State of New Jersey Common Pension Fund D bought a new position in shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) during the second quarter, according to its most recent filing with the SEC. The institutional investor bought 512,000 shares of the company’s stock, valued at approximately $55,926,000.
Several other hedge funds have also made changes to their positions in RCL. Vanguard Group Inc. boosted its stake in shares of Royal Caribbean Cruises by 3.5% in the first quarter. Vanguard Group Inc. now owns 16,504,950 shares of the company’s stock worth $1,619,301,000 after buying an additional 555,260 shares during the period. BlackRock Inc. boosted its stake in shares of Royal Caribbean Cruises by 3,290.6% in the first quarter. BlackRock Inc. now owns 10,359,358 shares of the company’s stock worth $1,016,356,000 after buying an additional 10,053,823 shares during the period. State Street Corp boosted its stake in shares of Royal Caribbean Cruises by 3.3% in the first quarter. State Street Corp now owns 7,057,591 shares of the company’s stock worth $692,420,000 after buying an additional 223,444 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Royal Caribbean Cruises by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,911,924 shares of the company’s stock worth $285,711,000 after buying an additional 290,536 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of Royal Caribbean Cruises by 18.0% in the first quarter. Ameriprise Financial Inc. now owns 1,994,407 shares of the company’s stock worth $195,677,000 after buying an additional 303,850 shares during the period. Hedge funds and other institutional investors own 71.23% of the company’s stock.
Shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) opened at 119.92 on Friday. The stock has a market cap of $25.80 billion, a price-to-earnings ratio of 16.82 and a beta of 1.06. Royal Caribbean Cruises Ltd. has a 52-week low of $65.10 and a 52-week high of $120.47. The stock’s 50 day moving average is $111.74 and its 200 day moving average is $102.72.
Royal Caribbean Cruises (NYSE:RCL) last released its earnings results on Tuesday, August 1st. The company reported $1.71 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the company posted $1.09 earnings per share. The company’s revenue was up 4.3% compared to the same quarter last year. On average, equities analysts predict that Royal Caribbean Cruises Ltd. will post $7.43 EPS for the current fiscal year.
Royal Caribbean Cruises announced that its board has approved a share buyback program on Friday, April 28th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 2.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
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RCL has been the topic of a number of research reports. Zacks Investment Research cut shares of Royal Caribbean Cruises from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Stifel Nicolaus upped their price target on shares of Royal Caribbean Cruises from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Goldman Sachs Group, Inc. (The) upped their price target on shares of Royal Caribbean Cruises from $90.00 to $94.00 and gave the stock a “sell” rating in a research note on Monday, May 1st. Berenberg Bank reiterated a “buy” rating and issued a $135.00 price target on shares of Royal Caribbean Cruises in a research note on Thursday. Finally, J P Morgan Chase & Co upgraded shares of Royal Caribbean Cruises from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $111.00 to $130.00 in a research note on Thursday, July 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Royal Caribbean Cruises currently has an average rating of “Buy” and an average target price of $116.94.
In related news, Director Bernt Reitan sold 4,793 shares of Royal Caribbean Cruises stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $117.22, for a total transaction of $561,835.46. Following the completion of the sale, the director now owns 7,862 shares of the company’s stock, valued at $921,583.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard D. Fain sold 210,706 shares of Royal Caribbean Cruises stock in a transaction dated 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 sale, the chief executive officer now directly owns 967,741 shares of the company’s stock, valued at approximately $112,093,440.03. The disclosure for this sale can be found here. Insiders have sold 255,499 shares of company stock valued at $29,315,711 in the last ninety days. Corporate 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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