Cohen Klingenstein LLC Sells 31,565 Shares of Comcast Co. (NASDAQ:CMCSA)

Cohen Klingenstein LLC lowered its stake in shares of Comcast Co. (NASDAQ:CMCSA) by 4.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 612,696 shares of the cable giant’s stock after selling 31,565 shares during the quarter. Comcast comprises approximately 0.9% of Cohen Klingenstein LLC’s investment portfolio, making the stock its 20th largest position. Cohen Klingenstein LLC’s holdings in Comcast were worth $23,993,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Comcast during the fourth quarter worth about $2,542,988,000. Capital World Investors raised its position in shares of Comcast by 17.0% during the fourth quarter. Capital World Investors now owns 107,773,317 shares of the cable giant’s stock worth $4,725,926,000 after purchasing an additional 15,625,543 shares during the period. Ontario Teachers Pension Plan Board raised its position in Comcast by 25,881.7% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 10,850,995 shares of the cable giant’s stock valued at $470,391,000 after buying an additional 10,809,231 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Comcast by 41.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,016,389 shares of the cable giant’s stock valued at $1,214,512,000 after buying an additional 8,243,302 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Comcast by 80.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 10,542,253 shares of the cable giant’s stock valued at $457,007,000 after buying an additional 4,714,586 shares during the last quarter. Institutional investors own 84.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CMCSA shares. Benchmark reissued a “buy” rating and issued a $55.00 target price on shares of Comcast in a research report on Monday, May 13th. Rosenblatt Securities reissued a “neutral” rating and issued a $45.00 target price on shares of Comcast in a research report on Wednesday, July 24th. Barclays lowered their price target on Comcast from $41.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lowered their price target on Comcast from $50.00 to $49.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Finally, Citigroup lowered their price target on Comcast from $53.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $45.78.

Comcast Stock Performance

Shares of NASDAQ CMCSA traded down $0.55 during midday trading on Monday, hitting $38.53. 12,209,122 shares of the company’s stock were exchanged, compared to its average volume of 20,452,074. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.16. Comcast Co. has a 12 month low of $36.43 and a 12 month high of $47.46. The company’s 50 day moving average price is $38.70 and its 200 day moving average price is $40.34. The firm has a market capitalization of $151.18 billion, a PE ratio of 10.19, a price-to-earnings-growth ratio of 1.07 and a beta of 1.00.

Comcast (NASDAQ:CMCSA) last released its quarterly earnings results on Tuesday, July 23rd. The cable giant reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.09. The business had revenue of $29.69 billion during the quarter, compared to the consensus estimate of $30.02 billion. Comcast had a return on equity of 20.17% and a net margin of 12.46%. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.13 EPS. As a group, analysts predict that Comcast Co. will post 4.23 earnings per share for the current fiscal year.

Comcast Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be paid a $0.31 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $1.24 annualized dividend and a yield of 3.22%. Comcast’s dividend payout ratio (DPR) is presently 32.80%.

Insider Activity at Comcast

In related news, major shareholder Corp Comcast sold 3,176,923 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $3.19, for a total value of $10,134,384.37. Following the completion of the sale, the insider now directly owns 2,000,000 shares in the company, valued at approximately $6,380,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.26% of the stock is currently owned by corporate insiders.

Comcast Profile

Comcast Corporation operates as a media and technology company worldwide. It operates through Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks segments. The Residential Connectivity & Platforms segment provides residential broadband and wireless connectivity services, residential and business video services, sky-branded entertainment television networks, and advertising.