Covington Capital Management Grows Stock Position in Comcast Co. (NASDAQ:CMCSA)
Covington Capital Management lifted its stake in shares of Comcast Co. (NASDAQ:CMCSA) by 30.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,199 shares of the cable giant’s stock after purchasing an additional 34,205 shares during the quarter. Covington Capital Management’s holdings in Comcast were worth $6,530,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in CMCSA. Wealthcare Capital Management LLC grew its holdings in Comcast by 147.8% in the fourth quarter. Wealthcare Capital Management LLC now owns 555 shares of the cable giant’s stock valued at $25,000 after purchasing an additional 331 shares during the last quarter. Islay Capital Management LLC acquired a new stake in Comcast in the fourth quarter valued at $28,000. Capital Wealth Alliance LLC acquired a new stake in Comcast in the fourth quarter valued at $30,000. Barnett & Company Inc. grew its holdings in Comcast by 427.9% in the fourth quarter. Barnett & Company Inc. now owns 681 shares of the cable giant’s stock valued at $31,000 after purchasing an additional 552 shares during the last quarter. Finally, Ogorek Anthony Joseph NY ADV grew its holdings in Comcast by 103.6% in the fourth quarter. Ogorek Anthony Joseph NY ADV now owns 733 shares of the cable giant’s stock valued at $32,000 after purchasing an additional 373 shares during the last quarter. Institutional investors and hedge funds own 83.25% of the company’s stock.
In other news, EVP David N. Watson sold 202,782 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.05, for a total value of $7,513,073.10. Following the sale, the executive vice president now owns 893,424 shares of the company’s stock, valued at approximately $33,101,359.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Daniel C. Murdock sold 1,038 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $36.55, for a total value of $37,938.90. Following the completion of the sale, the chief accounting officer now directly owns 4,229 shares in the company, valued at approximately $154,569.95. The disclosure for this sale can be found here. 1.35% of the stock is owned by insiders.
Comcast (NASDAQ:CMCSA) last released its quarterly earnings data on Thursday, January 23rd. The cable giant reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.04. The business had revenue of $28.40 billion during the quarter, compared to analyst estimates of $28.18 billion. Comcast had a return on equity of 18.25% and a net margin of 11.98%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 EPS. Research analysts anticipate that Comcast Co. will post 3.18 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 1st will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.92 annualized dividend and a yield of 2.66%. This is an increase from Comcast’s previous quarterly dividend of $0.21. Comcast’s payout ratio is presently 26.84%.
Several research firms have weighed in on CMCSA. Credit Suisse Group lowered their target price on Comcast from $55.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, March 13th. KeyCorp lowered their target price on Comcast from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, March 12th. ValuEngine raised Comcast from a “sell” rating to a “hold” rating in a report on Friday, March 13th. Oppenheimer began coverage on Comcast in a report on Thursday, January 23rd. They issued a “buy” rating and a $50.00 target price on the stock. Finally, Raymond James lowered Comcast from an “outperform” rating to a “market perform” rating in a report on Monday, March 16th. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $50.64.
Comcast Company Profile
Comcast Corporation operates as a media and technology company worldwide. It operates through Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, Theme Parks, and Sky segments. The Cable Communications segment offers cable services, including high-speed Internet, video, voice, and security and automation services to residential and business customers under the Xfinity name; and advertising services.
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