Rockefeller Financial Services Inc. reduced its stake in shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) by 3.6% during the second quarter, Holdings Channel reports. The fund owned 1,024,058 shares of the company’s stock after selling 38,041 shares during the period. Royal Caribbean Cruises accounts for approximately 2.2% of Rockefeller Financial Services Inc.’s holdings, making the stock its 10th largest position. Rockefeller Financial Services Inc.’s holdings in Royal Caribbean Cruises were worth $111,858,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisors Preferred LLC bought a new position in shares of Royal Caribbean Cruises during the first quarter valued at about $103,000. NEXT Financial Group Inc boosted its position in shares of Royal Caribbean Cruises by 25.0% in the first quarter. NEXT Financial Group Inc now owns 1,000 shares of the company’s stock valued at $107,000 after buying an additional 200 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Royal Caribbean Cruises during the first quarter valued at about $119,000. Whittier Trust Co. boosted its position in shares of Royal Caribbean Cruises by 24.4% in the first quarter. Whittier Trust Co. now owns 1,266 shares of the company’s stock valued at $124,000 after buying an additional 248 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Royal Caribbean Cruises by 447.1% in the first quarter. Acadian Asset Management LLC now owns 1,778 shares of the company’s stock valued at $174,000 after buying an additional 1,453 shares during the last quarter. Institutional investors and hedge funds own 71.14% of the company’s stock.
Shares of Royal Caribbean Cruises Ltd. (NYSE RCL) traded up 0.489% during trading on Tuesday, hitting $112.035. 641,165 shares of the stock were exchanged. The stock has a market cap of $24.10 billion, a P/E ratio of 17.316 and a beta of 1.06. Royal Caribbean Cruises Ltd. has a 12-month low of $65.10 and a 12-month high of $115.63. The stock has a 50-day moving average of $110.11 and a 200 day moving average of $98.24.
Royal Caribbean Cruises (NYSE:RCL) last issued its quarterly earnings data on Friday, April 28th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. Royal Caribbean Cruises had a net margin of 16.29% and a return on equity of 15.91%. The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. Equities analysts predict that Royal Caribbean Cruises Ltd. will post $7.23 earnings per share for the current fiscal year.
Royal Caribbean Cruises announced that its Board of Directors has approved a stock repurchase program on Friday, April 28th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Friday, June 2nd were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Wednesday, May 31st. Royal Caribbean Cruises’s dividend payout ratio is currently 29.68%.
Several research firms recently commented on RCL. Zacks Investment Research downgraded shares of Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a research report on Wednesday, March 29th. Deutsche Bank AG reduced their price target on shares of Royal Caribbean Cruises from $102.00 to $91.00 and set a “hold” rating for the company in a research report on Tuesday, May 2nd. ValuEngine upgraded shares of Royal Caribbean Cruises from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Wells Fargo & Company reiterated an “outperform” rating and issued a $119.50 price target (up previously from $117.50) on shares of Royal Caribbean Cruises in a research report on Tuesday, May 2nd. Finally, Wedbush upped their price target on shares of Royal Caribbean Cruises from $106.00 to $117.00 and gave the company an “outperform” rating in a research report on Tuesday, April 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $102.57.
In other Royal Caribbean Cruises news, EVP Harri U. Kulovaara sold 7,527 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $110.00, for a total value of $827,970.00. Following the sale, the executive vice president now directly owns 29,667 shares in the company, valued at $3,263,370. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard D. Fain sold 20,000 shares of the business’s stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $109.62, for a total transaction of $2,192,400.00. Following the completion of the sale, the chief executive officer now owns 967,741 shares in the company, valued at $106,083,768.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,527 shares of company stock worth $5,175,770. Company insiders own 15.30% of the company’s stock.
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).
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