Empyrean Capital Partners LP Raises Stock Holdings in Comcast Corporation $CMCSA

Key Points

• Empyrean Capital Partners increased its Comcast stake by 54.8% in the first quarter, adding 476,300 shares to hold 1.345 million shares valued at approximately $38.6 million. Institutional investors collectively own 84.32% of CMCSA.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $32.96, compared with Comcast’s recent price of $22.80.
• Comcast exceeded quarterly earnings and revenue expectations, reporting $1.04 in EPS and $29.94 billion in revenue, while revenue declined 1.2% year over year. The company also declared a quarterly dividend of $0.33, representing a 5.8% annualized yield.

Empyrean Capital Partners LP grew its position in shares of Comcast Corporation (NASDAQ:CMCSA - Free Report) by 54.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,345,000 shares of the cable giant's stock after acquiring an additional 476,300 shares during the quarter. Comcast comprises approximately 1.3% of Empyrean Capital Partners LP's holdings, making the stock its 23rd largest holding. Empyrean Capital Partners LP's holdings in Comcast were worth $38,615,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Imprint Wealth LLC bought a new position in shares of Comcast in the 3rd quarter valued at about $26,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Comcast during the fourth quarter worth approximately $27,000. Whipplewood Advisors LLC raised its position in Comcast by 75.5% during the first 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 period. Main Street Group LTD purchased a new stake in Comcast during the first quarter valued at approximately $27,000. Finally, Richardson Financial Services Inc. lifted its stake in shares of Comcast by 212.6% in the 4th quarter. Richardson Financial Services Inc. now owns 1,016 shares of the cable giant's stock valued at $30,000 after purchasing an additional 691 shares during the last quarter. 84.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. UBS Group reiterated a "neutral" rating on shares of Comcast in a report on Tuesday, June 23rd. Moffett Nathanson decreased their price target on Comcast from $53.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, June 16th. New Street Research lowered their price target on Comcast from $31.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, June 25th. Wells Fargo & Company set a $23.00 price objective on shares of Comcast and gave the stock an "underweight" rating in a research note on Friday. Finally, Citigroup cut their price objective on shares of Comcast from $35.50 to $32.00 and set a "buy" rating on the stock in a research report on Monday, June 29th. Eleven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Comcast has a consensus rating of "Hold" and a consensus target price of $32.96.

Comcast Price Performance

CMCSA opened at $22.80 on Tuesday. The business has a fifty day moving average of $23.77 and a 200 day moving average of $27.23. Comcast Corporation has a 52-week low of $21.28 and a 52-week high of $34.45. 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 stock has a market cap of $81.45 billion, a P/E ratio of 7.38, a PEG ratio of 1.84 and a beta of 0.67.

Comcast (NASDAQ:CMCSA - Get Free Report) last released its 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 last year, the firm posted $1.25 earnings per share. The business's revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Comcast Corporation will post 3.47 EPS for the current year.

Comcast Announces Dividend

The business also recently declared 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. This represents a $1.32 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend is Wednesday, October 7th. Comcast's dividend payout ratio (DPR) is currently 42.72%.

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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