Patten & Patten Inc. Reduces Holdings in Comcast Co.

Patten & Patten Inc. TN has reduced its stake in shares of Comcast Co. (NASDAQ:CMCSA) by 10.7% during the fourth quarter. This information was disclosed in the firm’s latest 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 8,160 shares, Patten & Patten Inc. now holds 67,773 shares valued at approximately $2,544,000.

Changes in Institutional Holdings

Other institutional investors and hedge funds have also adjusted their stakes in Comcast. Taurus Asset Management LLC increased its holdings by 2.9% during the third quarter and now owns 9,125 shares worth $381,000 after acquiring an additional 253 shares. Similarly, McIlrath & Eck LLC boosted its holdings by 14.8% and now owns 2,183 shares valued at $91,000 after adding 282 shares. Dunhill Financial LLC saw a significant increase in its stake by 54.8% in the same quarter, bringing its total to 814 shares valued at $34,000.

Integrated Investment Consultants LLC also raised its position by 1.8% in the fourth quarter. It now owns 16,581 shares worth $622,000 after purchasing 291 additional shares. Additionally, Five Oceans Advisors increased its position by 2.5% and currently owns 12,336 shares valued at $463,000.

Overall, institutional investors hold about 84.32% of Comcast’s stock.

Current Stock Performance

On Friday, shares of CMCSA opened at $35.43. The company has a quick ratio and current ratio of 0.68, while its debt-to-equity ratio stands at 1.09. Comcast has a market capitalization of $133.96 billion, a P/E ratio of 8.54, and a P/E/G ratio of 1.78. Its 50-day moving average price is $35.92, while its 200-day moving average price is $39.19. The stock's 52-week range is between $32.50 and $45.31.

Recent Earnings Report

Comcast recently announced its earnings, reporting an EPS of $0.96 for the quarter, which exceeded analysts' expectations of $0.88. The company recorded a return on equity of 19.98% and a net margin of 13.09%. Analysts expect Comcast to report earnings per share of 4.33 for the current fiscal year.

Dividend Increase

Comcast has also declared a quarterly dividend that will be distributed on April 23rd. Shareholders on record by April 2nd will receive a dividend of $0.33 per share, raising the annualized dividend to $1.32 with a yield of 3.73%. This marks an increase from the previous quarterly dividend of $0.31. The ex-dividend date is also April 2nd, and the company has a dividend payout ratio of 31.81%.

Analyst Ratings and Price Target Changes

Multiple research firms have recently provided new ratings and target prices for Comcast. Morgan Stanley reduced its target price from $45.00 to $38.00 while maintaining an "equal weight" rating. Scotiabank downgraded Comcast from "sector outperform" to "sector perform," lowering its price target from $48.00 to $44.50. Rosenblatt Securities cut the price objective from $45.00 to $36.00, giving a "neutral" rating. Conversely, Seaport Res Ptn upgraded Comcast from "hold" to "strong-buy." Benchmark also reduced its target from $57.00 to $55.00 but maintained a "buy" rating.

Currently, nine analysts rate the stock as "hold," nine as "buy," and three as "strong buy." According to MarketBeat.com, Comcast has an average rating of "Moderate Buy" with an average price target of $43.83.

Company Overview

Comcast Corporation is a global media and technology company operating across several segments, including Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios, and Theme Parks. The Residential Connectivity segment offers various services like broadband, video, and advertising.

Patten, Comcast, Investment