Allstate Corp Raises Stake in Comcast Corporation $CMCSA

Allstate Corp raised its stake in Comcast Corporation (NASDAQ:CMCSA) by 1,629.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 133,327 shares of the cable giant’s stock after buying an additional 125,619 shares during the quarter. Allstate Corp’s holdings in Comcast were worth $4,189,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Comcast in the 2nd quarter valued at about $3,528,361,000. Dodge & Cox lifted its stake in shares of Comcast by 18.1% in 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 in the last quarter. First Trust Advisors LP boosted its holdings in Comcast by 133.1% in the second quarter. First Trust Advisors LP now owns 10,187,177 shares of the cable giant’s stock valued at $363,580,000 after purchasing an additional 5,817,614 shares during the last quarter. Worldquant Millennium Advisors LLC boosted its holdings in Comcast by 554.9% in the second quarter. Worldquant Millennium Advisors LLC now owns 5,005,158 shares of the cable giant’s stock valued at $178,634,000 after purchasing an additional 4,240,876 shares during the last quarter. Finally, State Street Corp grew its stake 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 purchasing an additional 4,231,140 shares in the last quarter. Hedge funds and other institutional investors own 84.32% of the company’s stock.

Comcast Stock Performance

Shares of CMCSA opened at $27.82 on Tuesday. The firm has a market capitalization of $101.37 billion, a PE ratio of 4.63, a P/E/G ratio of 1.98 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. The firm has a 50-day moving average price of $28.11 and a 200 day moving average price of $30.70. Comcast Corporation has a 52-week low of $25.75 and a 52-week high of $38.40.

Comcast (NASDAQ:CMCSA) last issued its quarterly earnings results on Thursday, October 30th. The cable giant reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.02. Comcast had a net margin of 18.33% and a return on equity of 18.06%. The company had revenue of $31.20 billion during the quarter, compared to analyst estimates of $30.74 billion. During the same period in the prior year, the business posted $1.12 EPS. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Comcast Corporation will post 4.33 earnings per share for the current fiscal year.

Comcast Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 4th. Shareholders of record on Wednesday, January 14th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Wednesday, January 14th. Comcast’s dividend payout ratio (DPR) is presently 21.96%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Cowen reiterated a “buy” rating on shares of Comcast in a research note on Friday, October 31st. Daiwa Capital Markets cut their price target on shares of Comcast from $38.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, November 18th. TD Cowen decreased their price objective on shares of Comcast from $46.00 to $40.00 and set a “buy” rating for the company in a report on Friday, October 31st. KeyCorp downgraded shares of Comcast from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 30th. Finally, UBS Group set a $37.00 price target on shares of Comcast in a research report on Monday, January 12th. Twelve investment analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.89.

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.