Comcast (NASDAQ:CMCSA) shares are in focus today after the media and technology major delivered better-than-anticipated numbers for the fourth quarter. Additionally, Comcast hiked its dividend and announced a substantial share repurchase program.
During the quarter, revenue increased by 2.3% year-over-year to $31.25 billion, exceeding estimates by $810 million. In sync, EPS of $0.84 fared better than expectations by $0.05. Further, domestic wireless customer line net additions stood at 310,000 in Q4 and at 1.3 million for the full year. Peacock’s paid subscribers increased by 50% to 31 million in 2023 and saw a 57% surge in revenue in the fourth quarter. Notably, adjusted EBITDA at Theme Parks jumped by 24.7% to $3.3 billion during the year.
At the end of the quarter, the total number of domestic broadband customers was 32.25 million, and the number of total domestic video customers stood at 14.1 million (a decline of 440,000). Total Content & Experiences segment revenue in Q4 ticked up by 5.7% to $11.5 billion.
Moreover, the company has increased its dividend by 6.9% year-over-year to $1.24 per share on an annualized basis by declaring a quarterly cash dividend of $0.31 per share. The CMCSA dividend is payable on April 24 to investors of record on April 3. Further, Comcast has announced a new share repurchase program worth $15 billion.
What is the Target Price for CMCSA?
Overall, the Street has a Moderate Buy consensus rating on Comcast, and the average CMCSA price target of $50.19 implies a 14.6% potential upside in the stock. That’s after a nearly 10% rise in the company’s share price over the past year.
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