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Carnival Corp. (CCL) operates cruise lines in North America, Europe, Asia, and Australia under brands including Carnival Cruise Line, Princess Cruises, Seabourn, and Cunard, among others. Carnival has experienced a significant negative impact to its business as a result of the COVID-19 pandemic. Guest passenger operations were paused in March 2020 and the company anticipates that it may take until 2023 to fully recover.
As a result of the interruption to its operations, Carnival’s 12-month trailing net income is -$11.4 billion and its 12-month trailing revenue is $830.0 million. The company has a market capitalization of $33.1 billion. These figures are as of April 12, 2021. The company is dually listed, trading as Carnival Corp. (CCL) in the U.S. and as Carnival plc (CCL) on the London Stock Exchange.
The top individual shareholders of Carnival are Randall J. Weisenburger, Arnold W. Donald, and David Bernstein, and the top institutional shareholders are Micky Meir Arison, Vanguard Group Inc., and Public Investment Fund. A special note that institutional shareholders, like Arison above, are not necessarily financial institutions. Rather, they may be shareholders that file either a 13D or a 13G form and own more than 5% of outstanding shares, or those that file a 13F form and are an institutional investment manager with over $100 million in assets under management (AUM).
“Insider” refers to people in senior management positions and members of the board of directors, as well as people or entities that own more than 10% of the company’s stock. In this context, it has nothing to do with insider trading.
Top 3 Individual Insider Shareholders
Randall J. Weisenburger
Randall J. Weisenburger owns approximately 1.4 million shares of Carnival, representing 0.1% of outstanding shares. Weisenburger has been a member of the board of directors of Carnival Corp. and Carnival plc since 2009. Weisenburger is also managing member of Mile26 Capital LLC, a private investment firm, a position he has held since 2015. From 1998 through 2014, he was executive vice president and chief financial officer of Omnicom Group Inc. (OMC). Besides Carnival, Weisenburger serves on the boards of Corsair Gaming Inc. (CRSR), MP Materials Corp. (MP), and Valero Energy Corp. (VLO).
Arnold W. Donald
Arnold W. Donald owns 499,515 shares of Carnival, representing 0.04% of outstanding shares. Donald has been president and chief executive officer (CEO) of Carnival since 2013, and a director of Carnival Corp. since 2001. Before joining Carnival, Donald held senior positions at The Executive Leadership Council, Juvenile Diabetes Research Foundation International, Merisant Co., and Monsanto Co. (MON). Donald also serves on the board of Bank of America Corp. (BAC).
David Bernstein
David Bernstein owns 139,934 shares of Carnival, representing 0.01% of outstanding shares. Since 2007, Bernstein has been chief financial officer of Carnival Corp. He also became chief accounting officer in 2016. In these positions, Bernstein oversees the company’s accounting, planning, insurance, tax, investor relations, and global casino operations. Bernstein has serve in a number of other leadership positions at Carnival, including as chief financial officer of the Cunard and Seabourn operations. Prior to joining Carnival, he held multiple financial positions at Royal Caribbean Cruises Ltd. (RCL).
Top 3 Institutional Shareholders
According to Whale Wisdom, more than 700 13F filers held Carnival Corp. stock as of the end of Q4 2020. 10 of them included Carnival Corp. in their top 10 holdings. 53.4% of Carnival Corp. stock is held by institutional shareholders.
Micky Meir Arison
Micky Arison holds over 121 million shares of Carnival, representing about 13% of outstanding shares, according to a 13D filed on Dec. 10, 2020. Arison has been chairman of the Carnival Corp. board since 1990. He was CEO of Carnival Corp. from 1979 through 2013 and of Carnival plc from 2003 to 2013. As CEO, he helped to grow the company’s fleet from two ships to more than 100. As of this writing, Arison is ranked #391 on the Forbes billionaires list, with a net worth of approximately $6.9 billion.
Vanguard Group Inc.
Vanguard Group Inc. owns about 63 million shares of Carnival, or 6.8% of all outstanding shares, based on its 13F filed for the period ending Dec. 31, 2020. Vanguard is primarily a mutual fund and ETF management company with about $6.2 trillion in global assets under management (AUM) as of Jan. 31, 2020. The Vanguard Mid-Cap Value ETF (VOE) is one of several Vanguard funds that holds Carnival shares. Carnival accounts for about 0.7% of the fund’s portfolio.
Public Investment Fund
Public Investment Fund owns 50.8 million shares of Carnival, or 5.5% of all outstanding shares, based on its 13F filed for the period ending Dec. 31, 2020. Public Investment Fund is a sovereign wealth fund of the government of Saudi Arabia. It is among the largest funds of its kind in the world, with just under $400 billion in AUM.
