5 Stocks Billionaire Dan Loeb is Selling in 2022

2. Comcast Corporation (NASDAQ:CMCSA)

Number of Hedge Fund Holders: 78

Comcast Corporation (NASDAQ:CMCSA) is a Pennsylvania-based company that operates in the media and technology sectors worldwide. The company has five segments – Cable Communications, Media, Studios, Theme Parks, and Sky. Dan Loeb’s Third Point owned 2 million shares of Comcast Corporation (NASDAQ:CMCSA) in the fourth quarter of 2021, worth $100.66 million. The hedge fund dumped the entirety of its stake in Q1 2022. 

On April 29, Morgan Stanley analyst Benjamin Swinburne lowered the price target on Comcast Corporation (NASDAQ:CMCSA) to $55 from $60 and kept an Overweight rating on the shares. Despite higher competition in broadband, he continues to see Comcast Corporation (NASDAQ:CMCSA) providing “healthy” EBITDA, EPS, and free cash flow growth, and now at “deeply depressed valuations”, the analyst told investors. While he slashed his net adds outlook, he still views Comcast Corporation (NASDAQ:CMCSA) as “the top pick in an admittedly challenging Cable/Satellite group”, the analyst added.

Among the hedge funds tracked by Insider Monkey, 78 funds were long Comcast Corporation (NASDAQ:CMCSA) at the end of Q1 2022, compared to 80 funds in the earlier quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the leading shareholder of the company, with 30.10 million shares worth $1.40 billion. 

Here is what ClearBridge All Cap Growth Strategy has to say about Comcast Corporation (NASDAQ:CMCSA) in its Q4 2021 investor letter:

“Weakness among our holdings in the communication services sector was the other detractor to performance. Comcast was hurt by tepid subscriber growth in its broadband business but demonstrated strong growth in free cash flow, positioning the company for accelerated capital return going forward.”