Claro Advisors LLC has significantly reduced its investment in Comcast Corporation (NASDAQ: CMCSA), decreasing its stake by 51.6% during the second quarter of 2023. According to a recent disclosure with the Securities and Exchange Commission (SEC), the institutional investor now holds 13,433 shares of the cable giant’s stock after selling 14,338 shares during this period. As of the end of the reporting period, Claro Advisors’ holdings in Comcast were valued at approximately $479,000.
Several other institutional investors have also adjusted their positions in Comcast recently. Cassaday & Co Wealth Management LLC increased its holdings by 5.2%, now possessing 14,974 shares worth $534,000 after acquiring an additional 735 shares. Similarly, Elyxium Wealth LLC raised its stake by 4.6%, owning 11,619 shares valued at $415,000, following the purchase of 509 shares. Optivise Advisory Services LLC saw a more substantial increase, lifting its holdings by 21.2% to 10,034 shares worth $358,000 after adding 1,756 shares.
Additionally, Access Investment Management LLC and Astra Wealth Partners LLC entered new positions in Comcast during the quarter, investing $4,890,000 and $868,000, respectively. Overall, hedge funds and institutional investors control approximately 84.32% of Comcast’s stock.
Comcast’s Stock Performance and Upcoming Dividend
On Thursday, Comcast’s stock opened at $27.94. The company has experienced a 12-month low of $25.75 and a 12-month high of $45.22. Its financial metrics reveal a current ratio of 0.88, a quick ratio of 0.88, and a debt-to-equity ratio of 0.96. The stock’s market capitalization stands at approximately $103.16 billion, with a price-to-earnings (P/E) ratio of 4.65 and a P/E/G ratio of 1.77.
Comcast has also announced a quarterly dividend of $0.33 per share, payable on February 4, 2024. Shareholders on record as of January 14, 2024 will receive this dividend, yielding 4.7% annually. The company’s payout ratio is currently 21.96%, indicating a balanced approach to returning capital to shareholders while maintaining sufficient reinvestment in growth.
Analyst Ratings and Price Targets
Recent reports from various research firms have resulted in mixed ratings for Comcast shares. On October 31, 2023, Sanford C. Bernstein reduced its price target from $36.00 to $34.00, maintaining a “market perform” rating. In contrast, Oppenheimer set a target of $38.00, while Royal Bank of Canada lowered its target from $38.00 to $32.00, with a “sector perform” rating.
Other firms such as Pivotal Research and Citigroup have also adjusted their expectations, with Pivotal reducing its target from $40.00 to $36.00 and maintaining a “buy” rating, while Citigroup lowered its objective from $39.00 to $35.00, also with a “buy” recommendation.
Currently, Comcast holds an average rating of “Hold” from analysts, according to data from MarketBeat.com, with an average target price of $36.29.
As Comcast navigates a complex media landscape, these adjustments by institutional investors and analysts will be crucial in shaping the company’s future strategy and performance.
