W.H. Cornerstone Investments Inc. Sells 8,069 Shares of Comcast Corporation (NASDAQ:CMCSA)

Key Points

• W.H. Cornerstone Investments Inc. reduced its stake in Comcast by 32.4%, bringing its total holdings to 16,852 shares valued at approximately $622,000.
• Comcast reported $1.25 earnings per share for the quarter, exceeding the consensus estimate by $0.07, with revenue of $30.31 billion.
• The company declared a quarterly dividend of $0.33 per share, representing a yield of 4.1%, with the payment date set for October 22nd.

W.H. Cornerstone Investments Inc. cut its holdings in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 32.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,852 shares of the cable giant's stock after selling 8,069 shares during the quarter. W.H. Cornerstone Investments Inc.'s holdings in Comcast were worth $622,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Capital World Investors raised its position in shares of Comcast by 8.6% in the 4th quarter. Capital World Investors now owns 141,680,277 shares of the cable giant's stock worth $5,317,167,000 after buying an additional 11,255,683 shares during the period. Dodge & Cox increased its holdings in shares of Comcast by 6.8% in the 4th quarter. Dodge & Cox now owns 79,102,667 shares of the cable giant's stock valued at $2,968,723,000 after acquiring an additional 5,039,823 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Comcast by 12.0% in the 4th quarter. Ameriprise Financial Inc. now owns 50,320,446 shares of the cable giant's stock valued at $1,890,027,000 after buying an additional 5,402,377 shares during the period. Invesco Ltd. lifted its holdings in shares of Comcast by 11.5% in the 4th quarter. Invesco Ltd. now owns 45,175,969 shares of the cable giant's stock worth $1,695,454,000 after purchasing an additional 4,669,069 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of 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 acquiring an additional 4,819,443 shares during the period. 84.32% of the stock is owned by hedge funds and other institutional investors.

Comcast Trading Down 0.2%

CMCSA stock traded down $0.05 during trading on Tuesday, hitting $32.51. The company had a trading volume of 27,433,895 shares, compared to its average volume of 21,250,816. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.99. Comcast Corporation has a 12 month low of $31.44 and a 12 month high of $45.31. The stock has a market cap of $121.38 billion, a price-to-earnings ratio of 5.37, a PEG ratio of 1.96 and a beta of 0.92. The firm has a 50-day moving average price of $34.76 and a 200-day moving average price of $35.07.

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 for the quarter, topping analysts' consensus estimates of $1.18 by $0.07. Comcast had a net margin of 18.44% and a return on equity of 18.86%. The company had revenue of $30.31 billion for the quarter, compared to analysts' expectations of $29.81 billion. During the same period last year, the firm posted $1.21 earnings per share. The business's quarterly revenue was up 2.1% compared to the same quarter last year. As a group, analysts predict that Comcast Corporation will post 4.33 earnings per share for the current year.

Comcast Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $1.32 annualized dividend and a yield of 4.1%. Comcast's payout ratio is 21.82%.

Analyst Ratings Changes

CMCSA has been the subject of several research analyst reports. Wells Fargo & Company downgraded shares of Comcast from an "equal weight" rating to an "underweight" rating and reduced their price objective for the stock from $37.00 to $31.00 in a report on Monday, April 14th. KeyCorp dropped their price target on Comcast from $47.00 to $45.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. dropped their price objective on shares of Comcast from $39.00 to $37.00 and set a "neutral" rating on the stock in a research note on Friday, April 25th. Benchmark reaffirmed a "buy" rating on shares of Comcast in a research report on Friday, July 18th. Finally, TD Cowen cut their price objective on Comcast from $46.00 to $45.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Comcast has a consensus rating of "Hold" and a consensus price target of $40.73.

About Comcast

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.