Wells Fargo & Company Has Lowered Expectations for Comcast (NASDAQ:CMCSA) Stock Price

Comcast (NASDAQ:CMCSA) had its price objective reduced by research analysts at Wells Fargo & Company from $29.00 to $28.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the cable giant’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 19.76% from the company’s current price.

Several other research firms have also commented on CMCSA. KeyCorp reiterated a “sector weight” rating on shares of Comcast in a research report on Thursday, April 23rd. Seaport Research Partners upgraded shares of Comcast from a “neutral” rating to a “buy” rating in a research report on Thursday. BNP Paribas Exane lowered their price target on shares of Comcast from $26.00 to $25.00 and set an “underperform” rating for the company in a report on Wednesday, April 8th. Morgan Stanley lifted their price target on Comcast from $31.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Finally, Rosenblatt Securities raised Comcast from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $24.00 to $31.00 in a research note on Tuesday, June 30th. Eleven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Comcast presently has a consensus rating of “Hold” and an average price target of $34.15.

Comcast Stock Down 1.7%

Shares of CMCSA opened at $23.38 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $83.52 billion, a price-to-earnings ratio of 4.60, a price-to-earnings-growth ratio of 1.95 and a beta of 0.67. Comcast has a 1 year low of $22.13 and a 1 year high of $36.14. The business’s 50 day simple moving average is $24.75 and its 200-day simple moving average is $27.92.

Comcast (NASDAQ:CMCSA) last posted its earnings results on Thursday, April 23rd. The cable giant reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. Comcast had a net margin of 15.00% and a return on equity of 15.47%. The firm had revenue of $31.46 billion during the quarter, compared to analyst estimates of $30.42 billion. During the same period last year, the firm posted $1.09 earnings per share. Comcast’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, equities analysts expect that Comcast will post 3.5 earnings per share for the current fiscal year.

Institutional Trading of Comcast

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Imprint Wealth LLC purchased a new position in shares of Comcast during the third quarter valued at approximately $26,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Comcast during the 4th quarter worth approximately $27,000. Whipplewood Advisors LLC lifted its stake in shares of Comcast by 75.5% during the 1st quarter. Whipplewood Advisors LLC now owns 932 shares of the cable giant’s stock worth $27,000 after acquiring an additional 401 shares during the last quarter. Main Street Group LTD purchased a new position in Comcast during the 1st quarter valued at $27,000. Finally, United Financial Planning Group LLC purchased a new position in Comcast during the 3rd quarter valued at $28,000. 84.32% of the stock is owned by hedge funds and other institutional investors.

About Comcast

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.