10 Best Communication and Media Stocks To Buy According to Hedge Funds

07. Comcast Corporation (NASDAQ:CMCSA)

Number of Hedge Fund Holders: 63

On June 25, Goldman Sachs initiated coverage on Comcast Corporation (NASDAQ:CMCSA) with a Buy rating and set a price target of $44.00. In its latest quarterly earnings report announced on April 25, 2024, Comcast Corporation (NASDAQ:CMCSA) exceeded expectations across key metrics. The company reported a normalized earnings per share of $1.04, surpassing estimates by $0.05. Comcast Corporation (NASDAQ:CMCSA) also achieved revenue of $30.06 billion, which exceeded forecasts by $204.92 million. In the first quarter of 2024, there were 63 hedge funds holding positions in Comcast Corporation (NASDAQ:CMCSA), consistent with the previous quarter according to Insider Monkey’s database. The total value of these holdings is approximately $3.43 billion. Jean-Marie Eveillard’s First Eagle Investment Management held the largest stake among these hedge funds during this period.

ClearBridge Large Cap Value Strategy made the following comment about Comcast Corporation (NASDAQ:CMCSA) in its Q3 2023 investor letter:

“Long-term holdings Charter and Comcast Corporation (NASDAQ:CMCSA) delivered strong second-quarter results relative to expectations; their stable recurring revenue streams and undemanding valuations were rewarded in the current environment. Cable multiples compressed over the past 24 months on fears of heightened competition in their core broadband business from fixed wireless and fiber providers. While fiber remains a competitive alternative to cable broadband over the long term, high upfront investments and a materially higher cost of capital are resulting in slower buildouts than previously expected. Fixed wireless also continues to gain traction, particularly in rural markets, but share gains also appear to be moderating. At the same time, both Comcast and Charter are expanding their footprints into rural and adjacent markets while gaining wireless market share, leveraging their mobile virtual network operator agreements with Verizon. We think both cable companies are well-positioned to continue to grow while generating substantial free cash flows. We added to Comcast during the quarter.”