Royal Bank of Canada Buys 70,126 Shares of Charter Communications, Inc. $CHTR

Key Points

• The Royal Bank of Canada increased its stake in Charter Communications by 66.8%, acquiring an additional 70,126 shares and raising its total ownership to 175,075 shares valued at approximately $64.5 million.
• Several large investors, including SouthState Corp and ST Germain D J Co. Inc., have also made significant adjustments to their positions in Charter Communications during the same quarter, reflecting a broader interest from institutional investors.
• Charter Communications reported earnings of $9.18 per share, missing the consensus estimate and showing a slight revenue increase of 0.6% year over year, indicating mixed performance despite slight growth.

Royal Bank of Canada boosted its position in Charter Communications, Inc. (NASDAQ:CHTR - Free Report) by 66.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 175,075 shares of the company's stock after acquiring an additional 70,126 shares during the period. Royal Bank of Canada owned 0.12% of Charter Communications worth $64,520,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CHTR. Makaira Partners LLC raised its holdings in Charter Communications by 4.0% in the fourth quarter. Makaira Partners LLC now owns 373,191 shares of the company's stock worth $127,919,000 after purchasing an additional 14,510 shares during the period. Private Trust Co. NA raised its holdings in Charter Communications by 69.5% in the first quarter. Private Trust Co. NA now owns 161 shares of the company's stock worth $59,000 after purchasing an additional 66 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Charter Communications by 21.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,893 shares of the company's stock worth $1,435,000 after purchasing an additional 676 shares during the period. Vontobel Holding Ltd. raised its holdings in Charter Communications by 25.2% in the first quarter. Vontobel Holding Ltd. now owns 1,649 shares of the company's stock worth $608,000 after purchasing an additional 332 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Charter Communications by 20.3% in the first quarter. Envestnet Asset Management Inc. now owns 33,471 shares of the company's stock worth $12,335,000 after purchasing an additional 5,642 shares during the period. Institutional investors own 81.76% of the company's stock.

Insiders Place Their Bets

In related news, Director Balan Nair bought 360 shares of Charter Communications stock in a transaction dated Thursday, July 31st. The shares were bought at an average cost of $274.21 per share, with a total value of $98,715.60. Following the acquisition, the director owned 9,622 shares in the company, valued at $2,638,448.62. This trade represents a 3.89% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Christopher L. Winfrey bought 3,670 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was purchased at an average cost of $273.10 per share, for a total transaction of $1,002,277.00. Following the completion of the acquisition, the chief executive officer owned 70,243 shares in the company, valued at approximately $19,183,363.30. This trade represents a 5.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.83% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CHTR shares. Royal Bank Of Canada cut their price objective on Charter Communications from $430.00 to $370.00 and set a "sector perform" rating on the stock in a report on Monday, July 28th. Wells Fargo & Company started coverage on Charter Communications in a research note on Thursday, August 21st. They issued an "equal weight" rating and a $300.00 target price on the stock. The Goldman Sachs Group started coverage on Charter Communications in a research note on Tuesday, September 2nd. They issued a "sell" rating and a $223.00 target price on the stock. Raymond James Financial upgraded Charter Communications from an "underperform" rating to a "market perform" rating in a research note on Monday, May 19th. Finally, Bank of America raised their target price on shares of Charter Communications from $450.00 to $500.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Eight research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $394.61.

Charter Communications Stock Performance

Shares of CHTR stock traded down $0.44 during trading on Tuesday, reaching $263.44. 1,133,693 shares of the company's stock were exchanged, compared to its average volume of 1,515,567. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 4.57. The stock has a market capitalization of $35.98 billion, a PE ratio of 7.21, a PEG ratio of 0.59 and a beta of 1.02. Charter Communications, Inc. has a twelve month low of $251.80 and a twelve month high of $437.06. The firm's fifty day moving average price is $315.23 and its 200-day moving average price is $355.06.

Charter Communications (NASDAQ:CHTR - Get Free Report) last posted its earnings results on Friday, July 25th. The company reported $9.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $10.06 by ($0.88). The company had revenue of $13.77 billion for the quarter, compared to analyst estimates of $13.76 billion. Charter Communications had a return on equity of 26.77% and a net margin of 9.53%.The business's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $8.49 EPS. As a group, sell-side analysts anticipate that Charter Communications, Inc. will post 38.16 EPS for the current year.

Charter Communications Company Profile

Charter Communications, Inc operates as a broadband connectivity and cable operator company serving residential and commercial customers in the United States. The company offers subscription-based internet, video, and mobile and voice services; a suite of broadband connectivity services, including fixed internet, WiFi, and mobile; Advanced WiFi services; Spectrum Security Shield; in-home WiFi, which provides customers with high performance wireless routers and managed WiFi services to enhance their fixed wireless internet experience; out-of-home WiFi; and Spectrum WiFi services.