Primecap Management Co. CA Reduces Stake in Comcast Corporation $CMCSA

Primecap Management Co. CA trimmed its position in shares of Comcast Corporation (NASDAQ:CMCSA) by 13.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 182,100 shares of the cable giant’s stock after selling 29,200 shares during the quarter. Primecap Management Co. CA’s holdings in Comcast were worth $5,722,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Comcast by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 369,438,921 shares of the cable giant’s stock worth $13,185,275,000 after buying an additional 1,257,196 shares in the last quarter. State Street Corp increased its holdings in Comcast by 2.5% during the 2nd quarter. State Street Corp now owns 172,769,800 shares of the cable giant’s stock valued at $6,166,154,000 after acquiring an additional 4,231,140 shares in the last quarter. Dodge & Cox raised its position in Comcast by 18.1% during the second quarter. Dodge & Cox now owns 111,272,320 shares of the cable giant’s stock worth $3,971,309,000 after acquiring an additional 17,054,579 shares during the last quarter. Norges Bank purchased a new stake in shares of Comcast in the second quarter valued at about $3,528,361,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Comcast by 7.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 36,154,170 shares of the cable giant’s stock valued at $1,289,984,000 after purchasing an additional 2,517,906 shares in the last quarter. Institutional investors and hedge funds own 84.32% of the company’s stock.

Analysts Set New Price Targets

CMCSA has been the subject of a number of recent research reports. Sanford C. Bernstein dropped their price objective on shares of Comcast from $34.00 to $32.00 and set a “market perform” rating for the company in a research note on Thursday, January 15th. The Goldman Sachs Group reissued a “neutral” rating and set a $30.00 price target (down from $39.00) on shares of Comcast in a research report on Friday, October 31st. Moffett Nathanson cut their price target on Comcast from $58.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, November 13th. BNP Paribas Exane lowered Comcast from a “neutral” rating to an “underperform” rating and set a $27.00 price objective on the stock. in a research note on Tuesday. Finally, Pivotal Research cut Comcast from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 30th. Ten equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $34.87.

Insider Activity

In related news, CEO Michael J. Cavanagh sold 57,947 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 622,336 shares in the company, valued at approximately $20,325,493.76. The trade was a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.32% of the company’s stock.

Comcast Price Performance

CMCSA stock opened at $30.96 on Friday. The stock has a market capitalization of $111.39 billion, a price-to-earnings ratio of 5.77, a price-to-earnings-growth ratio of 2.41 and a beta of 0.81. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.96. Comcast Corporation has a 52-week low of $25.75 and a 52-week high of $37.97. The stock’s fifty day simple moving average is $29.86 and its 200-day simple moving average is $30.04.

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

Comcast Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Stockholders of record on Wednesday, April 1st will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Wednesday, April 1st. Comcast’s dividend payout ratio is presently 24.58%.

About Comcast

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.