Royal Caribbean Cruises Ltd. (NYSE:RCL) Stake Reduced by Cornerstone Financial Partners LLC

Cornerstone Financial Partners LLC lowered its position in Royal Caribbean Cruises Ltd. (NYSE:RCL) by 16.4% during the second quarter, Holdings Channel reports. The firm owned 4,278 shares of the company’s stock after selling 839 shares during the period. Cornerstone Financial Partners LLC’s holdings in Royal Caribbean Cruises were worth $468,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Oakbrook Investments LLC boosted its position in shares of Royal Caribbean Cruises by 18.4% in the second quarter. Oakbrook Investments LLC now owns 13,670 shares of the company’s stock worth $1,493,000 after buying an additional 2,120 shares during the period. Sheets Smith Wealth Management bought a new position in shares of Royal Caribbean Cruises during the second quarter worth about $290,000. BTIM Corp. bought a new position in shares of Royal Caribbean Cruises during the second quarter worth about $328,000. First Quadrant L P CA bought a new position in shares of Royal Caribbean Cruises during the second quarter worth about $10,725,000. Finally, Aperio Group LLC boosted its position in shares of Royal Caribbean Cruises by 6.8% in the second quarter. Aperio Group LLC now owns 52,656 shares of the company’s stock worth $5,752,000 after buying an additional 3,342 shares during the period. Hedge funds and other institutional investors own 71.14% of the company’s stock.

Shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) traded down 0.30% during midday trading on Friday, reaching $114.91. The company had a trading volume of 1,467,887 shares. The stock’s 50 day moving average is $110.94 and its 200-day moving average is $100.78. The stock has a market capitalization of $24.71 billion, a PE ratio of 17.76 and a beta of 1.06. Royal Caribbean Cruises Ltd. has a 12-month low of $65.10 and a 12-month high of $116.20.

Royal Caribbean Cruises (NYSE:RCL) last announced its quarterly earnings results on Friday, April 28th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.07. The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.02 billion. Royal Caribbean Cruises had a return on equity of 15.91% and a net margin of 16.29%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. On average, equities research analysts predict that Royal Caribbean Cruises Ltd. will post $7.24 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Friday, June 2nd were issued a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $1.92 annualized dividend and a yield of 1.67%. Royal Caribbean Cruises’s payout ratio is currently 29.68%.

Royal Caribbean Cruises declared that its Board of Directors has initiated a stock repurchase program on Friday, April 28th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

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A number of equities analysts have issued reports on the company. J P Morgan Chase & Co upgraded Royal Caribbean Cruises from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $111.00 to $130.00 in a report on Thursday. Zacks Investment Research cut Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. ValuEngine upgraded Royal Caribbean Cruises from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Wells Fargo & Company restated an “outperform” rating and set a $119.50 target price (up previously from $117.50) on shares of Royal Caribbean Cruises in a report on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and sixteen have given a buy rating to the stock. Royal Caribbean Cruises presently has an average rating of “Buy” and a consensus target price of $105.31.

In other Royal Caribbean Cruises news, CEO Richard D. Fain sold 20,000 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $107.77, for a total value of $2,155,400.00. Following the transaction, the chief executive officer now owns 1,007,741 shares in the company, valued at $108,604,247.57. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Harri U. Kulovaara sold 7,527 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $110.00, for a total value of $827,970.00. Following the completion of the transaction, the executive vice president now owns 29,667 shares in the company, valued at approximately $3,263,370. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,527 shares of company stock worth $5,175,770. Corporate insiders own 15.30% of the company’s stock.

Royal Caribbean Cruises Company Profile

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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