Bank of America Corp DE Buys 3,783,234 Shares of Comcast Corporation $CMCSA

Key Points

• Bank of America increased its Comcast stake by 10.2%, purchasing 3.78 million additional shares to hold 40.86 million shares valued at approximately $1.17 billion. Institutional investors collectively own 84.32% of Comcast.
• Comcast reported quarterly EPS of $1.04, beating estimates of $0.97, while revenue of $29.94 billion exceeded expectations but declined 1.2% year over year. The company declared a quarterly dividend of $0.33 per share, representing a 5.6% annualized yield.
• Analyst sentiment remains mixed, with Comcast carrying a consensus “Hold” rating and an average price target of $32.96 versus a recent share price of $23.67.

Bank of America Corp DE lifted its position in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,864,921 shares of the cable giant's stock after acquiring an additional 3,783,234 shares during the quarter. Bank of America Corp DE owned approximately 1.14% of Comcast worth $1,173,232,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Imprint Wealth LLC bought a new position in shares of Comcast in the third quarter valued at approximately $26,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Comcast in the 4th quarter valued at $27,000. Whipplewood Advisors LLC increased its position in shares of Comcast by 75.5% during the 1st quarter. Whipplewood Advisors LLC now owns 932 shares of the cable giant's stock valued at $27,000 after purchasing an additional 401 shares during the last quarter. Main Street Group LTD purchased a new stake in shares of Comcast during the 1st quarter valued at $27,000. Finally, Richardson Financial Services Inc. raised its stake in shares of Comcast by 212.6% during the 4th quarter. Richardson Financial Services Inc. now owns 1,016 shares of the cable giant's stock worth $30,000 after purchasing an additional 691 shares during the period. Hedge funds and other institutional investors own 84.32% of the company's stock.

Comcast Stock Performance

NASDAQ:CMCSA opened at $23.67 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.80 and a current ratio of 0.80. Comcast Corporation has a 52-week low of $21.28 and a 52-week high of $34.45. The firm has a market cap of $84.55 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 2.02 and a beta of 0.67. The business's fifty day moving average is $23.73 and its 200 day moving average is $27.14.

Comcast (NASDAQ:CMCSA - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The cable giant reported $1.04 earnings per share (EPS) 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 analysts' expectations of $29.24 billion. During the same quarter in the prior year, the firm posted $1.25 EPS. The firm's quarterly revenue was down 1.2% on a year-over-year basis. Research analysts predict that Comcast Corporation will post 3.5 EPS for the current year.

Comcast Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Wednesday, October 7th will be paid 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 yield of 5.6%. Comcast's payout ratio is currently 42.72%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Seaport Research Partners raised shares of Comcast from a "neutral" rating to a "buy" rating in a report on Thursday, July 2nd. Sanford C. Bernstein restated a "market perform" rating and set a $28.00 price objective on shares of Comcast in a report on Monday, July 13th. Weiss Ratings lowered shares of Comcast from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday. Morgan Stanley set a $29.00 target price on shares of Comcast in a research note on Friday, July 24th. Finally, Evercore increased their target price on shares of Comcast from $35.00 to $36.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Eleven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Comcast currently has a consensus rating of "Hold" and a consensus target price of $32.96.

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.

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