State of Michigan Retirement System Lowers Stock Holdings in Comcast Corporation (NASDAQ:CMCSA)

State of Michigan Retirement System decreased its holdings in shares of Comcast Corporation (NASDAQ:CMCSA - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,093,489 shares of the cable giant's stock after selling 12,800 shares during the quarter. State of Michigan Retirement System's holdings in Comcast were worth $40,350,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMCSA. Inlight Wealth Management LLC purchased a new stake in Comcast during the 1st quarter worth about $26,000. Abound Financial LLC purchased a new stake in Comcast during the 1st quarter worth about $29,000. Retirement Wealth Solutions LLC lifted its holdings in Comcast by 126.9% during the 1st quarter. Retirement Wealth Solutions LLC now owns 801 shares of the cable giant's stock worth $30,000 after buying an additional 448 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in Comcast during the 4th quarter worth about $33,000. Finally, Global Wealth Strategies & Associates lifted its holdings in Comcast by 203.4% during the 1st quarter. Global Wealth Strategies & Associates now owns 895 shares of the cable giant's stock worth $33,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 84.32% of the company's stock.

Analysts Set New Price Targets

CMCSA has been the topic of several recent analyst reports. Citigroup dropped their target price on Comcast from $44.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Moffett Nathanson boosted their price target on Comcast from $56.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Scotiabank reissued a "sector perform" rating and set a $44.50 price target (down previously from $45.00) on shares of Comcast in a research note on Friday, April 25th. BNP Paribas Exane decreased their price target on Comcast from $31.00 to $30.00 and set an "underperform" rating on the stock in a research note on Friday, April 25th. Finally, Morgan Stanley set a $37.00 price target on Comcast in a research note on Friday, April 25th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Comcast presently has a consensus rating of "Hold" and an average target price of $40.96.

Comcast Stock Down 0.6%

CMCSA stock opened at $35.42 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.06. Comcast Corporation has a 1 year low of $31.44 and a 1 year high of $45.31. The company has a fifty day simple moving average of $34.95 and a 200 day simple moving average of $35.46. The firm has a market cap of $132.25 billion, a PE ratio of 8.70, a PEG ratio of 1.72 and a beta of 0.95.

Comcast (NASDAQ:CMCSA - Get Free Report) last posted its earnings results on Thursday, April 24th. The cable giant reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.08. Comcast had a net margin of 12.72% and a return on equity of 19.70%. The business had revenue of $29.89 billion for the quarter, compared to analysts' expectations of $29.82 billion. During the same quarter in the previous year, the firm posted $1.04 earnings per share. The firm's revenue for the quarter was down .6% on a year-over-year basis. Sell-side analysts anticipate that Comcast Corporation will post 4.33 EPS for the current fiscal year.

Comcast Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Wednesday, July 2nd will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Wednesday, July 2nd. Comcast's payout ratio is 32.43%.

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.

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