Allstate Corp Lowers Holdings in Comcast Corporation $CMCSA

Allstate Corp cut its holdings in Comcast Corporation (NASDAQ:CMCSA) by 30.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,025 shares of the cable giant’s stock after selling 35,328 shares during the quarter. Allstate Corp’s holdings in Comcast were worth $2,916,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Advisor OS LLC boosted its stake in shares of Comcast by 33.2% during the 1st quarter. Advisor OS LLC now owns 35,440 shares of the cable giant’s stock worth $1,308,000 after acquiring an additional 8,841 shares during the last quarter. Resona Asset Management Co. Ltd. raised its stake in Comcast by 10.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 1,282,073 shares of the cable giant’s stock valued at $47,254,000 after purchasing an additional 118,839 shares in the last quarter. OMNI 360 Wealth Inc. bought a new stake in shares of Comcast in the 1st quarter valued at approximately $335,000. DAVENPORT & Co LLC boosted its stake in shares of Comcast by 41.7% during the 1st quarter. DAVENPORT & Co LLC now owns 4,282,833 shares of the cable giant’s stock worth $157,766,000 after purchasing an additional 1,261,278 shares during the period. Finally, American Financial Group Inc. lifted its position in shares of Comcast by 29.0% during the first quarter. American Financial Group Inc. now owns 267,000 shares of the cable giant’s stock worth $9,852,000 after purchasing an additional 60,000 shares during the last quarter. 84.32% of the stock is currently owned by hedge funds and other institutional investors.

Comcast Stock Performance

Shares of Comcast stock opened at $34.15 on Friday. The firm’s 50 day moving average is $34.21 and its two-hundred day moving average is $34.77. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.99. Comcast Corporation has a 52 week low of $31.03 and a 52 week high of $45.31. The firm has a market capitalization of $126.09 billion, a P/E ratio of 5.64, a P/E/G ratio of 2.01 and a beta of 0.92.

Comcast (NASDAQ:CMCSA) last posted its earnings results on Thursday, July 31st. The cable giant reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.07. Comcast had a return on equity of 18.86% and a net margin of 18.44%.The business had revenue of $30.31 billion during the quarter, compared to the consensus estimate of $29.81 billion. During the same period in the previous year, the business earned $1.21 EPS. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Research analysts forecast that Comcast Corporation will post 4.33 EPS for the current fiscal year.

Comcast Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Wednesday, October 1st will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Wednesday, October 1st. Comcast’s payout ratio is currently 21.82%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CMCSA. BNP Paribas Exane decreased their price objective on Comcast from $31.00 to $30.00 and set an “underperform” rating for the company in a report on Friday, April 25th. Evercore ISI decreased their price objective on shares of Comcast from $44.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Oppenheimer lowered their price target on shares of Comcast from $55.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Rothschild & Co Redburn decreased their price objective on shares of Comcast from $44.00 to $35.00 in a report on Friday, June 20th. Finally, Bernstein Bank lowered their price target on shares of Comcast from $38.00 to $37.00 and set a “market perform” rating on the stock in a research report on Friday, April 25th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Comcast currently has an average rating of “Hold” and an average target price of $40.73.

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.