AXQ Capital LP has significantly increased its investment in Comcast Corporation (NASDAQ: CMCSA), raising its stake by 27.8% during the second quarter of 2024. According to a recent filing with the Securities and Exchange Commission (SEC), AXQ Capital now holds a total of 20,484 shares of the major media company, following the acquisition of an additional 4,460 shares during this period. The value of AXQ Capital’s holdings in Comcast stands at approximately $731,000.
The investment landscape for Comcast has seen considerable activity from other institutional investors as well. Brighton Jones LLC expanded its holdings by an impressive 150.9% in the fourth quarter, now owning 166,265 shares valued at $6,240,000 after purchasing an additional 99,986 shares. Similarly, Avantax Advisory Services Inc. increased its stake by 6.1%, bringing its total to 419,464 shares worth $15,478,000 after acquiring 24,162 shares.
Cetera Investment Advisers also contributed to the growing interest in Comcast by raising its position by 4.9%, resulting in ownership of 1,131,950 shares valued at $41,769,000. New investments were made by Westover Capital Advisors LLC, which initiated a position worth $202,000, and Phoenix Financial Ltd. lifted its stake by 5.5%, totaling 47,927 shares valued at $1,774,000.
As of now, approximately 84.32% of Comcast’s stock is owned by hedge funds and other institutional investors, indicating strong institutional confidence in the company.
Current Performance and Dividend Announcement
On Friday, NASDAQ: CMCSA opened at $27.35, reflecting the current market conditions. The company has a market capitalization of $99.66 billion, with key financial metrics including a current ratio of 0.88 and a debt-to-equity ratio of 0.96. Comcast reported a twelve-month low of $25.75 and a high of $44.03.
In addition to the impressive investment activity, Comcast recently declared a quarterly dividend of $0.33 per share, scheduled for payment on February 4, 2024. Shareholders on record as of January 14, 2024 will receive this dividend, which represents an annualized amount of $1.32 and a dividend yield of 4.8%. The company’s current payout ratio stands at 21.96%.
Analyst Ratings and Market Sentiment
Investment analysts have provided mixed reviews on Comcast’s stock, contributing to a nuanced market outlook. Moffett Nathanson has revised its price target, lowering it from $58.00 to $53.00 while maintaining a “buy” rating. Oppenheimer set a price target of $38.00, while Barclays adjusted their target from $34.00 to $30.00, assigning an “equal weight” rating.
Loop Capital also made adjustments, reducing its price objective from $43.00 to $40.00 and reaffirming a “buy” rating. Weiss Ratings, on the other hand, maintained a “hold (C-)” rating. Overall, eleven analysts have issued a Buy rating, twenty-one have a Hold rating, and two have recommended selling the stock. The consensus rating is currently a “Hold” with a target price of $35.92, according to data from MarketBeat.com.
As Comcast continues to navigate a dynamic media landscape, the recent surge in institutional investment reflects growing confidence in its long-term prospects. With anticipated dividends and varied analyst ratings, stakeholders will be closely monitoring the company’s performance in the coming quarters.
