Procyon Advisors LLC Raises Stake in Comcast Corporation $CMCSA

Key Points

• Procyon Advisors LLC boosted its Comcast stake by 220.9% in the first quarter, buying an additional 83,768 shares and lifting its total holding to 121,685 shares valued at about $3.49 million.
• Comcast’s latest earnings topped expectations, with quarterly EPS of $0.79 versus the $0.73 estimate and revenue of $31.46 billion, up 5.3% year over year.
• The company declared a quarterly dividend of $0.33 per share, implying an annualized yield of about 5.5%, while analysts currently rate the stock a consensus “Hold” with an average price target of $33.88.

Procyon Advisors LLC increased its stake in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 220.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,685 shares of the cable giant's stock after purchasing an additional 83,768 shares during the quarter. Procyon Advisors LLC's holdings in Comcast were worth $3,494,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMCSA. Vanguard Group Inc. grew its holdings in shares of Comcast by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 369,311,219 shares of the cable giant's stock worth $11,038,712,000 after acquiring an additional 2,160,829 shares during the period. State Street Corp increased its position in shares of Comcast by 3.4% in the fourth quarter. State Street Corp now owns 186,805,081 shares of the cable giant's stock valued at $5,583,604,000 after buying an additional 6,117,946 shares in the last quarter. Capital World Investors boosted its position in shares of Comcast by 20.8% in the 4th quarter. Capital World Investors now owns 140,343,399 shares of the cable giant's stock worth $4,194,929,000 after buying an additional 24,166,881 shares in the last quarter. Dodge & Cox increased its holdings in Comcast by 0.4% during the 4th quarter. Dodge & Cox now owns 112,967,514 shares of the cable giant's stock valued at $3,376,599,000 after acquiring an additional 399,596 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Comcast by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 89,913,362 shares of the cable giant's stock worth $2,680,747,000 after acquiring an additional 1,465,428 shares during the last quarter. 84.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CMCSA shares. Royal Bank Of Canada raised their price objective on shares of Comcast from $31.00 to $32.00 and gave the stock a "sector perform" rating in a research note on Friday, April 24th. Weiss Ratings reissued a "hold (c-)" rating on shares of Comcast in a report on Monday, July 6th. Zacks Research upgraded Comcast from a "strong sell" rating to a "hold" rating in a research report on Tuesday, March 31st. New Street Research reduced their target price on shares of Comcast from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, June 25th. Finally, BNP Paribas Exane lowered their price target on shares of Comcast from $26.00 to $25.00 and set an "underperform" rating for the company in a report on Wednesday, April 8th. Eleven equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Comcast presently has an average rating of "Hold" and an average price target of $33.88.

Comcast Price Performance

Comcast stock opened at $23.97 on Tuesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $85.63 billion, a price-to-earnings ratio of 4.72, a PEG ratio of 1.94 and a beta of 0.67. Comcast Corporation has a 1 year low of $22.13 and a 1 year high of $36.01. The firm has a 50 day moving average price of $24.20 and a 200 day moving average price of $27.66.

Comcast (NASDAQ:CMCSA - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The cable giant reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.73 by $0.06. The company had revenue of $31.46 billion for the quarter, compared to analyst estimates of $30.42 billion. Comcast had a net margin of 15.00% and a return on equity of 15.47%. Comcast's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the business earned $1.09 EPS. Sell-side analysts predict that Comcast Corporation will post 3.49 earnings per share for the current year.

Comcast Announces Dividend

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 paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, July 1st. This represents a $1.32 annualized dividend and a yield of 5.5%. Comcast's dividend payout ratio is currently 25.98%.

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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