Pinnacle Associates Ltd. Reduces Position in Comcast Corporation $CMCSA

Pinnacle Associates Ltd. cut its holdings in shares of Comcast Corporation (NASDAQ:CMCSA) by 7.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 514,699 shares of the cable giant’s stock after selling 43,638 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Comcast were worth $15,384,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Comcast by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 369,311,219 shares of the cable giant’s stock valued at $11,038,712,000 after buying an additional 2,160,829 shares during the period. State Street Corp increased its position in shares of Comcast by 4.6% during the third quarter. State Street Corp now owns 180,687,135 shares of the cable giant’s stock valued at $5,677,190,000 after buying an additional 7,917,335 shares during the period. Dodge & Cox increased its position in shares of Comcast by 1.2% during the third quarter. Dodge & Cox now owns 112,567,918 shares of the cable giant’s stock valued at $3,536,884,000 after buying an additional 1,295,598 shares during the period. First Eagle Investment Management LLC increased its position in shares of Comcast by 0.7% during the fourth quarter. First Eagle Investment Management LLC now owns 36,171,945 shares of the cable giant’s stock valued at $1,081,179,000 after buying an additional 245,271 shares during the period. Finally, Capital Research Global Investors increased its position in shares of Comcast by 46.1% during the third quarter. Capital Research Global Investors now owns 33,706,330 shares of the cable giant’s stock valued at $1,059,053,000 after buying an additional 10,633,206 shares during the period. 84.32% of the stock is currently owned by institutional investors.

Comcast Stock Up 0.2%

Shares of NASDAQ CMCSA opened at $24.94 on Thursday. Comcast Corporation has a one year low of $24.53 and a one year high of $36.66. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.87 and a quick ratio of 0.87. The firm’s 50 day simple moving average is $28.62 and its two-hundred day simple moving average is $28.80. The stock has a market capitalization of $89.09 billion, a P/E ratio of 4.91, a PEG ratio of 2.00 and a beta of 0.71.

Comcast (NASDAQ:CMCSA) last issued its quarterly earnings results on Thursday, April 23rd. The cable giant reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. Comcast had a net margin of 15.00% and a return on equity of 15.47%. The business had revenue of $31.46 billion for the quarter, compared to analysts’ expectations of $30.42 billion. During the same period last year, the business earned $1.09 earnings per share. The business’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, analysts expect that Comcast Corporation will post 3.58 EPS for the current fiscal year.

Comcast Dividend Announcement

The firm 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 dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Wednesday, July 1st. Comcast’s dividend payout ratio (DPR) is presently 25.98%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Zacks Research upgraded Comcast from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 31st. Pivotal Research cut Comcast from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Comcast in a research report on Wednesday, April 8th. The Goldman Sachs Group reiterated a “neutral” rating and set a $29.00 price target on shares of Comcast in a research report on Thursday, April 23rd. Finally, UBS Group decreased their price objective on shares of Comcast from $36.00 to $32.00 and set a “neutral” rating on the stock in a research report on Friday, January 30th. Nine analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Comcast has a consensus rating of “Hold” and a consensus price target of $34.79.

About Comcast

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.