Equities researchers at Goldman Sachs Group, Inc. (The) started coverage on shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) in a research report issued on Monday, July 24th, The Fly reports. The brokerage set a “neutral” rating on the stock.
Other analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of Royal Caribbean Cruises from a “hold” rating to a “buy” rating and set a $126.00 target price on the stock in a research report on Wednesday, June 7th. Stifel Nicolaus upped their target price on shares of Royal Caribbean Cruises from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, May 1st. J P Morgan Chase & Co upgraded shares of Royal Caribbean Cruises from a “neutral” rating to an “overweight” rating and upped their target price for the company from $111.00 to $130.00 in a research report on Thursday, July 20th. Wedbush upped their target price 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. Finally, Bank of America Corporation assumed coverage on shares of Royal Caribbean Cruises in a research report on Monday, July 24th. They set a “neutral” rating and a $123.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $117.23.
Royal Caribbean Cruises (NYSE RCL) traded down 0.34% during mid-day trading on Monday, hitting $118.81. The stock had a trading volume of 1,747,300 shares. The firm’s 50-day moving average price is $114.34 and its 200-day moving average price is $105.11. Royal Caribbean Cruises has a 1-year low of $65.10 and a 1-year high of $122.96. The stock has a market cap of $25.56 billion, a PE ratio of 16.67 and a beta of 1.06.
Royal Caribbean Cruises (NYSE:RCL) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.67 by $0.04. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Royal Caribbean Cruises had a net margin of 17.73% and a return on equity of 16.71%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.09 EPS. On average, equities analysts expect that Royal Caribbean Cruises will post $7.44 earnings per share for the current year.
Royal Caribbean Cruises announced that its board has approved a share buyback plan on Friday, April 28th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 2.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
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In related news, CEO Richard D. Fain sold 20,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $118.95, for a total transaction of $2,379,000.00. Following the completion of the sale, the chief executive officer now owns 947,741 shares of the company’s stock, valued at $112,733,791.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lawrence R. Pimentel sold 17,000 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $120.50, for a total transaction of $2,048,500.00. Following the completion of the transaction, the chief executive officer now directly owns 20,045 shares of the company’s stock, valued at approximately $2,415,422.50. The disclosure for this sale can be found here. Insiders have sold 460,079 shares of company stock valued at $53,714,055 in the last three months. 15.30% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in 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 in the last quarter. Vanguard Group Inc. boosted its position in Royal Caribbean Cruises by 4.1% in the second quarter. Vanguard Group Inc. now owns 17,178,558 shares of the company’s stock worth $1,876,413,000 after buying an additional 673,608 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Royal Caribbean Cruises by 1,754.5% in the second quarter. PNC Financial Services Group Inc. now owns 684,387 shares of the company’s stock worth $74,756,000 after buying an additional 647,483 shares in the last quarter. Capital Growth Management LP bought a new position in Royal Caribbean Cruises during the second quarter worth about $61,933,000. Finally, American Century Companies Inc. boosted its position in Royal Caribbean Cruises by 9,025.9% in the second quarter. American Century Companies Inc. now owns 531,677 shares of the company’s stock worth $58,075,000 after buying an additional 525,851 shares in the last quarter. 72.26% of the stock is 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).
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