Comcast Corporation $CMCSA Shares Sold by Valley Wealth Managers Inc.

Key Points

• Valley Wealth Managers cut its Comcast stake by 98.4% in the third quarter, selling 150,659 shares and retaining 2,472 shares valued at approximately $54,000.
• Despite Valley’s reduction, several major institutions increased their Comcast holdings, and institutional investors collectively own 84.32% of the company’s shares.
• Comcast shares opened at $20.66, near their one-year low, while the company maintains a quarterly dividend of $0.33, equivalent to a 6.4% annualized yield. Analysts have a consensus “Hold” rating and an average price target of $31.00.

Valley Wealth Managers Inc. lowered its stake in shares of Comcast Corporation (NASDAQ:CMCSA - Free Report) by 98.4% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,472 shares of the cable giant's stock after selling 150,659 shares during the period. Valley Wealth Managers Inc.'s holdings in Comcast were worth $54,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CMCSA. State Street Corp boosted its holdings in Comcast by 3.4% in the fourth quarter. State Street Corp now owns 186,805,081 shares of the cable giant's stock worth $5,583,604,000 after purchasing an additional 6,117,946 shares during the last quarter. Invesco Ltd. increased its position in Comcast by 10.0% during the fourth quarter. Invesco Ltd. now owns 43,332,228 shares of the cable giant's stock valued at $1,295,200,000 after acquiring an additional 3,952,642 shares during the last quarter. Bank of America Corp DE increased its position in Comcast by 10.2% during the first quarter. Bank of America Corp DE now owns 40,864,921 shares of the cable giant's stock valued at $1,173,232,000 after acquiring an additional 3,783,234 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Comcast by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 29,461,308 shares of the cable giant's stock valued at $845,919,000 after acquiring an additional 507,097 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Comcast by 3.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,217,107 shares of the cable giant's stock valued at $843,409,000 after purchasing an additional 919,555 shares during the last quarter. 84.32% of the stock is owned by hedge funds and other institutional investors.

Comcast Price Performance

CMCSA stock opened at $20.66 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. The company's fifty day moving average price is $24.51 and its 200-day moving average price is $25.10. Comcast Corporation has a one year low of $20.48 and a one year high of $32.85. The company has a market capitalization of $73.31 billion, a PE ratio of 6.69, a price-to-earnings-growth ratio of 1.48 and a beta of 0.68.

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, beating the consensus estimate of $0.97 by $0.07. Comcast had a net margin of 8.97% and a return on equity of 14.77%. The company had revenue of $29.94 billion during the quarter, compared to analysts' expectations of $29.24 billion. During the same period last year, the company posted $1.25 earnings per share. Comcast's quarterly revenue was down 1.2% on a year-over-year basis. On average, equities analysts anticipate that Comcast Corporation will post 3.49 EPS for the current fiscal year.

Comcast Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Wednesday, October 7th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, October 7th. This represents a $1.32 dividend on an annualized basis and a yield of 6.4%. Comcast's payout ratio is presently 42.72%.

Analyst Upgrades and Downgrades

A number of analysts have commented on CMCSA shares. Moffett Nathanson reduced their target price on shares of Comcast from $52.00 to $43.00 and set a "buy" rating for the company in a report on Tuesday, September 22nd. BNP Paribas Exane cut their price objective on shares of Comcast from $25.00 to $22.00 and set an "underperform" rating for the company in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft upgraded Comcast from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $34.00 to $32.00 in a research note on Tuesday, June 30th. Bank of America reaffirmed a "buy" rating and issued a $35.00 target price (down from $37.00) on shares of Comcast in a report on Wednesday, September 16th. Finally, Royal Bank Of Canada set a $26.00 target price on Comcast and gave the stock a "sector perform" rating in a report on Friday, July 24th. Eleven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $31.00.

Comcast Company Profile

Comcast Corporation NASDAQ: CMCSA is a global media and communications company headquartered in Philadelphia, Pennsylvania. Its businesses include broadband internet, wireless services, video, voice, and business connectivity services, primarily marketed under the Xfinity brand in the United States. Comcast also provides advertising and related technology services to businesses and media organizations.

Through NBCUniversal, Comcast operates national and local television networks, broadcast network NBC, Spanish-language network Telemundo, the Peacock streaming service, and a portfolio of film and television production businesses.

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.