Palumbo Wealth Management LLC Trims Holdings in Comcast Corporation $CMCSA

Palumbo Wealth Management LLC lessened its stake in Comcast Corporation (NASDAQ:CMCSA) by 58.4% in the third quarter, Holdings Channel reports. The institutional investor owned 28,611 shares of the cable giant’s stock after selling 40,212 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Comcast were worth $899,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Capital A Wealth Management LLC increased its position in shares of Comcast by 173.7% in the 2nd quarter. Capital A Wealth Management LLC now owns 687 shares of the cable giant’s stock worth $25,000 after purchasing an additional 436 shares during the last quarter. Avalon Trust Co grew its stake in Comcast by 433.3% in the second quarter. Avalon Trust Co now owns 768 shares of the cable giant’s stock worth $27,000 after purchasing an additional 624 shares in the last quarter. Howard Hughes Medical Institute bought a new stake in Comcast in the second quarter valued at about $29,000. Newbridge Financial Services Group Inc. acquired a new stake in Comcast during the second quarter valued at approximately $31,000. Finally, Corsicana & Co. bought a new position in Comcast during the 3rd quarter worth approximately $32,000. 84.32% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Comcast news, CEO Michael J. Cavanagh sold 57,947 shares of Comcast stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $32.66, for a total transaction of $1,892,549.02. Following the sale, the chief executive officer owned 622,336 shares of the company’s stock, valued at $20,325,493.76. The trade was a 8.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.32% of the stock is owned by insiders.

Comcast Stock Up 0.9%

Comcast stock opened at $31.63 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.88 and a current ratio of 0.88. Comcast Corporation has a one year low of $25.75 and a one year high of $37.97. The company has a 50-day simple moving average of $29.78 and a 200-day simple moving average of $30.03. The firm has a market capitalization of $113.80 billion, a P/E ratio of 5.89, a P/E/G ratio of 2.44 and a beta of 0.81.

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

Comcast Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Investors of record on Wednesday, April 1st will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Wednesday, April 1st. Comcast’s dividend payout ratio is 24.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CMCSA shares. Daiwa Securities Group lowered their price target on Comcast from $38.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, November 18th. Royal Bank Of Canada lowered their target price on shares of Comcast from $32.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, January 16th. Weiss Ratings reissued a “hold (c-)” rating on shares of Comcast in a report on Friday, January 9th. Barclays set a $28.00 price target on shares of Comcast and gave the company an “equal weight” rating in a report on Tuesday, January 13th. Finally, Sanford C. Bernstein cut their target price on shares of Comcast from $34.00 to $32.00 and set a “market perform” rating on the stock in a report on Thursday, January 15th. Ten investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $34.90.

Comcast Profile

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.