DAVENPORT & Co LLC Trims Stake in Comcast Corporation $CMCSA

Key Points

• Davenport & Co. reduced its Comcast stake by 13.3% in the second quarter, selling 731,263 shares and retaining 4.76 million shares valued at approximately $116.4 million. Institutional investors collectively own 84.32% of CMCSA.
• Analyst sentiment remains mixed, with an overall “Hold” consensus and an average price target of $32.96; Seaport upgraded the stock to “Buy,” while Wells Fargo maintained an “Underweight” rating.
• Comcast’s latest quarterly results exceeded expectations, with adjusted EPS of $1.04 and revenue of $29.94 billion, though revenue declined 1.2% year over year. The company also declared a quarterly dividend of $0.33 per share, representing a 5.2% annualized yield.

DAVENPORT & Co LLC lessened its position in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 13.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,755,085 shares of the cable giant's stock after selling 731,263 shares during the quarter. DAVENPORT & Co LLC owned 0.13% of Comcast worth $116,352,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Lowe Brockenbrough & Co. Inc. raised its position in Comcast by 4.9% in the 4th quarter. Lowe Brockenbrough & Co. Inc. now owns 7,532 shares of the cable giant's stock worth $225,000 after purchasing an additional 352 shares during the period. Cora Capital Advisors LLC boosted its position in shares of Comcast by 3.4% during the fourth quarter. Cora Capital Advisors LLC now owns 11,013 shares of the cable giant's stock valued at $329,000 after buying an additional 362 shares during the period. Oakworth Capital Inc. boosted its position in shares of Comcast by 7.4% during the fourth quarter. Oakworth Capital Inc. now owns 5,479 shares of the cable giant's stock valued at $164,000 after buying an additional 377 shares during the period. WPG Advisers LLC grew its stake in shares of Comcast by 15.9% during the fourth quarter. WPG Advisers LLC now owns 2,801 shares of the cable giant's stock valued at $84,000 after buying an additional 384 shares during the last quarter. Finally, Addison Advisors LLC grew its stake in shares of Comcast by 55.7% during the fourth quarter. Addison Advisors LLC now owns 1,074 shares of the cable giant's stock valued at $32,000 after buying an additional 384 shares during the last quarter. 84.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CMCSA has been the subject of a number of research analyst reports. Seaport Research Partners raised Comcast from a "neutral" rating to a "buy" rating in a research note on Thursday, July 2nd. Scotiabank set a $29.00 target price on Comcast in a research note on Friday, July 24th. Wells Fargo & Company set a $23.00 target price on Comcast and gave the stock an "underweight" rating in a research note on Friday, July 24th. UBS Group reiterated a "neutral" rating on shares of Comcast in a research report on Tuesday, June 23rd. Finally, Evercore lifted their price objective on shares of Comcast from $35.00 to $36.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Eleven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $32.96.

Comcast Trading Down 0.7%

NASDAQ CMCSA opened at $25.47 on Thursday. Comcast Corporation has a 52 week low of $21.28 and a 52 week high of $34.45. The company has a 50 day moving average price of $23.74 and a 200 day moving average price of $26.92. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.94. The firm has a market cap of $90.38 billion, a PE ratio of 8.24, a price-to-earnings-growth ratio of 1.46 and a beta of 0.67.

Comcast (NASDAQ:CMCSA - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The cable giant reported $1.04 earnings per share 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 analyst estimates of $29.24 billion. During the same quarter in the previous year, the firm earned $1.25 earnings per share. The company's revenue was down 1.2% on a year-over-year basis. As a group, sell-side 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. Investors of record on Wednesday, October 7th will be paid a $0.33 dividend. The ex-dividend date is Wednesday, October 7th. This represents a $1.32 dividend on an annualized basis and a yield of 5.2%. Comcast's dividend payout ratio (DPR) is 42.72%.

Comcast Company 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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