Meeder Asset Management Inc. Cuts Stock Position in Comcast Corporation (NASDAQ:CMCSA)

Key Points

• Meeder Asset Management Inc. significantly reduced its stake in Comcast Corporation by 58.9%, now holding 88,852 shares worth approximately $3.27 million after selling 127,333 shares in the first quarter.
• The stock currently has a consensus rating of "Hold" from analysts, with a reduced average target price of $41.13 following multiple downgrades by various financial institutions.
• Comcast recently declared a quarterly dividend of $0.33, reflecting a yield of 3.94% and a payout ratio of 32.43%.

Meeder Asset Management Inc. decreased its position in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 58.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 88,852 shares of the cable giant's stock after selling 127,333 shares during the quarter. Meeder Asset Management Inc.'s holdings in Comcast were worth $3,279,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CMCSA. New Republic Capital LLC grew its position in Comcast by 10.3% in the 1st quarter. New Republic Capital LLC now owns 8,264 shares of the cable giant's stock worth $305,000 after purchasing an additional 774 shares during the last quarter. Mackenzie Financial Corp increased its stake in Comcast by 7.4% during the first quarter. Mackenzie Financial Corp now owns 905,052 shares of the cable giant's stock valued at $33,396,000 after acquiring an additional 62,461 shares during the period. Sunpointe LLC raised its holdings in Comcast by 7.1% in the 1st quarter. Sunpointe LLC now owns 10,971 shares of the cable giant's stock valued at $405,000 after acquiring an additional 726 shares in the last quarter. Prosperity Consulting Group LLC grew its holdings in shares of Comcast by 40.0% during the 1st quarter. Prosperity Consulting Group LLC now owns 12,021 shares of the cable giant's stock worth $444,000 after purchasing an additional 3,432 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC increased its position in shares of Comcast by 4.1% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 10,425 shares of the cable giant's stock valued at $385,000 after purchasing an additional 409 shares during the period. 84.32% of the stock is currently owned by institutional investors and hedge funds.

Comcast Trading Down 1.6%

NASDAQ:CMCSA traded down $0.53 during trading hours on Friday, reaching $32.70. The company's stock had a trading volume of 11,411,375 shares, compared to its average volume of 24,448,932. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.65 and a current ratio of 0.65. The firm has a market capitalization of $122.11 billion, a price-to-earnings ratio of 8.04, a PEG ratio of 1.58 and a beta of 0.95. The firm has a 50-day simple moving average of $34.84 and a 200-day simple moving average of $35.14. Comcast Corporation has a 1 year low of $31.44 and a 1 year high of $45.31.

Comcast (NASDAQ:CMCSA - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The cable giant reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.07. Comcast had a return on equity of 19.70% and a net margin of 12.72%. The firm had revenue of $30.31 billion for the quarter, compared to analyst estimates of $29.81 billion. During the same period last year, the company earned $1.21 EPS. The business's quarterly revenue was up 2.1% compared to the same quarter last year. Research analysts expect 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 was paid on Wednesday, July 23rd. Investors of record on Wednesday, July 2nd were paid a $0.33 dividend. The ex-dividend date was Wednesday, July 2nd. This represents a $1.32 dividend on an annualized basis and a yield of 4.0%. Comcast's payout ratio is presently 32.43%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Argus cut shares of Comcast from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Scotiabank boosted their target price on Comcast from $44.50 to $45.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. The Goldman Sachs Group cut their price objective on Comcast from $44.00 to $40.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Barclays decreased their target price on Comcast from $35.00 to $34.00 and set an "equal weight" rating on the stock in a report on Friday. Finally, Morgan Stanley lifted their price target on Comcast from $37.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $40.77.

Comcast 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.