By otakuyassine3@gmail.com 
Allspring Global Investments Holdings LLC cut its position in Royal Caribbean Cruises Ltd. (NYSE:RCL – Free Report) by 22.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 129,186 shares of the company’s stock after selling 36,919 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Royal Caribbean Cruises were worth $29,608,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new stake in Royal Caribbean Cruises in the third quarter valued at approximately $26,000. Safe Harbor Fiduciary LLC bought a new position in shares of Royal Caribbean Cruises in the 3rd quarter worth $27,000. Bay Harbor Wealth Management LLC acquired a new stake in Royal Caribbean Cruises in the 4th quarter valued at $36,000. ORG Wealth Partners LLC bought a new stake in Royal Caribbean Cruises during the 4th quarter valued at $40,000. Finally, LRI Investments LLC acquired a new position in Royal Caribbean Cruises during the third quarter worth $31,000. 87.53% of the stock is owned by institutional investors.
Royal Caribbean Cruises Price Performance
Shares of NYSE RCL opened at $262.99 on Friday. The company has a current ratio of 0.17, a quick ratio of 0.15 and a debt-to-equity ratio of 2.39. The stock has a fifty day simple moving average of $243.57 and a two-hundred day simple moving average of $208.77. Royal Caribbean Cruises Ltd. has a 1-year low of $113.10 and a 1-year high of $277.08. The firm has a market cap of $70.71 billion, a price-to-earnings ratio of 24.60, a price-to-earnings-growth ratio of 1.00 and a beta of 2.59.
Royal Caribbean Cruises (NYSE:RCL – Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.13. Royal Caribbean Cruises had a return on equity of 48.97% and a net margin of 17.46%. During the same quarter in the prior year, the business posted $1.25 earnings per share. Analysts anticipate that Royal Caribbean Cruises Ltd. will post 14.96 earnings per share for the current year.
Royal Caribbean Cruises announced that its board has initiated a stock buyback program on Wednesday, February 12th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Royal Caribbean Cruises Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 7th will be paid a dividend of $0.75 per share. This is a boost from Royal Caribbean Cruises’s previous quarterly dividend of $0.55. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Friday, March 7th. Royal Caribbean Cruises’s dividend payout ratio is presently 20.58%.
Insider Buying and Selling
In other news, EVP Harri U. Kulovaara sold 3,256 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $234.62, for a total value of $763,922.72. Following the completion of the transaction, the executive vice president now directly owns 22,348 shares of the company’s stock, valued at $5,243,287.76. This trade represents a 12.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arne Alexander Wilhelmsen sold 230,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $233.62, for a total value of $53,732,600.00. Following the sale, the director now owns 18,556,860 shares in the company, valued at approximately $4,335,253,633.20. The trade was a 1.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 392,109 shares of company stock valued at $92,652,468. Company insiders own 7.95% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on RCL. Morgan Stanley lifted their price objective on shares of Royal Caribbean Cruises from $210.00 to $225.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Bank of America lifted their price target on Royal Caribbean Cruises from $210.00 to $240.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Stifel Nicolaus increased their price objective on Royal Caribbean Cruises from $250.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Truist Financial lifted their target price on Royal Caribbean Cruises from $204.00 to $272.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Finally, Barclays increased their price target on Royal Caribbean Cruises from $287.00 to $308.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $284.12.
Check Out Our Latest Report on Royal Caribbean Cruises
Royal Caribbean Cruises Profile
Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd.
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