Abc Arbitrage 13F: Exits Carnival (CCL) Stake
Key Points
- Abc Arbitrage closed its position in Carnival Corporation Ltd. by selling all 153,669 shares in a filing on October 23, 2026.
- Other major funds made mixed moves, with Auto-Owners Insurance adding 650,000 shares while Burney Co. sold out of its entire holding.
- Wall Street firms recently updated their outlooks on the cruise operator, heading toward its next earnings report on December 18, 2026.
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Abc Arbitrage closed out its position in Carnival Corporation Ltd. (NYSE:CCL), selling all 153,669 shares according to a Form 13F filing with the SEC on October 23, 2026. The exit completely cleared the fund's holdings in the cruise line operator.
CCL
Carnival Corporation Ltd.
What Changed in Abc Arbitrage's Carnival Corporation Ltd. Position
The fund held 153,669 shares prior to the filing and reduced its stake by 100.0%, bringing its ending share count to zero. The complete sell-out represents a full exit from the stock during the quarter.
Other Institutional Activity in Carnival Corporation Ltd.
Other big investors shuffled their holdings in the cruise company around the same time. Burney Co. sold out of its position, dropping 256,063 shares to end with zero holdings. Auto-Owners Insurance bought a new stake of 650,000 shares worth about $15.95 million. Mutual of America Capital Management picked up 130,291 shares valued at roughly $3.2 million. RMR Wealth Builders also started a position, adding 76,682 shares worth about $1.88 million. On the other hand, PensionDanmark Pensionsforsikringsaktieselskab exited its stake by shedding 264,636 shares.
Carnival Corporation Ltd. Stock Down 0.8%
Carnival Corporation Ltd. shares closed at $26.11 on October 23, 2026. The stock recently traded around $27.08 on October 24, 2026. That puts the recent price up about 3.7% since the filing date.
Recent Earnings
The company posted trailing twelve month revenue of $27.59 billion and basic earnings of $2.27 per share. Profitability metrics include a net profit margin of 11.4% and a return on equity of 24.0%. Its next earnings report is scheduled for December 18, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 target cuts vs 1 raises.
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EPS & revenue
EPS beat estimates by 7.3%. Revenue missed estimates by 0.5%.
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Profit surprise
EBITDA met by 1 percent. Operating income beat by 3 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
1 upgrade, 1 target raise, 5 target cuts.
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Earnings quality
Gross margin up 0.9 points. Positive free cash flow.
Earnings Call Summary
Carnival posted strong first quarter results with record revenue, yields, and customer deposits near $8 billion. Net income jumped 55 percent year over year to $275 million. Demand remained robust with close-in bookings up 10 percent year over year and nearly 85 percent of 2026 sailings already booked at high prices. Management credited strong execution and higher onboard spending. However, geopolitical tensions and fuel price spikes created a $500 million headwind to full year guidance, which management offset with operational improvements of $150 million.
Guidance Carnival raised 2026 earnings guidance to $2.21 per share, up from prior December view, despite a $500 million fuel headwind. Management expects modest 2.75 percent yield growth and 3.1 percent cruise cost growth for the full year. They introduced PROPEL targets for 2029: greater than 16 percent return on invested capital, more than 50 percent earnings per share growth from 2025, and over 40 percent of operating cash returned to shareholders, roughly $14 billion.
Clearly negative report. The company missed important expectations and likely triggers downward revisions.
Dividend
Carnival Corporation Ltd. pays an annual dividend rate of $0.45 per share.
Insider Buying and Selling at Carnival Corporation Ltd.
Company insiders executed several transactions prior to the filing. Chief Financial Officer David Bernstein sold 361,790 shares on February 10, 2026, at $33.22 per share for a total of $12.02 million. Director Sir Jonathon Band sold 12,000 shares valued at $314,266 on April 1, 2026. Director Stuart A. Subotnick sold shares on May 11, 2026, at $25.22 per share. Officer Bettina Alejandra Deynes sold 43,058 shares on May 28, 2026, at $28.10 per share for about $1.21 million.
Analysts Set New Price Targets
Wall Street firms recently updated their views on the stock. On September 30, 2026, Morgan Stanley kept an overweight rating while moving its target from $31.00 to $32.50. Freedom Broker maintained a buy rating on October 1, 2026, raising its target from $35.00 to $36.00. Argus Research maintained a buy rating on October 1, 2026, adjusting its target down from $35.00 to $30.00. Wells Fargo maintained an overweight rating on October 1, 2026, lowering its target from $36.00 to $34.00. Tigress Financial maintained a buy rating on October 13, 2026, keeping its target at $42.00. Overall, the stock holds a consensus buy rating from 26 analysts with a mean price target of $33.89.
About Carnival Corporation Ltd.
Carnival Corporation Ltd. operates as a cruise and leisure travel provider with operations spanning North America, Europe, and various tour services. The company owns cruise ships, port destinations, hotels, lodges, and scenic railcars. Institutional shifts in its shares reflect ongoing portfolio adjustments among major financial institutions as the cruise operator heads toward late-year financial updates.
Bottom Line
Abc Arbitrage's complete exit from Carnival Corporation Ltd. highlights how institutional sentiment can vary. Market watchers will look toward the upcoming earnings release on December 18, 2026, for further updates on financial performance.
Related Filing Alerts
Source: Abc Arbitrage's 13F filing on $CCL (Oct 23, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts