Allstate Corp Sells 35,328 Shares of Comcast Corporation $CMCSA

Key Points

• Allstate Corp sold 35,328 shares of Comcast Corporation, reducing its holdings by 30.9%, and now owns 79,025 shares valued at approximately $2.9 million.
• Several institutional investors have recently increased their stakes in Comcast, with DAVENPORT & Co LLC growing theirs by 41.7%, now holding over 4.28 million shares worth nearly $158 million.
• Comcast's stock currently trades at $34.15 and the company has announced a quarterly dividend of $0.33 per share, yielding approximately 3.9%.

Allstate Corp cut its position in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 30.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 79,025 shares of the cable giant's stock after selling 35,328 shares during the quarter. Allstate Corp's holdings in Comcast were worth $2,916,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Ameriprise Financial Inc. grew its position in Comcast by 12.0% in the 4th quarter. Ameriprise Financial Inc. now owns 50,320,446 shares of the cable giant's stock worth $1,890,027,000 after purchasing an additional 5,402,377 shares during the last quarter. Northern Trust Corp grew its position in Comcast by 12.8% in the 4th quarter. Northern Trust Corp now owns 42,479,501 shares of the cable giant's stock worth $1,594,256,000 after purchasing an additional 4,819,443 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Comcast by 16.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,356,027 shares of the cable giant's stock worth $1,326,912,000 after purchasing an additional 4,991,891 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Comcast by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,636,264 shares of the cable giant's stock worth $1,240,955,000 after purchasing an additional 926,663 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in Comcast by 1.9% in the 4th quarter. Nuveen Asset Management LLC now owns 26,055,944 shares of the cable giant's stock worth $977,880,000 after purchasing an additional 497,829 shares during the last quarter. 84.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Arete Research upgraded shares of Comcast to a "hold" rating in a research report on Tuesday, July 8th. Rosenblatt Securities raised their price target on shares of Comcast from $37.00 to $38.00 and gave the stock a "neutral" rating in a research report on Monday, August 4th. Moffett Nathanson raised their price target on shares of Comcast from $56.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Argus lowered shares of Comcast from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Finally, Rothschild & Co Redburn decreased their target price on shares of Comcast from $44.00 to $35.00 in a research report on Friday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Comcast has an average rating of "Hold" and an average target price of $40.73.

Comcast Price Performance

CMCSA stock traded down $0.14 during trading on Monday, hitting $34.01. 17,147,074 shares of the stock traded hands, compared to its average volume of 23,977,274. Comcast Corporation has a one year low of $31.03 and a one year high of $45.31. The stock has a market cap of $125.57 billion, a price-to-earnings ratio of 5.62, a P/E/G ratio of 2.05 and a beta of 0.92. The company has a 50 day simple moving average of $34.19 and a 200 day simple moving average of $34.77. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99.

Comcast (NASDAQ:CMCSA - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cable giant reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.07. Comcast had a net margin of 18.44% and a return on equity of 18.86%. The firm had revenue of $30.31 billion during the quarter, compared to the consensus estimate of $29.81 billion. During the same period last year, the firm posted $1.21 EPS. The firm's quarterly revenue was up 2.1% on a year-over-year basis. Equities analysts expect that Comcast Corporation will post 4.33 EPS for the current fiscal year.

Comcast Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Wednesday, October 1st will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.9%. Comcast's payout ratio is currently 21.82%.

Comcast Profile

Comcast Corporation operates as a media and technology company worldwide. It operates through Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks segments. The Residential Connectivity & Platforms segment provides residential broadband and wireless connectivity services, residential and business video services, sky-branded entertainment television networks, and advertising.