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Carnival Corporation & plc (NYSE: CCL)’s Potential for Significant Price Increase in the Near Future

In the last trading session, 18.01 million Carnival Corporation & plc (NYSE:CCL) shares changed hands as the company’s beta touched 2.41. With the company’s per share price at $15.04 changed hands at -$0.15 or -0.99% during last session, the market valuation stood at $19.36B. CCL’s last price was a discount, traded about -29.99% off its 52-week high of $19.55. The share price had its 52-week low at $6.11, which suggests the last value was 59.38% up since then. When we look at Carnival Corporation & plc’s average trading volume, we note the 10-day average is 20.85 million shares, with the 3-month average coming to 34.31 million.

Analysts gave the Carnival Corporation & plc (CCL) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.30. If we narrow down to specifics, the data shows that 3 out of 22 analysts rate the stock as a Sell, with a further 2 assigning it an Overweight rating. Of the remaining, 4 recommended CCL as a Hold, 12 felt it is a Buy and 1 rated the stock as Underweight. Carnival Corporation & plc’s EPS for the current quarter is expected to be $0.76.

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Carnival Corporation & plc (NYSE:CCL) trade information

Instantly CCL was in red as seen at the end of in last trading. With action -2.84%, the performance over the past five days has been red. The drop to weekly highs of 15.78 on Monday, 09/18/23 subtracted -0.99% to the stock’s daily price. The company’s shares are showing year-to-date upside of 86.60%, with the 5-day performance at -2.84% in the red. However, in the 30-day time frame, Carnival Corporation & plc (NYSE:CCL) is -4.81% down. Looking at the short shares, we see there were 106.55 million shares sold at short interest cover period of 4.5 days.

The consensus price target for the stock as assigned by Wall Street analysts is $18.79, meaning bulls need an upside of 19.96% from its current market value. According to analyst projections, CCL’s forecast low is $9.21 with $25.00 as the target high. To hit the forecast high, the stock’s price needs a -66.22% plunge from its current level, while the stock would need to tank 38.76% for it to hit the projected low.

Carnival Corporation & plc (CCL) estimates and forecasts

Data shows that the Carnival Corporation & plc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 75.91% over the past 6 months, a 97.22% in annual growth rate that is considerably higher than the industry average of 15.60%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Carnival Corporation & plc will rise 231.00%, while the growth in revenue is estimated to hit 89.40% for the next quarter. Year-over-year growth is forecast to reach 74.70% up from the last financial year.

Consensus estimates given by 11 financial analysts project the company’s revenue in the current quarter to hit an average of $6.68 billion. 11 analysts are of the opinion that Carnival Corporation & plc’s revenue for the quarter ending Nov 2023 will be $5.24 billion. The company’s revenue for the corresponding quarters a year ago was $4.9 billion and $3.84 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 36.40%. The estimates for the next quarter sales put growth at 36.50%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -28.00%. The 2023 estimates are for Carnival Corporation & plc earnings to increase by 39.00%.

CCL Dividends

Carnival Corporation & plc is expected to release its next quarterly earnings report on September 29.

Carnival Corporation & plc (NYSE:CCL)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 8.00% of Carnival Corporation & plc shares while 51.99% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 56.51%. There are 51.99% institutions holding the Carnival Corporation & plc stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 10.12% of the shares, roughly 113.24 million CCL shares worth $2.13 billion.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 5.61% or 62.84 million shares worth $1.18 billion as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. With 31.3 million shares estimated at $589.34 million under it, the former controlled 2.80% of total outstanding shares. On the other hand, Vanguard 500 Index Fund held about 2.14% of the shares, roughly 23.91 million shares worth around $450.29 million.

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