What smart money is saying about Comcast
CMCSA · Communication Services · Telecommunications Services · Market cap $74.31B
2 funds in our archive have pitched Comcast — most recently Greenlight Capital Funds in June 2026.
Company profile
Comcast Corporation functions as a global media and technology conglomerate. Its diverse operations are segmented across Cable Communications, Media, Studios, Theme Parks, and Sky. The Cable Communications division delivers internet, television, phone, and mobile services to residential and business clients under its Xfinity brand, alongside offering advertising solutions. Its Media segment encompasses NBCUniversal's television and streaming platforms, including its national, regional, and international cable channels, the NBC and Telemundo broadcast networks, and the Peacock streaming service. The Studios segment is responsible for NBCUniversal's film and television production and distribution activities. Through its Theme Parks division, Comcast manages Universal Studios resorts located in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. The Sky segment provides direct-to-consumer services such as video, internet, voice, and mobile phone offerings, while its content arm includes entertainment networks, the Sky News channel, and Sky Sports networks. Additionally, Comcast owns the Philadelphia Flyers hockey team and the Wells Fargo Center arena in Philadelphia, Pennsylvania. Founded in 1963, Comcast Corporation is headquartered in Philadelphia, Pennsylvania.
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22
Reported positions
2
Bought
7
Sold
28
Letters
Position history
Between Q2 2025 and Q3 2026, 22 fund letters reported a position in Comcast — 2 opened or added to the position, 7 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 3 | 0 | 1 | 0 |
| Q2 2026 | 11 | 2 | 4 | 1 |
| Q1 2026 | 4 | 0 | 1 | 0 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q3 2025 | 1 | 0 | 0 | 0 |
| Q2 2025 | 2 | 0 | 1 | 1 |
Fund activity · 22 positions · 9 moves
- September 2026
Listed in Oakmark Equity and Income Fund’s reported holdings.
Comcast - September 2026
“Alphabet Inc. United States 3.9 Interactive Media & Services Comcast Corp. United States 0.9 Diversified Telecommunication Services”
Comcast - September 2026
“Comcast Corp. United States 0.6 Diversified Telecommunication Services”
Comcast - June 2026
“Our bottom five contributors to return in Q2 were Accenture, EOG Resources, Permian Resources, Comcast and Salesforce.”
Comcast - June 2026
“We used the proceeds from these sales and scale backs to build positions in Automatic Data Processing, Comcast Corp, Constellation Brands, Home Depot, Medtronic, NextEra Energy (repurchased later in the quarter at lower levels), PepsiCo, Inc, Procter & Gamble Co., and Tyson Foods.”
Comcast - June 2026
“Comcast Corp. (CMCSA) is one of the largest wireline telecom service providers in the US.”
Comcast - June 2026
“Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ's Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere.”
Comcast - June 2026
“Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, and BJ's Wholesale Club where we believe capital can be allocated more effectively elsewhere.”
Comcast - June 2026
“We added to Cisco Systems and Lumentum Holdings, reflecting our improving conviction in their respective wealth creation outlooks and attractive valuations. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market. We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings. Nebius is emerging as a compelling beneficiary of growing AI infrastructure demand through its neocloud platform and is increasingly moving from concept to commercial reality. Arm, meanwhile, remains a high-quality accelerator within our framework, with an expanding addressable market in data centre and AI workloads that we believe is not fully reflected in current consensus expectations. Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ's Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere.”
Comcast - June 2026
“We continued to upgrade the portfolio, increasing exposure to areas where we see stronger long-term wealth creation opportunities and more attractive risk-reward characteristics. We added to Cisco Systems, Lumentum Holdings and Hannover Re, reflecting improving conviction in their respective wealth creation outlooks and attractive valuation support. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market. Within industrials, we switched part of our position from Volvo into Daimler Truck. While both companies score similarly within our framework, we believe Daimler Truck offers the more attractive valuation opportunity. The company is executing a significant operational turnaround, and current earnings expectations appear overly conservative given improving freight market conditions and the potential benefits from ongoing cost reduction initiatives. We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings. Nebius is emerging as a compelling beneficiary of growing AI infrastructure demand through its neocloud platform and is increasingly moving from concept to commercial reality. Arm, meanwhile, remains a high-quality accelerator within our framework, with an expanding addressable market in data centre and AI workloads that we believe is not fully reflected in current consensus expectations. Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ's Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere.”
Comcast - June 2026
“Notable 2Q Detractors Information services companies remained squarely in the AI penalty box, as investors grappled with the potential impact of AI on a wide array of business models. In that vein, Accenture, Equifax, and S&P Global were among the Fund’s top detractors for the quarter. While Accenture’s results, bookings, and outlook were mildly below our expectations, the stock price reaction was swift and more severe. Our take is that the initial price decline was overdone, and we are monitoring ongoing developments closely. Comcast’s stock fell during the quarter, but the bigger news was the company’s June 28th announcement to spin off NBCUniversal Media to help unlock value.”
Comcast - HoldsFoundation Resource Management, LLC Composite Equity PortfolioJune 2026
“(For context, the current size of the US broadband market is somewhere around $138 billion, with FRM holding Comcast as the largest provider with around 29.4 million residential subscribers.”
Comcast - HoldsFPA Source CapitalJune 2026
“We have discussed our exposure to cable broadband providers, through holdings in Comcast and Charter/Liberty Broadband in the past.”
Comcast - New positionGreenlight Capital FundsJune 2026
“We added several new, small long positions during the quarter: Comcast (CMCSA) is a diversified media and technology company with broadband, video and wireless businesses, alongside media, studios and theme parks.”
