Violich Capital Management Inc. Lowers Stock Position in Comcast Corporation $CMCSA

Key Points

• Violich Capital Management Inc. has reduced its stake in Comcast Corporation by 16.8%, holding 48,130 shares valued at approximately $1.72 million after selling 9,700 shares in the second quarter.
• Several hedge funds, including Inlight Wealth Management and Cranbrook Wealth Management, have either newly invested or significantly increased their positions in Comcast, indicating shifting investor sentiments.
• Wall Street analysts have recently lowered their price targets for Comcast stock, with the average rating now being a "Hold" with a price target of $39.76.

Violich Capital Management Inc. decreased its holdings in Comcast Corporation (NASDAQ:CMCSA - Free Report) by 16.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,130 shares of the cable giant's stock after selling 9,700 shares during the quarter. Violich Capital Management Inc.'s holdings in Comcast were worth $1,718,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Inlight Wealth Management LLC acquired a new stake in Comcast in the first quarter valued at approximately $26,000. Cranbrook Wealth Management LLC raised its holdings in Comcast by 86.0% in the second quarter. Cranbrook Wealth Management LLC now owns 757 shares of the cable giant's stock valued at $27,000 after acquiring an additional 350 shares in the last quarter. Global Trust Asset Management LLC raised its holdings in Comcast by 906.8% in the second quarter. Global Trust Asset Management LLC now owns 745 shares of the cable giant's stock valued at $27,000 after acquiring an additional 671 shares in the last quarter. Abound Financial LLC acquired a new stake in Comcast in the first quarter valued at approximately $29,000. Finally, Ransom Advisory Ltd acquired a new stake in Comcast in the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 84.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CMCSA. Sanford C. Bernstein cut their price objective on shares of Comcast from $37.00 to $36.00 and set a "market perform" rating on the stock in a report on Wednesday, September 10th. Bank of America cut their price objective on shares of Comcast from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, September 29th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Comcast from $46.00 to $44.00 and set a "buy" rating on the stock in a report on Monday, October 6th. UBS Group set a $43.00 price objective on shares of Comcast in a report on Friday, October 3rd. Finally, The Goldman Sachs Group cut their price objective on shares of Comcast from $40.00 to $39.00 and set a "buy" rating on the stock in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $39.76.

Comcast Stock Performance

NASDAQ:CMCSA opened at $29.54 on Friday. The firm's fifty day moving average price is $32.23 and its 200 day moving average price is $33.68. Comcast Corporation has a 1-year low of $29.15 and a 1-year high of $45.31. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $109.07 billion, a price-to-earnings ratio of 4.88, a price-to-earnings-growth ratio of 1.75 and a beta of 0.94.

Comcast (NASDAQ:CMCSA - Get Free Report) last posted its quarterly earnings data on Monday, March 13th. The cable giant reported $0.77 earnings per share for the quarter. Comcast had a net margin of 18.44% and a return on equity of 18.86%. The firm had revenue of $30.34 billion for the quarter. On average, sell-side analysts expect that Comcast Corporation will post 4.33 EPS for the current year.

Comcast Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Wednesday, October 1st. Comcast's payout ratio is presently 21.82%.

Comcast Company 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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