Comcast Increases Share Repurchase Authorization to $20 Billion

In a year where cable stocks have been hammered by fears that broadband subscriber growth has hit a wall, Comcast said it will double its share repurchase authorization to $20 billion, effective September 13.

Comcast has already repurchased about $9 billion of its own stock. In January, the company raised its share repurchase authorization to $10 billion.

Comcast shares were up slightly (0.7%) on September 14, rising 23 cents each to $33.69 per share in early trading. So far this year, Comcast shares are down about 32% ($15.78 per share).

Other cable stocks have been hit even harder as investors grapple with the slowdown in broadband subscribers that has plagued the sector. As a whole, cable distribution stocks are down about 40% this year, with Cable One down 39.6%, Charter Communications down 41.6% and Altice USA down 42.7%.■