Comcast - March 2026
“We also trimmed our positions in Omnicon, Applied Materials, Roche and Comcast”
Comcast - March 2026
“Both T-Mobile (TMUS) and Comcast were positive contributors in the period as well as their fourth quarter results and 2026 outlooks provided some relief to those that were concerned around intensifying competition within the cable and wireless space in 2026.”
Comcast - March 2026
“Alphabet Inc. United States 4.0 Interactive Media & Services Comcast Corp. United States 1.3 Diversified Telecommunication Services”
Comcast - March 2026
“Portfolio Holdings Data as of March 31, 2026. Source: FactSet, Hardman Johnston Global Advisors LLC®. The data shown is of a representative portfolio for the Hardman Johnston Select Equity strategy and is for informational purposes only and is not indicative of future portfolio characteristics/returns. Actual results may vary for each client due to specific client guidelines and other factors. The representative portfolio was chosen as most representative of the Select Equity strategy. Future investments may or may not be profitable. C ountry We ig ht ( %) Indus try Communicat ion Serv ices 8.1 Alphabet Inc. United States 7.1 Interactive Media & Services Comcast Corp. United States 0.9 Diversified Telecommunication Services”
Comcast - December 2025
“Our underweight allocation to and stock selection within the Communication Services sector was the largest detractor from relative performance. Verizon (-5.7%) shares pulled back in the quarter as investors focused on softer wireless service revenue growth and elevated promotional intensity, which pressured margins despite stable subscriber trends. Management emphasized a shift toward retention and volume growth, alongside aggressive cost actions and workforce reductions aimed at improving free cash flow in 2026. Comcast (-3.9%) underperformed as increased competition and promotional activity hurt; Comcast lost 104k broadband customers while ARPU growth of 2.6% was fairly modest.”
Comcast - September 2025
“Communication services was a headwind to performance, meanwhile, as a positive resolution to Alphabet’s ongoing antitrust trial combined with enthusiasm for its AI offerings led to strong performance. While Alphabet has been a portfolio holding since 2020, its weighting in the Russell 1000 Value benchmark increased significantly in July, leading us to become relatively underweight. Comcast was also a detractor to Strategy performance in the quarter, as it continues to lose share of the broadband market to fiber and fixed wireless companies. We continue to hold the name, as it generates substantial free cash flow, and trades at a very attractive 16% free cash flow yield.”
Comcast - June 2025
“•Exposure to communication services decreased -229 bps, reflecting the exit of Comcast Corporation (Cl A)(CMCSA). Despite reporting record revenue, EBITDA growth, and free cash flow growth in Q4 and returning 100% free cash flow to shareholders via dividends and share repurchases, CMCSA’s valuation multiple continued to contract. The competitive environment for broadband subscribers intensified in Q4 and management suggested it would remain elevated. The key risk to the investment intensified while the risk of a value trap also increased. FAV exited CMCSA to initiate a position in CACI, which is discussed above”
Comcast - June 2025
“Comcast Corporation (CMCSA) Comcast Corporation stands as a dominant and diversified media and technology conglomerate, operating two distinct but complementary businesses: a world-class connectivity platform and a premier global content and experiences engine.”
Comcast
Also mentioned · 5
These funds discuss Comcast — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedBA Beutel Goodman U.S. Value FundMarch 2026
“We also sold all shares in Versant Media, a spin-out from our holding in Comcast.”
Comcast - MentionedBrown Advisory U.S. Value FundMarch 2026
“ We inherited shares of Versant Media Group (VSNT) after it was spun off from its parent company Comcast Corporation (CMCSA) at the beginning of the year.”
Comcast - MentionedGreenlight CapitalMarch 2026
“VSNT is a recent spin-off from Comcast and owns cable channels like MS NOW (formerly MSNBC), CNBC Page 7 GREENLIGHT® and USA Network, along with other non-Pay TV assets including GolfNow and Fandango.”
Comcast - MentionedSchafer Cullen High Dividend ValueDecember 2025
“An underweight allocation to and stock selection within the Communication Services sector was the largest detractor from relative performance. Alphabet, the largest constituent in the Russell 1000 Value at a 3.8% weight, rose 29% in the quarter, and is not owned in the strategy. AT&T (-11.1%) shares pulled back in the quarter after strong gains in 2024 and much of 2025. Investors were concerned that AT&T’s wireless ARPU declined slightly in the 3rd quarter, while wireless churn increased slightly. Importantly, AT&T announced the acquisition of mid- and low-band spectrum from EchoStar in the quarter, enhancing its wireless and fixed wireless offerings over the long term. Comcast (-3.9%) underperformed as increased competition and promotional activity hurt; Comcast lost 104k broadband customers while ARPU growth of 2.6% was fairly modest.”
Comcast - August 2025
“Disney has also struck a new deal for WWE’s Premium Live Events, with the rights moving from Peacock (Comcast) to ESPN from 2026, for a reported $1.6bn over five years, which is a 1.8x increase on the current deal on an annual basis.”
Comcast
Fund coverage · 2 theses
- Greenlight Capital FundsJune 2026
Comcast is a diversified media and technology company whose shares look undervalued relative to free cash flow and the sum of its parts, with the NBCUniversal spin-off seen as a catalyst.
Read the full thesis - LRT Capital ManagementJune 2025
Comcast Corporation is a dominant media and technology conglomerate with a robust broadband business and a diverse content portfolio, strategically positioned for long-term growth.
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