreal Can increased its position in Royal Caribbean Cruises by 39.2% in the first quarter. Bank of Montreal Can now owns 128,095 shares of the company’s stock valued at $12,568,000 after buying an additional 36,056 shares during the last quarter. Finally, Spirit of America Management Corp NY purchased a new position in Royal Caribbean Cruises during the first quarter valued at about $422,000. 71.67% of the stock is currently owned by institutional investors and hedge funds.
About Royal Caribbean Cruises
Royal Caribbean Cruises Ltd. is a cruise company. The Company owns and operates three global cruise brands: Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises (Global Brands). The Company also own joint venture interest in the German brand TUI Cruises, interest in the Spanish brand Pullmantur and interest in the Chinese brand SkySea Cruises (collectively, Partner Brands).
Receive News & Ratings for Royal Caribbean Cruises Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Caribbean Cruises Ltd. and related companies with Analyst Ratings Network's FREE daily email newsletter.