Vest Financial LLC Increases Stake in Comcast Corporation by 32%

Investment firm Vest Financial LLC has strengthened its position in Comcast Corporation by increasing its holdings by 32.3% during the second quarter of 2023. According to Holdings Channel, the fund now owns 90,953 shares of the cable giant’s stock, which are valued at approximately $3.25 million based on its latest filing with the U.S. Securities and Exchange Commission (SEC).

This significant acquisition is part of a broader trend among institutional investors. Other firms have also made notable adjustments to their positions in Comcast. For instance, Brighton Jones LLC boosted its stake by an impressive 150.9% in the fourth quarter, bringing its total to 166,265 shares worth around $6.24 million. Similarly, Wealth Enhancement Advisory Services LLC increased its holdings by 19.4% during the first quarter, owning 883,677 shares valued at $32.61 million.

In addition, Dynamic Advisor Solutions LLC raised its position by 74.3%, now holding 51,932 shares worth about $1.92 million, while Sound Income Strategies LLC grew its stake by 66.6% to 5,671 shares. Lastly, Mission Wealth Management LP increased its holdings by 13.0%, now owning 49,177 shares valued at $1.82 million. Overall, institutional investors control 84.32% of Comcast’s stock.

Analyst Ratings and Market Performance

The increase in institutional investment comes as Comcast faces a shift in analyst ratings. Recently, Loop Capital lowered its price target for Comcast from $44.00 to $43.00, while maintaining a “buy” rating. In contrast, Scotiabank reaffirmed a “sector perform” rating with a revised price target of $45.50, up from $45.00. Additionally, Weiss Ratings maintained a “hold (C-)” rating, and both Citigroup and Benchmark reiterated their “buy” ratings.

Currently, Comcast has received one “Strong Buy” rating, twelve “Buy” ratings, fourteen “Hold” ratings, and three “Sell” ratings, according to data from MarketBeat.com. The stock is rated with an average target price of $39.94.

On October 1, 2023, Comcast’s shares opened at $29.99. The stock has shown mixed performance over the past year, with a 12-month low of $29.39 and a high of $45.31. The company’s market capitalization stands at $110.73 billion, with a price-to-earnings (P/E) ratio of 4.96 and a beta of 0.94.

Quarterly Earnings and Dividend Announcement

In its latest financial report, Comcast announced its quarterly earnings on March 13, 2023, revealing an earnings per share (EPS) of $0.77. The company reported revenues of $30.34 billion for the quarter, reflecting a return on equity of 18.86% and a net margin of 18.44%. Analysts expect Comcast to post an EPS of $4.33 for the current fiscal year.

Furthermore, Comcast has declared a quarterly dividend to be paid on October 22, 2023. Shareholders of record as of October 1, 2023, will receive a dividend of $0.33 per share, translating to an annualized dividend of $1.32 and a yield of 4.4%. The company’s current dividend payout ratio is 21.82%.

Comcast Corporation operates as a media and technology entity with a diverse portfolio, including residential connectivity, business services, media, studios, and theme parks. As the company navigates a competitive landscape, the influx of institutional investment and positive analyst ratings may signal confidence in its future performance.