Comcast (CMCSA) Trading Down 0.8% After Analyst Downgrade
Comcast Co. (NASDAQ:CMCSA) shares dropped 0.8% during mid-day trading on Tuesday after TD Securities lowered their price target on the stock from $48.00 to $47.00. TD Securities currently has a buy rating on the stock. Comcast traded as low as $34.75 and last traded at $35.64. Approximately 1,647,236 shares changed hands during trading, a decline of 91% from the average daily volume of 18,286,256 shares. The stock had previously closed at $35.93.
Several other research analysts also recently weighed in on CMCSA. Jefferies Financial Group initiated coverage on shares of Comcast in a report on Thursday, June 7th. They set a “buy” rating and a $41.00 price objective on the stock. Raymond James downgraded shares of Comcast from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $44.00 to $63.00 in a report on Wednesday, June 13th. BidaskClub upgraded shares of Comcast from a “sell” rating to a “hold” rating in a report on Friday, June 15th. Pivotal Research restated a “buy” rating and set a $45.00 price objective on shares of Comcast in a report on Tuesday, June 26th. Finally, Credit Suisse Group initiated coverage on shares of Comcast in a report on Tuesday, July 10th. They set a “neutral” rating and a $36.00 price objective on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $44.88.
Several hedge funds have recently made changes to their positions in CMCSA. WP Advisors LLC bought a new position in Comcast during the second quarter valued at about $105,000. Prentiss Smith & Co. Inc. boosted its position in Comcast by 229.5% during the second quarter. Prentiss Smith & Co. Inc. now owns 3,295 shares of the cable giant’s stock worth $108,000 after purchasing an additional 2,295 shares during the period. IMA Wealth Inc. bought a new position in Comcast during the second quarter worth about $108,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Comcast during the second quarter worth about $129,000. Finally, Rainier Group Investment Advisory LLC bought a new position in Comcast during the first quarter worth about $146,000. Institutional investors own 80.10% of the company’s stock.
Comcast (NASDAQ:CMCSA) last issued its earnings results on Thursday, July 26th. The cable giant reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.04. The firm had revenue of $21.74 billion during the quarter, compared to analyst estimates of $21.85 billion. Comcast had a net margin of 27.42% and a return on equity of 15.92%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business earned $0.52 earnings per share. equities analysts expect that Comcast Co. will post 2.54 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Shareholders of record on Wednesday, October 3rd will be given a dividend of $0.19 per share. The ex-dividend date is Tuesday, October 2nd. This represents a $0.76 dividend on an annualized basis and a yield of 2.14%. Comcast’s dividend payout ratio is presently 36.89%.
About Comcast (NASDAQ:CMCSA)
Comcast Corporation operates as a media and technology company worldwide. It operates through Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, and Theme Parks segments. The Cable Communications segment offers video, high-speed Internet, and voice, as well as security and automation services to residential and business customers under the XFINITY brand.
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