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Carnival Corp. (CCL) Slips Amid Increased Dividend, Approval of Share Repurchase Program

Carnival Corp. (NYSE:CCL) slipped 0.46% to $58.82 in midday trading on April 7, after disclosing an increased dividend to $0.40 per share, in addition to the board’s approval of the re-authorization of up to $1 billion in share repurchases.

The share repurchase program covers Carnival Corp. (NYSE:CCL) common stock and Carnival plc ordinary shares, the company said in a press release. The program has allowed the company to repurchase over 56 million shares valued at $2.7 billion since late 2015.

Meanwhile, the board approved a May 26, 2017 record date for the quarterly dividend with a payment date of June 16, 2017.

Carnival is one of the largest luxury cruise liners in the world with a market capitalization of $42.58 billion.

Carnival Corporation (NYSE:CCL)

What Does The Smart Money Sentiment Say?

The Smart Money took a chance on Carnival shares as it saw a rise in hedge funds who bought them in the last quarter of 2016, compared to the previous quarter. Out of 742 hedge funds that we track at Insider Monkey, 31 funds held shares valued at $751 million in the fourth quarter, compared to only 27 funds with shares valued at $703 million.

Kerr Nelison of Platinum Asset Management laid off 25% of its shares of Carnival Corp. (NYSE:CCL), and now holds 3.7 million shares valued at $193 million as of the end of December 2016.

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

The Bottom Line

Traders showed a slight deflect from shares of Carnival Corp. (NYSE:CCL) after the company announced an increased dividend and the board’s approval to reauthorize a share repurchase program. Amid trading in the red today, the company’s shares are still trading on the upper end of its 52-week range.

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