Will Comcast Corporation (CMCSA) Bounce Back?

ClearBridge Investments, an investment management company, released its “ClearBridge Aggressive Growth Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark index, Russell 3000 Growth Index, in the third quarter. The healthcare sector was the primary contributor to the strategy’s performance, while communication services detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments 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 4, 2022, Comcast Corporation (NASDAQ:CMCSA) stock closed at $31.00 per share. One-month return of Comcast Corporation (NASDAQ:CMCSA) was 6.42% and its shares lost 42.05% of their value over the last 52 weeks. Comcast Corporation (NASDAQ:CMCSA) has a market capitalization of $134.026 billion.

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

“The Strategy was not completely insulated to macro headwinds and some companies saw tough comparisons after strong pull forwards in demand during the COVID-19 pandemic. Media companies including Comcast Corporation (NASDAQ:CMCSA) were hurt by both factors in the quarter.

After extremely strong broadband growth during the early days of the pandemic, Comcast is now experiencing slowing to negative growth in its broadband business due to new competition and less consumer moving activity along with headwinds on the programming side, where advertising budgets have been more stressed.”

Comcast Corporation (NASDAQ:CMCSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Comcast Corporation (NASDAQ:CMCSA) at the end of the second quarter, which was 78 in the previous quarter.

We discussed Comcast Corporation (NASDAQ:CMCSA) in another article and shared the list of large-cap stocks to buy for a starter stock portfolio. 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.