Fred Alger Management LLC Acquires 11,105 Shares of Comcast Corporation $CMCSA

Key Points

• Fred Alger Management LLC increased its stake in Comcast Corporation by 8.4%, acquiring 11,105 shares, bringing its total holdings to 142,676 shares valued at approximately $5.3 million.
• Several institutional investors, including DAVENPORT & Co LLC and Resona Asset Management Co. Ltd., significantly raised their holdings in Comcast during the first quarter, reflecting strong investor interest.
• Comcast reported earnings of $1.25 EPS for the last quarter, surpassing analysts' expectations, with revenues reaching $30.31 billion, marking a 2.1% increase compared to the previous year.

Fred Alger Management LLC increased its position in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 8.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,676 shares of the cable giant's stock after purchasing an additional 11,105 shares during the period. Fred Alger Management LLC's holdings in Comcast were worth $5,265,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Sculati Wealth Management LLC lifted its stake in Comcast by 0.9% during the 4th quarter. Sculati Wealth Management LLC now owns 30,792 shares of the cable giant's stock valued at $1,156,000 after acquiring an additional 285 shares in the last quarter. Toth Financial Advisory Corp raised its stake in shares of Comcast by 9.0% during the 1st quarter. Toth Financial Advisory Corp now owns 3,630 shares of the cable giant's stock worth $134,000 after purchasing an additional 300 shares during the period. Clearstead Trust LLC raised its stake in shares of Comcast by 5.2% during the 1st quarter. Clearstead Trust LLC now owns 6,142 shares of the cable giant's stock worth $227,000 after purchasing an additional 305 shares during the period. United Asset Strategies Inc. raised its stake in shares of Comcast by 2.2% during the 1st quarter. United Asset Strategies Inc. now owns 14,075 shares of the cable giant's stock worth $519,000 after purchasing an additional 308 shares during the period. Finally, Moors & Cabot Inc. raised its stake in shares of Comcast by 0.6% during the 1st quarter. Moors & Cabot Inc. now owns 54,163 shares of the cable giant's stock worth $1,999,000 after purchasing an additional 310 shares during the period. 84.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CMCSA has been the subject of several recent research reports. Scotiabank lifted their price objective on Comcast from $44.50 to $45.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. Moffett Nathanson lifted their target price on Comcast from $56.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Royal Bank Of Canada began coverage on Comcast in a report on Monday, September 8th. They set a "sector perform" rating and a $38.00 target price for the company. Rothschild & Co Redburn dropped their price target on Comcast from $44.00 to $35.00 in a research report on Friday, June 20th. Finally, UBS Group dropped their price target on Comcast from $40.00 to $36.00 and set a "neutral" rating for the company in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $40.56.

Comcast Trading Down 1.1%

Shares of CMCSA traded down $0.36 during mid-day trading on Monday, hitting $32.70. 5,552,533 shares of the company's stock traded hands, compared to its average volume of 23,886,402. 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 1 year low of $31.03 and a 1 year high of $45.31. The firm has a market capitalization of $120.73 billion, a P/E ratio of 5.41, a PEG ratio of 1.98 and a beta of 0.93. The business's 50-day moving average price is $33.79 and its 200-day moving average price is $34.59.

Comcast (NASDAQ:CMCSA - Get Free Report) last posted its earnings results on Thursday, July 31st. The cable giant reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.07. Comcast had a return on equity of 18.86% and a net margin of 18.44%.The firm had revenue of $30.31 billion for the quarter, compared to analysts' expectations of $29.81 billion. During the same period in the previous year, the firm earned $1.21 earnings per share. The business's revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Comcast Corporation will post 4.33 EPS for the current fiscal year.

Comcast Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Wednesday, October 1st will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Wednesday, October 1st. Comcast's dividend payout ratio is presently 21.82%.

Comcast Company Profile

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.