Comcast (NASDAQ:CMCSA) Price Target Cut to $32.00 by Analysts at Citigroup

Key Points

• Citigroup cut Comcast’s price target from $35.50 to $32.00 while keeping a buy rating, implying about 26% upside from the current share price.
• Analyst sentiment is mixed: the consensus rating is currently Hold with an average price target of $34.32, even as several firms have recently adjusted their views on CMCSA.
• Comcast’s stock rose on the day to $25.37, and the company recently beat quarterly earnings and revenue estimates, with revenue up 5.3% year over year.

Comcast (NASDAQ:CMCSA - Get Free Report) had its price objective reduced by research analysts at Citigroup from $35.50 to $32.00 in a report issued on Monday,MarketScreener reports. The firm currently has a "buy" rating on the cable giant's stock. Citigroup's price target points to a potential upside of 26.14% from the company's current price.

A number of other research analysts have also recently commented on CMCSA. Wall Street Zen raised shares of Comcast to a "hold" rating in a research report on Saturday, March 14th. Evercore increased their price target on Comcast from $35.00 to $36.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Moffett Nathanson reduced their target price on shares of Comcast from $53.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, June 16th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $29.00 price target on shares of Comcast in a research note on Thursday, April 23rd. Finally, Freedom Capital raised Comcast to a "hold" rating in a report on Friday, June 12th. Nine investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $34.32.

Comcast Price Performance

Shares of Comcast stock traded up $2.20 on Monday, hitting $25.37. The company's stock had a trading volume of 44,355,953 shares, compared to its average volume of 33,526,258. Comcast has a 52-week low of $22.13 and a 52-week high of $36.66. The company has a market capitalization of $90.62 billion, a P/E ratio of 4.97, a price-to-earnings-growth ratio of 1.89 and a beta of 0.68. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.01. The firm has a fifty day moving average price of $25.29 and a 200-day moving average price of $28.04.

Comcast (NASDAQ:CMCSA - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The cable giant reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.06. The company had revenue of $31.46 billion during the quarter, compared to the consensus estimate of $30.42 billion. Comcast had a return on equity of 15.47% and a net margin of 15.00%.Comcast's revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.09 earnings per share. On average, equities research analysts expect that Comcast will post 3.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comcast

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMCSA. Brighton Jones LLC raised its stake in Comcast by 150.9% in the 4th quarter. Brighton Jones LLC now owns 166,265 shares of the cable giant's stock valued at $6,240,000 after acquiring an additional 99,986 shares during the period. Voya Financial Advisors Inc. lifted its position in shares of Comcast by 3.2% during the 2nd quarter. Voya Financial Advisors Inc. now owns 83,883 shares of the cable giant's stock valued at $2,963,000 after acquiring an additional 2,593 shares during the period. United Bank lifted its position in shares of Comcast by 11.3% during the 2nd quarter. United Bank now owns 42,216 shares of the cable giant's stock worth $1,507,000 after buying an additional 4,290 shares during the last quarter. HUB Investment Partners LLC boosted its position in Comcast by 119.4% in the second quarter. HUB Investment Partners LLC now owns 16,974 shares of the cable giant's stock valued at $606,000 after buying an additional 9,236 shares in the last quarter. Finally, Diversify Advisory Services LLC boosted its position in Comcast by 66.8% during the 2nd quarter. Diversify Advisory Services LLC now owns 39,607 shares of the cable giant's stock worth $1,414,000 after buying an additional 15,865 shares during the period. 84.32% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Comcast

Here are the key news stories impacting Comcast this week:

• Positive Sentiment: Comcast’s plan to separate into two public companies is being viewed as a value-creation move that could improve strategic focus and let investors better price the cable and media assets separately. Comcast to split cable business from media in NBCUniversal, Sky spinoff
• Positive Sentiment: The planned spin-off could reduce the conglomerate discount on Comcast and create two cleaner investment stories, which is helping drive the stock higher. Comcast to Split Media and Tech Businesses Into Two Separate Companies
• Positive Sentiment: Several reports said investors are cheering the move, with multiple headlines describing a strong surge in CMCSA shares after the announcement. Comcast announces it will spin off media and tech wings into separate public companies

Comcast Company Profile

Comcast Corporation NASDAQ: CMCSA is a diversified global media and technology company headquartered in Philadelphia, Pennsylvania. Its principal operations are organized around Comcast Cable, which provides broadband internet, video, voice and wireless services to residential and business customers in the United States under the Xfinity and Comcast Business brands, and NBCUniversal, a media and entertainment group that develops, produces and distributes content across broadcast and cable networks, film, and streaming platforms.

NBCUniversal's assets include the NBC broadcast network, a portfolio of cable channels, Universal Pictures and other film and television production businesses, and the Peacock streaming service.

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