Gabelli Funds LLC Sells 47,000 Shares of Comcast Corporation $CMCSA

Key Points

• Gabelli Funds LLC has reduced its stake in Comcast Corporation by 4.3%, selling 47,000 shares and bringing its total holdings to 1,054,480 shares valued at approximately $38.91 million.
• Several hedge funds have recently adjusted their holdings in Comcast, with 84.32% of the stock now owned by institutional investors, indicating strong institutional interest in the company.
• Comcast reported better-than-expected earnings in its latest quarter, with a revenue increase of 2.1% year-over-year and an announced quarterly dividend of $0.33 per share, representing a yield of 3.9% for investors.

Gabelli Funds LLC cut its holdings in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 4.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,054,480 shares of the cable giant's stock after selling 47,000 shares during the quarter. Gabelli Funds LLC's holdings in Comcast were worth $38,910,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMCSA. Brighton Jones LLC grew its holdings in shares of Comcast by 150.9% in the fourth quarter. Brighton Jones LLC now owns 166,265 shares of the cable giant's stock valued at $6,240,000 after purchasing an additional 99,986 shares in the last quarter. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Comcast in the fourth quarter valued at $36,000. Beacon Pointe Advisors LLC lifted its position in Comcast by 5.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 91,055 shares of the cable giant's stock worth $3,417,000 after buying an additional 5,112 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Comcast by 17.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 5,344,356 shares of the cable giant's stock worth $200,574,000 after buying an additional 786,126 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Comcast by 12.8% in the fourth quarter. Northern Trust Corp now owns 42,479,501 shares of the cable giant's stock worth $1,594,256,000 after buying an additional 4,819,443 shares during the last quarter. 84.32% of the stock is owned by hedge funds and other institutional investors.

Comcast Trading Up 1.2%

Shares of NASDAQ:CMCSA traded up $0.40 on Friday, hitting $33.97. 16,719,253 shares of the company's stock were exchanged, compared to its average volume of 21,455,062. Comcast Corporation has a 12 month low of $31.03 and a 12 month high of $45.31. The stock has a market capitalization of $125.42 billion, a price-to-earnings ratio of 5.61, a price-to-earnings-growth ratio of 2.01 and a beta of 0.92. The business's 50 day simple moving average is $34.14 and its two-hundred day simple moving average is $34.74. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.91 and a quick ratio of 0.91.

Comcast (NASDAQ:CMCSA - Get Free Report) last released its earnings results on Thursday, July 31st. The cable giant reported $1.25 earnings per share for the quarter, topping 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 business had revenue of $30.31 billion during the quarter, compared to the consensus estimate of $29.81 billion. During the same period last year, the company earned $1.21 earnings per share. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts anticipate that Comcast Corporation will post 4.33 EPS for the current fiscal year.

Comcast Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Wednesday, October 1st will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Wednesday, October 1st. Comcast's payout ratio is presently 21.82%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Argus downgraded Comcast from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. UBS Group lowered 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. Rothschild & Co Redburn lowered their price target on Comcast from $44.00 to $35.00 in a research report on Friday, June 20th. Morgan Stanley lowered their price target on Comcast from $40.00 to $38.00 and set an "equal weight" rating for the company in a research report on Monday, August 4th. Finally, Barclays lowered their price target on Comcast from $35.00 to $34.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $40.73.

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.