Summit Asset Management LLC Lowers Stake in Comcast Co. (NASDAQ:CMCSA)

Summit Asset Management LLC reduced its position in shares of Comcast Co. (NASDAQ:CMCSA) by 5.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,053 shares of the cable giant’s stock after selling 267 shares during the quarter. Summit Asset Management LLC’s holdings in Comcast were worth $211,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CMCSA. Capital World Investors increased its holdings in shares of Comcast by 7.4% during the 1st quarter. Capital World Investors now owns 115,703,280 shares of the cable giant’s stock worth $5,015,737,000 after buying an additional 7,929,963 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Comcast by 2.7% in the second quarter. Dimensional Fund Advisors LP now owns 38,329,384 shares of the cable giant’s stock valued at $1,500,722,000 after acquiring an additional 1,000,626 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Comcast by 41.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,016,389 shares of the cable giant’s stock valued at $1,214,512,000 after acquiring an additional 8,243,302 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its position in Comcast by 25,881.7% in the first quarter. Ontario Teachers Pension Plan Board now owns 10,850,995 shares of the cable giant’s stock valued at $470,391,000 after acquiring an additional 10,809,231 shares during the last quarter. Finally, First Pacific Advisors LP lifted its position in Comcast by 2.1% in the second quarter. First Pacific Advisors LP now owns 10,818,009 shares of the cable giant’s stock valued at $423,633,000 after acquiring an additional 219,894 shares during the last quarter. 84.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on CMCSA. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Comcast from $49.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Benchmark reiterated a “buy” rating and set a $55.00 price target on shares of Comcast in a research note on Wednesday, October 30th. StockNews.com lowered shares of Comcast from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 24th. KeyCorp boosted their price target on shares of Comcast from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Finally, TD Cowen lowered their target price on shares of Comcast from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.75.

Comcast Stock Performance

NASDAQ:CMCSA opened at $43.91 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $168.02 billion, a PE ratio of 11.80, a PEG ratio of 1.67 and a beta of 1.00. The firm’s fifty day simple moving average is $41.36 and its 200 day simple moving average is $39.79. Comcast Co. has a 1 year low of $36.43 and a 1 year high of $47.11.

Comcast (NASDAQ:CMCSA) last posted its quarterly earnings results on Thursday, October 31st. The cable giant reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.06. The company had revenue of $32.07 billion for the quarter, compared to analyst estimates of $31.78 billion. Comcast had a net margin of 11.92% and a return on equity of 19.81%. The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the business posted $1.08 EPS. On average, sell-side analysts anticipate that Comcast Co. will post 4.25 EPS for the current year.

Comcast Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders of record on Wednesday, January 8th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Wednesday, January 8th. Comcast’s payout ratio is 33.33%.

Comcast 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.