5 Stocks You Should Sell in 2022 According to Billionaire Dan Loeb

4. Comcast Corporation (NASDAQ:CMCSA)

Number of Hedge Fund Holders: 78

On June 14, Wells Fargo released a list of 55 stocks that the bank named among its top recession stock picks. Comcast Corporation (NASDAQ:CMCSA) was one of Wells Fargo’s top recession stock picks from the communication services sector. However, in the first quarter of 2022, Dan Loeb’s Third Point sold off its 2 million shares in the company and completely exited the stock.

As of June 2, Wolfe Research analyst Peter Supino has a $50 price target and a sell-side Peer Perform rating on Comcast Corporation (NASDAQ:CMCSA).

At the close of Q1 2022, 78 hedge funds were bullish on Comcast Corporation (NASDAQ:CMCSA) and held stakes worth $7.12 billion in the company. This is compared to 80 positions a quarter ago with stakes of $8.63 billion. The hedge fund sentiment for the stock is negative.

Here is what ClearBridge Investments had to say about Comcast Corporation (NASDAQ:CMCSA) in its “All Cap Growth Strategy” fourth-quarter 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.”