Pictet Asset Management Holding SA Sells 82,449 Shares of Comcast Corporation $CMCSA

Key Points

• Pictet Asset Management Holding SA reduced its Comcast stake by 3.8% in the first quarter, selling 82,449 shares and ending with 2,106,142 shares worth about $60.5 million.
• Comcast reported better-than-expected quarterly results, posting EPS of $0.79 versus $0.73 expected and revenue of $31.46 billion, up 5.3% year over year.
• The company announced a quarterly dividend of $0.33 per share, implying an annualized yield of 5.5%, while analysts currently rate the stock a consensus “Hold” with a $34.32 price target.

Pictet Asset Management Holding SA trimmed its stake in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 3.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,106,142 shares of the cable giant's stock after selling 82,449 shares during the quarter. Pictet Asset Management Holding SA owned 0.06% of Comcast worth $60,472,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lowe Brockenbrough & Co. Inc. increased its stake in Comcast by 4.9% during the 4th quarter. Lowe Brockenbrough & Co. Inc. now owns 7,532 shares of the cable giant's stock valued at $225,000 after purchasing an additional 352 shares in the last quarter. Cora Capital Advisors LLC grew its holdings 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 last quarter. FSA Advisors Inc. increased its position in shares of Comcast by 5.5% during the third quarter. FSA Advisors Inc. now owns 7,203 shares of the cable giant's stock valued at $226,000 after acquiring an additional 376 shares in the last quarter. Oakworth Capital Inc. raised its holdings in Comcast by 7.4% in the 4th quarter. Oakworth Capital Inc. now owns 5,479 shares of the cable giant's stock worth $164,000 after acquiring an additional 377 shares during the last quarter. Finally, WPG Advisers LLC lifted its position in Comcast by 15.9% in the 4th quarter. WPG Advisers LLC now owns 2,801 shares of the cable giant's stock valued at $84,000 after acquiring an additional 384 shares in the last quarter. 84.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CMCSA. Zacks Research raised Comcast from a "strong sell" rating to a "hold" rating in a research report on Tuesday, March 31st. New Street Research lowered their target price on shares of Comcast from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, June 25th. UBS Group reaffirmed a "neutral" rating on shares of Comcast in a report on Tuesday, June 23rd. Wall Street Zen raised shares of Comcast to a "hold" rating in a report on Saturday, March 14th. Finally, Scotiabank increased their price objective on shares of Comcast from $34.00 to $36.00 and gave the company a "sector perform" rating in a research report on Friday, April 24th. Nine analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Comcast presently has an average rating of "Hold" and a consensus price target of $34.32.

Comcast Stock Up 4.4%

NASDAQ CMCSA opened at $24.19 on Tuesday. The stock's 50-day moving average price is $25.19 and its 200-day moving average price is $28.02. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.01. Comcast Corporation has a 52 week low of $22.13 and a 52 week high of $36.66. The company has a market capitalization of $86.41 billion, a P/E ratio of 4.76, a price-to-earnings-growth ratio of 1.89 and a beta of 0.68.

Comcast (NASDAQ:CMCSA - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The cable giant reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.73 by $0.06. The company had revenue of $31.46 billion during the quarter, compared to the consensus estimate of $30.42 billion. Comcast had a return on equity of 15.47% and a net margin of 15.00%.The firm's revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.09 EPS. On average, equities research analysts predict that Comcast Corporation will post 3.53 earnings per share for the current year.

Comcast Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 1st will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Wednesday, July 1st. Comcast's dividend payout ratio is presently 25.98%.

Key Comcast News

Here are the key news stories impacting Comcast this week:

• Positive Sentiment: Comcast announced a tax-free spinoff that will create two independent public companies, giving shareholders stakes in both the connectivity business and the media/entertainment business. Reuters: Comcast to split cable business from media in NBCUniversal, Sky spinoff
• Positive Sentiment: The split is seen as a potential catalyst for higher valuations, since each new company can be priced on its own growth and cash-flow profile rather than as a bundled media-and-telecom conglomerate. Barrons: Comcast Spinoff Could Spark Next Wave of Media Deals
• Positive Sentiment: Market commentary noted unusually heavy call-option buying and strong trading volume, signaling traders are positioning for further upside after the announcement. Benzinga: Comcast Stock Soars On Split News, Does Disney Need To Make A Similar Move?
• Neutral Sentiment: Analysts also highlighted that the transaction could encourage more media-sector M&A and strategic restructuring, though the near-term benefit depends on execution and regulatory approval. CNBC: Comcast's NBCUniversal spinoff raises hope for more deals
• Negative Sentiment: The company still faces structural challenges in its legacy pay-TV and media businesses, and the spinoff does not eliminate competitive pressure from streaming and telecom rivals. WSJ: Comcast to Split Media and Tech Businesses Into Two Separate Companies

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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