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Carnival plc (CUK) to Buyback $1 billion in Shares

Carnival plc (NYSE:CUK) declared that its Board of Directors has authorized a share repurchase program, which allows the company to repurchase $1 billion in outstanding shares on Friday, April 7th, EventVestor reports. This repurchase authorization allows the company to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Carnival plc (NYSE:CUK) opened at 61.12 on Wednesday. Carnival plc has a 12-month low of $43.45 and a 12-month high of $63.21. The stock has a 50 day moving average of $59.53 and a 200 day moving average of $54.63. The company has a market cap of $44.37 billion, a PE ratio of 15.06 and a beta of 0.67.

Carnival plc (NYSE:CUK) last announced its quarterly earnings data on Tuesday, March 28th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.05. The company had revenue of $3.79 billion for the quarter. Carnival plc had a net margin of 16.96% and a return on equity of 11.35%. Equities analysts expect that Carnival plc will post $3.57 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 16th. Shareholders of record on Friday, May 26th will be given a dividend of $0.40 per share. This is a positive change from Carnival plc’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Wednesday, May 24th. Carnival plc’s payout ratio is presently 37.43%.

In other Carnival plc news, Director Sir John Parker sold 19,965 shares of the business’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $60.98, for a total transaction of $1,217,465.70. Following the sale, the director now directly owns 22,798 shares in the company, valued at approximately $1,390,222.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard Glasier sold 6,000 shares of the business’s stock in a transaction dated Thursday, April 13th. The stock was sold at an average price of $58.29, for a total transaction of $349,740.00. Following the completion of the sale, the director now owns 26,684 shares in the company, valued at $1,555,410.36. The disclosure for this sale can be found here. 0.01% of the stock is currently owned by insiders.

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Carnival plc Company Profile

Carnival plc is a leisure travel company. The Company’s segments include North America, and Europe, Australia & Asia (EAA). Its North America segment includes Carnival Cruise Line, Princess Cruises (Princess), Holland America Line and Seabourn. Its EAA segment includes Costa Cruises (Costa), AIDA Cruises (AIDA), P&O Cruises (the United Kingdom), P&O Cruises (Australia) and Cunard.

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