Cullen Capital Management LLC Purchases Shares of 5,287,200 Comcast Corporation $CMCSA

Key Points

• Cullen Capital Management acquired 5.29 million Comcast shares worth approximately $129.8 million, establishing a 0.15% stake. Institutional investors collectively own 84.32% of the company.
• Comcast exceeded quarterly expectations, reporting $1.04 earnings per share versus the $0.97 consensus estimate and $29.94 billion in revenue, although revenue declined 1.2% year over year.
• The company declared a quarterly dividend of $0.33, equivalent to $1.32 annually and a 4.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $32.96.

Cullen Capital Management LLC acquired a new position in Comcast Corporation (NASDAQ:CMCSA - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 5,287,200 shares of the cable giant's stock, valued at approximately $129,801,000. Cullen Capital Management LLC owned 0.15% of Comcast as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Ally Financial Inc. bought a new position in Comcast in the 2nd quarter worth $3,885,000. Weitz Investment Management Inc. bought a new stake in shares of Comcast during the 2nd quarter valued at about $1,154,000. Heartland Bank & Trust Co bought a new stake in shares of Comcast during the 2nd quarter valued at about $374,000. Madison Asset Management LLC purchased a new position in shares of Comcast during the second quarter valued at about $2,953,000. Finally, Great Lakes Advisors LLC bought a new position in Comcast in the second quarter worth about $2,189,000. 84.32% of the stock is currently owned by institutional investors.

Comcast Price Performance

CMCSA stock opened at $27.02 on Tuesday. The firm has a 50 day moving average price of $24.14 and a 200-day moving average price of $26.76. Comcast Corporation has a 52-week low of $21.28 and a 52-week high of $34.45. The firm has a market capitalization of $95.88 billion, a price-to-earnings ratio of 8.74, a PEG ratio of 1.53 and a beta of 0.67. 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 (NASDAQ:CMCSA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The cable giant reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.07. Comcast had a return on equity of 14.77% and a net margin of 8.97%.The company had revenue of $29.94 billion for the quarter, compared to the consensus estimate of $29.24 billion. During the same quarter in the prior year, the business posted $1.25 EPS. The firm's quarterly revenue was down 1.2% compared to the same quarter last year. Equities research analysts forecast that Comcast Corporation will post 3.52 EPS for the current fiscal year.

Comcast Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Wednesday, October 7th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Wednesday, October 7th. Comcast's dividend payout ratio is currently 42.72%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CMCSA. 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. UBS Group restated a "neutral" rating on shares of Comcast in a research note on Tuesday, June 23rd. Barclays set a $26.00 price target on Comcast and gave the company an "equal weight" rating in a research report on Friday, July 24th. Freedom Capital raised Comcast to a "hold" rating in a research note on Friday, June 12th. Finally, Scotiabank set a $29.00 price objective on Comcast in a report on Friday, July 24th. Eleven equities 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 company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target 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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