CIBC Asset Management Inc Raises Position in Royal Caribbean Cruises Ltd. (NYSE:RCL)

CIBC Asset Management Inc increased its position in shares of Royal Caribbean Cruises Ltd. (NYSE:RCL - Free Report) by 8.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 38,438 shares of the company's stock after purchasing an additional 2,865 shares during the period. CIBC Asset Management Inc's holdings in Royal Caribbean Cruises were worth $8,867,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RCL. International Assets Investment Management LLC boosted its stake in shares of Royal Caribbean Cruises by 10,599.0% during the third quarter. International Assets Investment Management LLC now owns 409,879 shares of the company's stock valued at $72,696,000 after purchasing an additional 406,048 shares during the period. AustralianSuper Pty Ltd lifted its holdings in Royal Caribbean Cruises by 2,042.8% during the 4th quarter. AustralianSuper Pty Ltd now owns 122,887 shares of the company's stock valued at $28,349,000 after buying an additional 117,152 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Royal Caribbean Cruises by 138.2% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 161,835 shares of the company's stock valued at $28,703,000 after buying an additional 93,899 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Royal Caribbean Cruises in the 3rd quarter worth about $14,544,000. Finally, Dakota Wealth Management increased its position in shares of Royal Caribbean Cruises by 3,935.2% during the third quarter. Dakota Wealth Management now owns 76,871 shares of the company's stock worth $13,635,000 after acquiring an additional 74,966 shares during the period. 87.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RCL shares. Susquehanna boosted their price target on Royal Caribbean Cruises from $245.00 to $305.00 and gave the company a "positive" rating in a report on Wednesday, January 29th. Mizuho reissued an "outperform" rating and set a $253.00 price target (down previously from $255.00) on shares of Royal Caribbean Cruises in a research report on Thursday, January 23rd. JPMorgan Chase & Co. raised their price target on Royal Caribbean Cruises from $253.00 to $295.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. The Goldman Sachs Group lowered their price objective on shares of Royal Caribbean Cruises from $275.00 to $270.00 and set a "buy" rating for the company in a research note on Friday, January 24th. Finally, Loop Capital assumed coverage on shares of Royal Caribbean Cruises in a research report on Tuesday, February 4th. They set a "hold" rating and a $250.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $284.12.

Insider Buying and Selling at Royal Caribbean Cruises

In other news, Director Richard D. Fain sold 19,500 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $256.68, for a total value of $5,005,260.00. Following the transaction, the director now directly owns 185,021 shares of the company's stock, valued at approximately $47,491,190.28. This represents a 9.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Naftali Holtz sold 17,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $261.62, for a total transaction of $4,447,540.00. Following the transaction, the chief financial officer now directly owns 42,127 shares of the company's stock, valued at $11,021,265.74. This represents a 28.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 109,492 shares of company stock worth $28,571,705. 7.95% of the stock is owned by corporate insiders.

Royal Caribbean Cruises Stock Down 7.5 %

Shares of RCL traded down $19.81 during midday trading on Thursday, hitting $244.20. 8,814,444 shares of the company's stock traded hands, compared to its average volume of 2,425,559. 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 market capitalization of $65.72 billion, a price-to-earnings ratio of 22.84, a price-to-earnings-growth ratio of 0.97 and a beta of 2.59. Royal Caribbean Cruises Ltd. has a 1 year low of $113.56 and a 1 year high of $277.08. The firm's fifty day moving average is $244.57 and its 200-day moving average is $211.77.

Royal Caribbean Cruises (NYSE:RCL - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $1.63 EPS for the quarter, beating analysts' consensus estimates 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 period in the previous year, the firm earned $1.25 earnings per share. As a group, sell-side analysts anticipate that Royal Caribbean Cruises Ltd. will post 14.9 earnings per share for the current year.

Royal Caribbean Cruises Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 7th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.23%. The ex-dividend date is Friday, March 7th. This is an increase from Royal Caribbean Cruises's previous quarterly dividend of $0.55. Royal Caribbean Cruises's payout ratio is currently 20.58%.

Royal Caribbean Cruises announced that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 1.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

About Royal Caribbean Cruises

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.