Van ECK Associates Corp, a New York-based investment management firm, recently increased its holdings in Comcast Co. by 6.8% during the fourth quarter of last year. According to Van ECK’s Form 13F filed with the Securities and Exchange Commission, the firm now owns over five million shares of Comcast stock worth $177,364,000, representing approximately 0.12% of the company’s total worth.
Comcast Corporation is one of the world’s largest telecommunications companies offering video, internet, and phone services to millions of residents in the United States under their Xfinity brand. The company operates through various segments including Cable Communications, Media, Studios, Theme Parks, and Sky.
However, recent news showed that major shareholder Corp Comcast has sold a significant amount of its stocks in a transaction held on February 21st. The insider sold 37,176 shares at an average price of $2.03 resulting in a total transaction value of $75,467.28. As per documents filed with SEC on Tuesday which are accessible through their website it has been confirmed that insiders have sold over two million shares worth $4.83 million dollars over the past ninety days.
The sale made by Comcast left insiders owning only 1.11% of the company’s total stock after owning approximately 19 million shares valued at around $39 million prior to the transaction.
With such massive investments and decisions being made by major stakeholders or investors in Comcast Corporation such as Van ECK and Corp Comcast; it will be interesting to see how Comcast leverages these investments for their future growth and what plans they have for expanding their already vast offerings across America as they continue to remain an important player in the realm of telecommunications providers across America and beyond.
Investors and Analysts Rate Comcast Corporation Buy with Steady Growth Predictions
Comcast Corporation, a leader in providing video, internet and phone services, has recently seen numerous hedge funds and institutional investors add or reduce their stakes in the company. AlphaStar Capital Management LLC increased its position by 5.1% during the fourth quarter while River Street Advisors LLC and Regent Peak Wealth Advisors each acquired new stakes in Comcast worth around $391,000 and $242,000 respectively. Similarly, Semus Wealth Partners LLC bought a new stake worth approximately $277,000 while Nordea Investment Management AB increased its holdings in Comcast by 0.8% during the same period. It’s important to note that hedge funds along with other institutional investors own 82.23% of the company’s stock.
Several research analysts have also focused on Comcast in recent reports. StockNews.com gave the company a “buy” rating while Atlantic Securities raised Comcast from “neutral” to “overweight” with an upgraded target price from $36 to $44 per share. Additionally, Oppenheimer reiterated an “outperform” rating with a $48 price target on shares of Comcast last month whereas Morgan Stanley increased its price target from $45 to $48 for Comcast after reporting an excellent Q4 result.
As of Friday trading on NASDAQ under the symbol CMCSA, its stocks were down by 10 cents at a daily trade value of 8,502,008 shares which is relatively low compared to its average volume of 18,995,434 shares traded over time. With a high P/E ratio of 30.47 and robust market capitalization of $169.15 billion but yet with beta below One (1), at 0.99; one-year low at $28.39 and high at $44.66 – this represents strong stability potentials.
Comcast sees itself as more connected than ever; offering efficient broadband connections known as Xfinity home that enable customers to manage technology using voice control technology with Alexa; and beyond operating as a known cable provider, Comcast is expected to continue exploring new ways of expanding the company’s offerings.
Comcast Corporation continues to impact positively on the market with growing business investments lined up for the future. Q1 2017 performance exceeded expectations by reaching $0.92 earnings per share compared to an estimate of $0.80 earnings per share; this trend is predicted to continue with Comcast seeing an estimated return of $3.74 EPS for the current year from analysts in finance, indicating steady growth rate that investors can hold onto.
