Comcast (NASDAQ:CMCSA) Price Target Cut to $32.75 by Analysts at Scotiabank

Comcast (NASDAQ:CMCSA) had its price objective cut by equities researchers at Scotiabank from $36.00 to $32.75 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the cable giant’s stock. Scotiabank’s price objective points to a potential upside of 38.09% from the stock’s previous close.

CMCSA has been the subject of a number of other reports. Zacks Research upgraded shares of Comcast from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 31st. Weiss Ratings restated a “hold (c-)” rating on shares of Comcast in a report on Monday, July 6th. Royal Bank Of Canada raised their price target on shares of Comcast from $31.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, April 24th. UBS Group reiterated a “neutral” rating on shares of Comcast in a research note on Tuesday, June 23rd. Finally, KeyCorp reissued a “sector weight” rating on shares of Comcast in a report on Thursday, April 23rd. Eleven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $33.64.

Comcast Stock Up 2.3%

Shares of CMCSA traded up $0.53 during trading hours on Wednesday, reaching $23.72. The stock had a trading volume of 3,332,711 shares, compared to its average volume of 34,280,555. Comcast has a 12 month low of $22.13 and a 12 month high of $36.01. The firm has a 50-day simple moving average of $24.14 and a 200 day simple moving average of $27.61. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $84.72 billion, a price-to-earnings ratio of 4.65, a P/E/G ratio of 1.98 and a beta of 0.67.

Comcast (NASDAQ:CMCSA) last posted its quarterly earnings results on Thursday, April 23rd. The cable giant reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.06. The business had revenue of $31.46 billion during the quarter, compared to the consensus estimate of $30.42 billion. Comcast had a net margin of 15.00% and a return on equity of 15.47%. Comcast’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 EPS. Equities research analysts predict that Comcast will post 3.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Comcast by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 369,311,219 shares of the cable giant’s stock worth $11,038,712,000 after purchasing an additional 2,160,829 shares during the last quarter. State Street Corp grew its holdings in shares of Comcast by 3.4% in the fourth quarter. State Street Corp now owns 186,805,081 shares of the cable giant’s stock valued at $5,583,604,000 after acquiring an additional 6,117,946 shares in the last quarter. Capital World Investors grew its holdings in shares of Comcast by 20.8% in the fourth quarter. Capital World Investors now owns 140,343,399 shares of the cable giant’s stock valued at $4,194,929,000 after acquiring an additional 24,166,881 shares in the last quarter. Dodge & Cox increased its position in shares of Comcast by 0.4% during the fourth quarter. Dodge & Cox now owns 112,967,514 shares of the cable giant’s stock valued at $3,376,599,000 after acquiring an additional 399,596 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Comcast by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 89,913,362 shares of the cable giant’s stock worth $2,680,747,000 after acquiring an additional 1,465,428 shares during the period. 84.32% of the stock is owned by institutional investors.

About Comcast

Comcast Corporation (NASDAQ: CMCSA) is a diversified global media and technology company headquartered in Philadelphia, Pennsylvania. Its principal operations are organized around Comcast Cable, which provides broadband internet, video, voice and wireless services to residential and business customers in the United States under the Xfinity and Comcast Business brands, and NBCUniversal, a media and entertainment group that develops, produces and distributes content across broadcast and cable networks, film, and streaming platforms.

NBCUniversal’s assets include the NBC broadcast network, a portfolio of cable channels, Universal Pictures and other film and television production businesses, and the Peacock streaming service.