Pinnacle Associates Ltd. Raises Position in Comcast Corporation $CMCSA

Pinnacle Associates Ltd. grew its holdings in shares of Comcast Corporation (NASDAQ:CMCSA) by 5.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 558,337 shares of the cable giant’s stock after acquiring an additional 30,270 shares during the period. Pinnacle Associates Ltd.’s holdings in Comcast were worth $17,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital A Wealth Management LLC grew its stake in shares of Comcast by 173.7% during the 2nd quarter. Capital A Wealth Management LLC now owns 687 shares of the cable giant’s stock valued at $25,000 after acquiring an additional 436 shares during the period. Avalon Trust Co lifted its holdings in Comcast by 433.3% during the second quarter. Avalon Trust Co now owns 768 shares of the cable giant’s stock valued at $27,000 after purchasing an additional 624 shares in the last quarter. Howard Hughes Medical Institute bought a new position in shares of Comcast in the second quarter worth approximately $29,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Comcast during the 2nd quarter valued at $31,000. Finally, Corsicana & Co. purchased a new position in shares of Comcast during the 3rd quarter valued at $32,000. 84.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMCSA has been the topic of several research analyst reports. Barclays set a $28.00 price objective on Comcast and gave the company an “equal weight” rating in a research report on Tuesday, January 13th. Morgan Stanley decreased their target price on Comcast from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 10th. Bank of America upgraded Comcast from a “neutral” rating to a “buy” rating and upped their price target for the stock from $31.00 to $37.00 in a research note on Monday, January 12th. Rosenblatt Securities reiterated a “neutral” rating and set a $30.00 price objective on shares of Comcast in a research report on Friday, January 30th. Finally, UBS Group lowered their target price on shares of Comcast from $36.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 30th. Ten research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $34.87.

Insider Buying and Selling at Comcast

In other news, CEO Michael J. Cavanagh sold 57,947 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $32.66, for a total value of $1,892,549.02. Following the sale, the chief executive officer directly owned 622,336 shares in the company, valued at $20,325,493.76. The trade was a 8.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.26% of the stock is currently owned by company insiders.

Comcast Stock Up 1.0%

Shares of CMCSA opened at $31.91 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $114.81 billion, a price-to-earnings ratio of 5.94, a price-to-earnings-growth ratio of 2.49 and a beta of 0.79. Comcast Corporation has a 1 year low of $25.75 and a 1 year high of $37.97. The business’s 50 day simple moving average is $30.06 and its 200-day simple moving average is $29.94.

Comcast (NASDAQ:CMCSA) last posted its earnings results on Thursday, January 29th. The cable giant reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $32.31 billion during the quarter, compared to analyst estimates of $32.35 billion. Comcast had a net margin of 16.17% and a return on equity of 16.86%. Comcast’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $0.96 earnings per share. As a group, equities analysts expect that Comcast Corporation will post 4.33 earnings per share for the current fiscal year.

Comcast Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 1st will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 1st. Comcast’s dividend payout ratio (DPR) is presently 24.58%.

Comcast Company Profile

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.