One Wealth Advisors LLC has significantly reduced its holdings in Comcast Corporation (NASDAQ: CMCSA) by 34.7% during the second quarter of 2023. According to the latest disclosure with the Securities & Exchange Commission, the firm sold 6,628 shares, leaving it with 12,462 shares valued at approximately $445,000 by the end of the reporting period.
Several other institutional investors have also made notable adjustments to their positions in Comcast. Brighton Jones LLC increased its stake by an impressive 150.9% in the fourth quarter, now owning 166,265 shares valued at $6.24 million after acquiring an additional 99,986 shares. Similarly, GAMMA Investing LLC raised its stake by a staggering 2,193.1% in the first quarter, bringing its total to 1,164,564 shares worth $42.97 million.
Fragasso Financial Advisors Inc and Merit Financial Group LLC also increased their stakes by 3.1% and 75.2%, respectively, contributing to a trend of institutional investment in Comcast. Currently, institutional investors hold 84.32% of the company’s stock, indicating strong confidence in the cable giant.
Analysts Weigh In on Comcast’s Future
Analysts have recently provided mixed opinions regarding Comcast’s stock. Arete Research upgraded Comcast to a “hold” rating on July 8, while Barclays lowered its price target from $35.00 to $34.00. Goldman Sachs adjusted its target from $40.00 to $39.00, maintaining a “buy” rating, and Citigroup reaffirmed its “buy” status on August 26. Overall, one analyst has rated the stock as a strong buy, twelve as buy, thirteen as hold, and three as sell, leading to an average rating of “hold” with a target price of $40.11 according to MarketBeat.
Comcast’s Financial Performance and Dividend Announcement
On July 31, Comcast reported its quarterly earnings, revealing earnings per share (EPS) of $1.25, surpassing analysts’ consensus estimates of $1.18. The company achieved a net margin of 18.44% and a return on equity of 18.86%, with total revenue of $30.31 billion, exceeding expectations of $29.81 billion. These results represent a 2.1% increase in revenue year-over-year compared to the same quarter last year when the EPS was $1.21.
In addition, Comcast recently announced a quarterly dividend of $0.33 per share, set to be distributed on October 22, 2023. Shareholders on record as of October 1 will receive this dividend, which translates to an annualized rate of $1.32 and a yield of 4.2%. The company’s dividend payout ratio currently stands at 21.82%.
As a leading player in the media and technology landscape, Comcast operates through various segments, including Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks. The company’s stock performance continues to attract the attention of both institutional and retail investors as it navigates a competitive market landscape.
