PensionDanmark Pensionsforsikringsaktieselskab 13F: Exits CCL Stake
Key Points
- PensionDanmark closed its position in Carnival Corporation Ltd. (CCL) by selling 264,636 shares to bring its stake to zero in an October 19, 2026 filing.
- Carnival trades with a trailing twelve-month earnings per share of $2.27 and a price-to-earnings ratio of 11.65, with its next earnings report scheduled for December 18, 2026.
- Wall Street analysts maintain a consensus buy rating on Carnival stock with a mean price target of $33.89 across 26 analyst opinions.
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PensionDanmark sold out of its entire position in Carnival Corporation Ltd. (NYSE:CCL), parting ways with all 264,636 shares it previously owned. According to a Form 13F filed with the SEC on October 19, 2026, the fund closed the holding entirely, cutting its stake by 100%.
CCL
Carnival Corporation Ltd.
PensionDanmark Pensionsforsikringsaktieselskab vs. the S&P 500
Hypothetical returns from PensionDanmark Pensionsforsikringsaktieselskab's disclosed trades, not real profit or advice. How we model this.
What Changed in PensionDanmark's Carnival Position
The fund completely exited its investment in the cruise operator during the period. Prior to the sale, PensionDanmark held 264,636 shares of Carnival. The final transaction brought its share count down to zero, reflecting a complete departure from the stock.
Other Institutional Activity in Carnival
Other large institutional investors adjusted their positions in Carnival around the same time. Causeway Capital Management LLC grew its holdings by 4,095,320 shares, ending with 41,190,606 shares worth about $1,089,491,560. Meanwhile, Barrow, Hanley Mewhinney & Strauss, LLC reduced its holdings by 2,130,659 shares, finishing with 27,502,985 shares valued at around $727,453,974.
Carnival Corporation Ltd. Stock Up 2.1%
Carnival shares recently traded around $26.45 as of October 20, 2026, matching the closing price recorded on the October 19 filing date. The stock trades above its 50-day moving average of $24.83, while sitting below its 200-day moving average of $27.26. The company has a market capitalization of $35.56 billion and a 52-week trading range spanning from $21.45 to $34.03.
Recent Earnings
Carnival generated trailing twelve-month revenue of $27,593,000,960 with a net profit margin of 11.4%. The cruise provider posted trailing twelve-month earnings of $2.27 per share alongside a return on equity of 24.0%. The company's next quarterly financial report is scheduled for release on 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 pays an annual dividend rate of $0.45 per share, translating to a dividend yield of 1.74%. The company maintains a dividend payout ratio of 19.8%.
Insider Buying and Selling at Carnival Corporation Ltd.
Company insiders have completed several transactions over recent months. Chief Financial Officer David Bernstein sold 361,790 shares on February 10, 2026, at an average price of $33.22 for a total value of $12,016,891. Director Sir Jonathon Band sold 12,000 shares on April 1, 2026, valued at $314,266. Director Stuart A Subotnick sold shares on May 11, 2026, totaling $5.00 at an average price of $25.22. Additionally, officer Bettina Alejandra Deynes sold 43,058 shares on May 28, 2026, at an average price of $28.10 for a total value of $1,210,124.
Analysts Set New Price Targets
Wall Street firms have actively updated their views on the cruise line. On September 30, 2026, Morgan Stanley maintained an Overweight rating while lifting its price target to $32.50 from $31.00. Freedom Broker maintained a Buy rating on October 1, 2026, raising its price target to $36.00 from $35.00. Argus Research maintained a Buy rating on October 1, 2026, lowering its target to $30.00 from $35.00. Wells Fargo maintained an Overweight rating on October 1, 2026, adjusting its target to $34.00 from $36.00. Tigress Financial maintained a Buy rating on October 13, 2026, keeping its price target steady at $42.00. Overall, the stock carries a consensus buy rating and a mean price target of $33.89 based on 26 analyst opinions.
About Carnival
Carnival Corporation Ltd. provides leisure travel services as a major global cruise company. Operating through North American and European cruise divisions, the firm runs cruise support operations, tour services, port destinations, islands, hotels, lodges, glass-domed railcars, and motorcoaches. Institutional shifts like PensionDanmark's complete exit highlight how large investors continually reallocate capital across major travel stocks.
Bottom Line
Investors tracking Carnival will look ahead to the company's next earnings report on December 18, 2026, to gauge ongoing revenue trends and profit margins. Future institutional filings will also show whether other large funds follow PensionDanmark's lead or continue building positions in the cruise operator.
Related Filing Alerts
Source: PensionDanmark Pensionsforsikringsaktieselskab's 13F filing on $CCL (Oct 19, 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