Obermeyer Wealth Partners has reduced its stake in Comcast Corporation (NASDAQ: CMCSA) by 17.3% during the third quarter of 2023, according to data from Holdings Channel. The institutional investor now holds 393,817 shares of the media and technology giant after selling 82,652 shares in the period. As of its latest filing with the Securities and Exchange Commission, Obermeyer’s holdings in Comcast are valued at approximately $12.37 million.
This divestment comes as multiple large investors adjust their positions in Comcast. Notably, Capital A Wealth Management LLC increased its holdings by a staggering 173.7% in the second quarter, acquiring an additional 436 shares to bring its total to 687 shares, valued at $25,000. Similarly, Cranbrook Wealth Management LLC raised its position by 86.0%, now owning 757 shares worth $27,000 after acquiring 350 additional shares.
Global Trust Asset Management LLC made a significant move as well, increasing its stake by 906.8% to hold 745 shares, also valued at $27,000. Avalon Trust Co boosted its holdings by 433.3%, now owning 768 shares after purchasing an additional 624 shares during the same period. Meanwhile, Howard Hughes Medical Institute entered the fray by purchasing a new stake in Comcast, estimated at around $29,000. Institutional investors and hedge funds collectively own 84.32% of Comcast’s shares.
Comcast’s Current Market Position
As of midweek, Comcast’s stock opened at $28.48. The company boasts a market capitalization of $103.78 billion and a price-to-earnings (P/E) ratio of 4.74. The stock has fluctuated between a 52-week low of $25.75 and a high of $38.40. Currently, the company’s 50-day simple moving average stands at $28.06, with the 200-day moving average at $30.92. Comcast’s financial ratios reveal a quick ratio of 0.88, a current ratio also of 0.88, and a debt-to-equity ratio of 0.96.
In addition to these developments, Comcast has announced a quarterly dividend of $0.33 per share, which will be paid on February 4, 2024. Shareholders of record on January 14, 2024 will receive this dividend, which translates to an annualized payout of $1.32 and a yield of 4.6%. The company’s current dividend payout ratio is 21.96%.
Analyst Perspectives on Comcast Stock
Multiple brokerage firms have recently issued their assessments of Comcast’s stock. Loop Capital lowered its price target from $43.00 to $40.00 while maintaining a “buy” rating. Williams Trading also set a price target of $40.00. UBS Group provided a more conservative outlook with a target of $37.00. Weiss Ratings reaffirmed a “hold (C-)” rating, while The Goldman Sachs Group adjusted its target price from $39.00 down to $30.00.
Overall, out of the analysts covering Comcast, twelve have rated the stock as a “buy,” nineteen have assigned it a “hold” rating, and three have indicated a “sell” rating. According to MarketBeat.com, the average rating for Comcast shares is currently “hold,” with an average target price of $34.98.
About Comcast Corporation
Comcast Corporation (NASDAQ: CMCSA) is a global media and technology company headquartered in Philadelphia, Pennsylvania. The organization primarily operates through two divisions: Comcast Cable, which delivers broadband internet, video, voice, and wireless services under the Xfinity and Comcast Business brands, and NBCUniversal, which encompasses a wide range of media and entertainment assets including the NBC broadcast network, Universal Pictures, and the Peacock streaming service.
As the market evolves, the shifts in ownership and investment strategies among major institutional investors highlight the ongoing interest in Comcast’s performance and potential future growth.
