Beacon Pointe Adds Royal Caribbean Stake
The investment adviser disclosed a second-quarter purchase as Royal Caribbean reported quarterly earnings and revenue.
Beacon Pointe Advisors LLC acquired 4,620 shares of Royal Caribbean Cruises Ltd. during the second quarter, according to the firm’s disclosure with the Securities and Exchange Commission. The newly purchased position was valued at approximately $1,467,000.
The report stated that hedge funds and other institutional investors own 87.53% of Royal Caribbean stock. Separately, CEO Michael W. Bayley sold 12,811 shares at an average price of $315.99 each. The transaction had a total value of $4,048,147.89.
Royal Caribbean reported quarterly earnings per share of $4.21 and revenue of $4.83 billion. Analyst-tracking data gave the cruise company’s stock a consensus rating of Moderate Buy and listed a consensus target price of $353.40.