Charter Communications (NASDAQ:CHTR) Price Target Cut to $350.00 by Analysts at Sanford C. Bernstein

Key Points

• Analysts at Sanford C. Bernstein have cut their price target for Charter Communications from $380.00 to $350.00, while maintaining an "outperform" rating, indicating a potential upside of 33.00% from its current price.
• Despite the recent downgrade, multiple analysts have varying ratings on Charter Communications, with eight rating it a "Buy," eight as a "Hold," and four as a "Sell," leading to an average price target of $392.94.
• Charter Communications reported a missing EPS of $9.18 against the anticipated $10.06 for the quarter ending July 25th, though revenue slightly exceeded expectations at $13.77 billion.

Charter Communications (NASDAQ:CHTR - Get Free Report) had its target price decreased by Sanford C. Bernstein from $380.00 to $350.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Sanford C. Bernstein's price objective would indicate a potential upside of 33.00% from the company's current price.

CHTR has been the topic of a number of other reports. Loop Capital raised Charter Communications from a "hold" rating to a "buy" rating and raised their price objective for the company from $430.00 to $510.00 in a report on Monday, May 19th. Wolfe Research upgraded shares of Charter Communications from an "underperform" rating to a "peer perform" rating in a report on Friday, June 20th. Barclays lowered their price objective on shares of Charter Communications from $341.00 to $275.00 and set an "underweight" rating for the company in a report on Monday, July 28th. Royal Bank Of Canada cut their price target on shares of Charter Communications from $430.00 to $370.00 and set a "sector perform" rating for the company in a research report on Monday, July 28th. Finally, Arete Research upgraded shares of Charter Communications to a "strong sell" rating in a research report on Tuesday, July 8th. Eight research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, Charter Communications has an average rating of "Hold" and an average price target of $392.94.

Charter Communications Price Performance

CHTR stock traded down $0.20 during midday trading on Wednesday, reaching $263.16. The company had a trading volume of 733,182 shares, compared to its average volume of 1,515,267. The company has a debt-to-equity ratio of 4.57, a current ratio of 0.33 and a quick ratio of 0.33. Charter Communications has a 1 year low of $251.80 and a 1 year high of $437.06. The company has a market capitalization of $35.94 billion, a P/E ratio of 7.21, a P/E/G ratio of 0.59 and a beta of 1.02. The firm has a 50-day moving average price of $312.13 and a 200-day moving average price of $354.42.

Charter Communications (NASDAQ:CHTR - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The company reported $9.18 EPS for the quarter, missing analysts' consensus estimates of $10.06 by ($0.88). Charter Communications had a return on equity of 26.77% and a net margin of 9.53%.The company had revenue of $13.77 billion during the quarter, compared to analysts' expectations of $13.76 billion. During the same period in the prior year, the firm earned $8.49 EPS. Charter Communications's quarterly revenue was up .6% on a year-over-year basis. On average, research analysts anticipate that Charter Communications will post 38.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Christopher L. Winfrey purchased 3,670 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $273.10 per share, with a total value of $1,002,277.00. Following the completion of the purchase, the chief executive officer directly owned 70,243 shares in the company, valued at approximately $19,183,363.30. This represents a 5.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Balan Nair purchased 360 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $274.21 per share, for a total transaction of $98,715.60. Following the completion of the transaction, the director directly owned 9,622 shares of the company's stock, valued at $2,638,448.62. This represents a 3.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Charter Communications

Several large investors have recently made changes to their positions in CHTR. SouthState Corp purchased a new position in shares of Charter Communications during the first quarter valued at approximately $25,000. Atlantic Union Bankshares Corp purchased a new position in shares of Charter Communications during the second quarter valued at approximately $25,000. Salem Investment Counselors Inc. lifted its holdings in shares of Charter Communications by 2,033.3% during the second quarter. Salem Investment Counselors Inc. now owns 64 shares of the company's stock valued at $26,000 after purchasing an additional 61 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of Charter Communications during the second quarter valued at approximately $28,000. Finally, Heritage Wealth Advisors purchased a new position in shares of Charter Communications during the second quarter valued at approximately $29,000. 81.76% of the stock is currently owned by hedge funds and other institutional investors.

About Charter Communications

Charter Communications, Inc operates as a broadband connectivity and cable operator company serving residential and commercial customers in the United States. The company offers subscription-based internet, video, and mobile and voice services; a suite of broadband connectivity services, including fixed internet, WiFi, and mobile; Advanced WiFi services; Spectrum Security Shield; in-home WiFi, which provides customers with high performance wireless routers and managed WiFi services to enhance their fixed wireless internet experience; out-of-home WiFi; and Spectrum WiFi services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.