Access Investment Management LLC Sells 103,615 Shares of Comcast Corporation $CMCSA

Key Points

• Access Investment Management LLC cut its Comcast stake by 58.4%, selling 103,615 shares and retaining 73,750 shares valued at approximately $2.12 million.
• Institutional investors own 84.32% of Comcast, with several major firms increasing their positions. Analysts remain broadly cautious, giving the stock a consensus “Hold” rating and an average price target of $32.96.
• Comcast exceeded quarterly earnings and revenue expectations, but revenue declined 1.2% year over year. The company announced a quarterly dividend of $0.33 per share, representing a 5.5% annualized yield.

Access Investment Management LLC reduced its position in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 58.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 73,750 shares of the cable giant's stock after selling 103,615 shares during the period. Access Investment Management LLC's holdings in Comcast were worth $2,117,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in Comcast during the 4th quarter valued at about $2,498,626,000. Capital World Investors grew its position in shares of Comcast by 20.8% during the 4th quarter. Capital World Investors now owns 140,343,399 shares of the cable giant's stock worth $4,194,929,000 after buying an additional 24,166,881 shares during the period. Capital Research Global Investors grew its position in shares of Comcast by 65.1% during the 4th quarter. Capital Research Global Investors now owns 55,664,933 shares of the cable giant's stock worth $1,663,825,000 after buying an additional 21,958,603 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Comcast by 824.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,616,490 shares of the cable giant's stock worth $333,509,000 after buying an additional 10,359,800 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Comcast by 4.6% during the third quarter. State Street Corp now owns 180,687,135 shares of the cable giant's stock worth $5,677,190,000 after buying an additional 7,917,335 shares during the last quarter. Institutional investors and hedge funds own 84.32% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CMCSA. Seaport Research Partners raised shares of Comcast from a "neutral" rating to a "buy" rating in a research note on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft upgraded Comcast from a "hold" rating to a "buy" rating and dropped their price objective for the company from $34.00 to $32.00 in a report on Tuesday, June 30th. The Goldman Sachs Group cut their target price on Comcast from $29.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, July 2nd. UBS Group restated a "neutral" rating on shares of Comcast in a research report on Tuesday, June 23rd. Finally, Weiss Ratings cut Comcast from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday. Eleven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $32.96.

Comcast Stock Performance

CMCSA opened at $23.96 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.94. Comcast Corporation has a 12-month low of $21.28 and a 12-month high of $34.45. The business has a 50 day moving average of $23.70 and a 200-day moving average of $27.12. The stock has a market cap of $85.03 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 1.93 and a beta of 0.67.

Comcast (NASDAQ:CMCSA - Get Free Report) last posted its earnings results on Thursday, July 23rd. The cable giant reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.07. Comcast had a return on equity of 14.77% and a net margin of 8.97%.The business had revenue of $29.94 billion for the quarter, compared to analyst estimates of $29.24 billion. During the same period in the previous year, the firm earned $1.25 EPS. The firm's revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts expect that Comcast Corporation will post 3.52 earnings per share for the current year.

Comcast Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Wednesday, October 7th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, October 7th. This represents a $1.32 annualized dividend and a dividend yield of 5.5%. Comcast's payout ratio is presently 42.72%.

Comcast 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.

Want to see what other hedge funds are holding CMCSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comcast Corporation (NASDAQ:CMCSA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.