The markets opened lower today as weak earnings reports from several tech giants and an important upcoming decision by the Federal Reserve regarding interest rates has shaken investor sentiment. Among the noteworthy companies that released their earnings today are Panera Bread Co (NASDAQ:PNRA), Comcast Corporation (NASDAQ:CMCSA), Barclays PLC (ADR) (NYSE:BCS), Garmin Ltd. (NASDAQ:GRMN) and Cirrus Logic, Inc. (NASDAQ:CRUS). In this article, we’ll look at the performance of these five companies during their latest financial quarter and also consider what the hedge funds in our database think of each of them.
At Insider Monkey, we track around 785 hedge funds and other institutional investors. Through extensive backtests, we have determined that imitating some of the stocks that these investors are collectively bullish on can help retail investors generate double digits of alpha per year (see more details about our small-cap strategy).
Panera Bread Beats Estimates
Panera Bread Co (NASDAQ:PNRA)’s stock has gained around 1.52% so far today as the company reported its financial results for the first quarter after the market close yesterday. The food company reported EPS of $1.56, better than the $1.50 consensus estimate. The $35 million in first quarter income was up from $32 million in the first quarter of last year. Quarterly revenue rose by 6% to reach $685 million. The company now expects full-year earnings in the range of $6.50 to $6.70 per share.
Out of 785 hedge funds tracked by Insider Monkey, 18 funds held long positions in Panera Bread Co (NASDAQ:PNRA) with a total value of $578.8 million at the end of 2015. Charles Paquelet’s Skylands Capital owned 19,925 shares of the company at the end of March.
Comcast Corporation’s Revenue Increases; in Talks to Buy Dreamworks
Comcast Corporation (NASDAQ:CMCSA)’s stock has gained 0.88% today after the company announced better-than-expected first quarter results. The media giant’s net income increased by 3.9% year-over-year to $2.24 billion, while revenue grew by 5.3% to $18.79 billion. Comcast Corporation’s customer base reached 28 million in the first quarter, a 36% increase compared to the same quarter of last year. The company also added 53,000 new video customers in the first quarter.
Also of note today is a Wall Street Journal report that Comcast Corporation is in talks to buy Dreamworks Animation Skg Inc (NASDAQ:DWA) for $3 billion. The Hollywood studio has recently had a number of unsuccessful buyout talks, including with Softbank in 2014. Hasbro was also rumored to be close to buying DreamWorks in 2014, but the deal was eventually scuttled, reportedly due to pressure from Walt Disney Co (NYSE:DIS).
A total of 83 hedge funds in our system held long positions in Comcast Corporation (NASDAQ:CMCSA) at the end of the fourth quarter, valued at $8.7 billion. Ken Fisher’s Fisher Asset Management is one of the biggest stakeholders in the company, with ownership of more than 12 million Comcast shares as of March 31.
We study the mixed financial results of three more companies on the next page.