Wolfe Research lifts Carnival Corporation & plc [CCL] price estimate. Who else is bullish?

Carnival Corporation & plc [NYSE: CCL] slipped around -1.2 points on Monday, while shares priced at $19.72 at the close of the session, down -5.74%. The company report on July 20, 2021 that Carnival Corporation & plc Announces Successful Results of Tender Offer for its 11.5% Senior Secured Notes Due 2023 Subject to Refinancing Conditions.

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Carnival Corporation & plc announced the successful early results for its consent solicitation and tender offer for purchase of up to approximately $2.0 billion of the 11.5% First Priority Senior Secured Notes, with 85.19% of consents received and $2.4 billion of Notes tendered. As a result, the Supplemental Indenture was executed. The tender offer remains subject to financing conditions.

Carnival Corporation & plc announced the successful early results of Carnival Corporation’s (the “Issuer”) previously announced Tender Offer to purchase for cash up to $2,004,000,000 aggregate principal amount of its 11.5% First Priority Senior Secured Notes due 2023 (the “Notes”) (CUSIP Nos. 143658 BC5 / P2121V AE4; ISIN Nos. US143658BC57 / USP2121VAE40) and a solicitation of Consents for proposed amendments to the Indenture governing the Notes. The Tender Offer and the Consent Solicitation have been made upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated July 6, 2021 (the “Statement”).

Carnival Corporation & plc stock is now -8.96% down from its year-to-date (YTD) trading value. CCL Stock saw the intraday high of $20.295 and lowest of $19.19 per share. The company’s 52-week high price is 31.52, which means current price is +9.80% above from all time high which was touched on 06/08/21.

Compared to the average trading volume of 27.28M shares, CCL reached a trading volume of 84411405 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Carnival Corporation & plc [CCL]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CCL shares is $28.48 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CCL stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wolfe Research have made an estimate for Carnival Corporation & plc shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on June 16, 2021. While these analysts kept the previous recommendation, Credit Suisse raised their target price from $18 to $40. The new note on the price target was released on April 09, 2021, representing the official price target for Carnival Corporation & plc stock. Previously, the target price had yet another raise to $33, while Argus analysts kept a Buy rating on CCL stock.

The Average True Range (ATR) for Carnival Corporation & plc is set at 1.09, with the Price to Sales ratio for CCL stock in the period of the last 12 months amounting to 166.49. The Price to Book ratio for the last quarter was 1.25, with the Price to Cash per share for the same quarter was set at 7.79.

How has CCL stock performed recently?

Carnival Corporation & plc [CCL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -17.35. With this latest performance, CCL shares dropped by -30.61% in over the last four-week period, additionally sinking by -5.15% over the last 6 months – not to mention a rise of 27.47% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CCL stock in for the last two-week period is set at 18.78, with the RSI for the last a single of trading hit 12.09, and the three-weeks RSI is set at 25.07 for Carnival Corporation & plc [CCL]. The present Moving Average for the last 50 days of trading for this stock 27.15, while it was recorded at 21.60 for the last single week of trading, and 23.11 for the last 200 days.

Carnival Corporation & plc [CCL]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Carnival Corporation & plc [CCL] shares currently have an operating margin of -84.99 and a Gross Margin at -52.26. Carnival Corporation & plc’s Net Margin is presently recorded at -182.95.

Return on Total Capital for CCL is now -11.08, given the latest momentum, and Return on Invested Capital for the company is -25.91. Return on Equity for this stock declined to -44.58, with Return on Assets sitting at -20.75. When it comes to the capital structure of this company, Carnival Corporation & plc [CCL] has a Total Debt to Total Equity ratio set at 138.07. Additionally, CCL Total Debt to Total Capital is recorded at 58.00, with Total Debt to Total Assets ending up at 52.95. Long-Term Debt to Equity for the company is recorded at 113.86, with the Long-Term Debt to Total Capital now at 47.82.

Receivables Turnover for the company is 12.85 with a Total Asset Turnover recorded at a value of 0.11.Carnival Corporation & plc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.20.

Insider trade positions for Carnival Corporation & plc [CCL]

There are presently around $10,170 million, or 52.60% of CCL stock, in the hands of institutional investors. The top three institutional holders of CCL stocks are: VANGUARD GROUP INC with ownership of 84,332,262, which is approximately 33.728% of the company’s market cap and around 0.20% of the total institutional ownership; PUBLIC INVESTMENT FUND, holding 50,830,926 shares of the stock with an approximate value of $1.0 billion in CCL stocks shares; and BLACKROCK INC., currently with $890.06 million in CCL stock with ownership of nearly 18.865% of the company’s market capitalization.

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Positions in Carnival Corporation & plc stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 477 institutional holders increased their position in Carnival Corporation & plc [NYSE:CCL] by around 93,142,560 shares. Additionally, 277 investors decreased positions by around 70,005,814 shares, while 126 investors held positions by with 352,563,400 shares. The mentioned changes placed institutional holdings at 515,711,774 shares, according to the latest SEC report filing. CCL stock had 134 new institutional investments in for a total of 17,810,672 shares, while 84 institutional investors sold positions of 16,049,542 shares during the same period.

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