Legal & General Group Plc has decreased its stake in Comcast Corporation (NASDAQ: CMCSA) by 5.5% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The UK-based investment firm now holds 23,418,254 shares of the cable company’s stock after selling 1,355,350 shares during this period. This stake represents 0.63% of Comcast, valued at approximately $835.8 million.
Other significant investors have also adjusted their positions in Comcast. DNB Asset Management AS increased its holdings by 22.8%, acquiring an additional 177,057 shares to reach a total of 954,818 shares, worth around $34.1 million. Similarly, Entropy Technologies LP raised its stake by a remarkable 241.1%, now owning 239,619 shares valued at $8.6 million following a purchase of 169,372 shares.
Magnetar Financial LLC also made notable moves, boosting its stake by 939.6%, resulting in ownership of 287,276 shares, worth approximately $10.3 million. The Swiss National Bank increased its position by 6.1%, now holding 11,417,100 shares valued at around $407.5 million. Handelsbanken Fonder AB raised its stake by 9.2% to own 1,961,171 shares, approximating $70 million. Overall, hedge funds and institutional investors own 84.32% of Comcast’s stock.
Analyst Ratings Shift for Comcast
Comcast has been under the scrutiny of several research analysts recently. On October 31, 2023, TD Cowen lowered its price target for Comcast from $46.00 to $40.00 while maintaining a “buy” rating. Morgan Stanley also revised its price target down from $35.00 to $32.00, assigning an “equal weight” rating.
In a similar vein, Pivotal Research adjusted its price target from $40.00 to $36.00 but kept its “buy” rating intact. Scotiabank reduced its price objective from $45.50 to $41.50, giving the stock a “sector perform” rating. Conversely, BNP Paribas upgraded Comcast from an “underperform” rating to “neutral,” setting a new price target of $28.00.
Currently, eleven analysts rate Comcast as a buy, while twenty-one recommend holding the stock, and two suggest selling. According to data from MarketBeat.com, Comcast has a consensus rating of “hold” and an average price target of $35.92.
Market Performance and Financial Outlook
As of the latest trading session on November 3, 2023, Comcast stock opened at $26.63, reflecting a decline of 0.9%. The stock has a fifty-day simple moving average of $29.59 and a 200-day simple moving average of $32.68. Comcast boasts a market capitalization of $97.04 billion and a price-to-earnings ratio of 4.43.
During the past year, Comcast’s stock reached a low of $25.75 and a high of $44.03. The company reported a net margin of 18.33% and a return on equity of 18.06% in its most recent quarterly earnings, which were disclosed on March 13, 2023. For the quarter, Comcast generated $30.34 billion in revenue, with analysts forecasting earnings per share of $4.33 for the current fiscal year.
Comcast also announced a quarterly dividend to be paid on February 4, 2024. Shareholders registered by January 14, 2024, will receive a dividend of $0.33 per share, translating to an annualized dividend of $1.32 and a yield of 5.0%. The company’s current payout ratio stands at 21.96%.
As Comcast continues to navigate the competitive landscape of media and technology, adjustments in institutional holdings and analyst ratings will be key indicators of its ongoing performance and market perception.
