Is Comcast Corporation (CMCSA) Stock Bearish Now?

Aristotle Atlantic Partners, LLC, an investment advisor, released its “Core Equity Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund posted a return of -4.92% gross of fees compared to -4.88% return for the S&P 500 Index. The fund’s underperformance in the quarter was primarily because of the stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Aristotle Atlantic highlighted stocks like Comcast Corporation (NASDAQ:CMCSA) in the Q3 2022 investor letter. Headquartered in Philadelphia, Pennsylvania, Comcast Corporation (NASDAQ:CMCSA) is a global media and technology company. On November 23, 2022, Comcast Corporation (NASDAQ:CMCSA) stock closed at $35.53 per share. One-month return of Comcast Corporation (NASDAQ:CMCSA) was 11.14% and its shares lost 31.52% of their value over the last 52 weeks. Comcast Corporation (NASDAQ:CMCSA) has a market capitalization of $153.275 billion.

Aristotle Atlantic made the following comment about Comcast Corporation (NASDAQ:CMCSA) in its Q3 2022 investor letter:

“We sold our position in Comcast Corporation (NASDAQ:CMCSA) over concerns that the post-COVID slowdown in the company’s broadband net adds experienced in recent quarters will persist for the foreseeable future. The company faces increased competition in broadband from fiber and fixed-5G offerings that can deliver comparable or better service at lower prices. We believe that Comcast could respond to this competitive threat by cutting prices of its broadband and wireless bundle plans, which would pressure margins and EBTIDA growth. In addition, the company likely faces increased CapEx intensity as it seeks to keep its broadband service competitive.”

Comcast Corporation (NASDAQ:CMCSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held Comcast Corporation (NASDAQ:CMCSA) at the end of the third quarter, which was 75 in the previous quarter.

We discussed Comcast Corporation (NASDAQ:CMCSA) in another article and shared the high-dividend stocks picked by billionaire Gabelli. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.