Montecito Bank & Trust Reduces Stake in Comcast Co. (NASDAQ:CMCSA)

Montecito Bank & Trust lessened its stake in shares of Comcast Co. (NASDAQ:CMCSA) by 8.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,519 shares of the cable giant’s stock after selling 585 shares during the quarter. Montecito Bank & Trust’s holdings in Comcast were worth $241,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Promus Capital LLC bought a new position in Comcast in the 4th quarter worth about $25,000. Retirement Wealth Solutions LLC grew its holdings in shares of Comcast by 126.9% during the first quarter. Retirement Wealth Solutions LLC now owns 801 shares of the cable giant’s stock worth $30,000 after purchasing an additional 448 shares in the last quarter. Mpwm Advisory Solutions LLC bought a new position in shares of Comcast in the fourth quarter worth approximately $33,000. Global Wealth Strategies & Associates raised its stake in Comcast by 203.4% in the first quarter. Global Wealth Strategies & Associates now owns 895 shares of the cable giant’s stock valued at $33,000 after purchasing an additional 600 shares in the last quarter. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Comcast during the fourth quarter valued at approximately $36,000. 84.32% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on CMCSA shares. Wells Fargo & Company cut shares of Comcast from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $37.00 to $31.00 in a research report on Monday, April 14th. Argus lowered Comcast from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. UBS Group set a $44.50 price objective on Comcast in a report on Friday, April 25th. Barclays decreased their price objective on Comcast from $37.00 to $35.00 and set an “equal weight” rating on the stock in a report on Monday, April 28th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $36.00 target price on shares of Comcast in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $42.10.

Comcast Stock Up 0.3%

Shares of NASDAQ CMCSA opened at $35.11 on Tuesday. The firm has a fifty day simple moving average of $34.51 and a two-hundred day simple moving average of $36.00. The firm has a market capitalization of $131.09 billion, a PE ratio of 8.46, a price-to-earnings-growth ratio of 1.78 and a beta of 0.95. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.09. Comcast Co. has a 12 month low of $31.44 and a 12 month high of $45.31.

Comcast (NASDAQ:CMCSA) last issued its quarterly earnings data on Thursday, April 24th. The cable giant reported $1.09 EPS for the quarter, topping the consensus estimate of $1.01 by $0.08. Comcast had a net margin of 13.09% and a return on equity of 19.98%. The business had revenue of $29.89 billion during the quarter, compared to analyst estimates of $29.82 billion. During the same period last year, the business posted $1.04 earnings per share. Comcast’s quarterly revenue was down .6% compared to the same quarter last year. Equities analysts expect that Comcast Co. will post 4.33 earnings per share for the current year.

Comcast Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 2nd will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, July 2nd. This represents a $1.32 dividend on an annualized basis and a yield of 3.76%. Comcast’s dividend payout ratio (DPR) is 32.43%.

About Comcast

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.