Jim Cramer: Comcast Stock Is Another Causality of Covid
Trian Fund Management, a hedge fund, has launched a activist campaign against the cable-TV and entertainment giant, believing the stock is undervalued.
Trian has accumulated about 20 million shares in Comcast, for a roughly $900 million stake or about 0.4% of the company, a person familiar with the matter told The Wall Street Journal.
Comcast's market value is about $200 billion.
Executives at Trian, which is led by activist investor Nelson Peltz, recently began conversations with Comcast management, the hedge fund said in a statement. It wasn't clear what exactly Trian is focused on beyond a belief that Comcast shares are undervalued, the Journal noted.
"We have recently begun what we believe are constructive discussions with Comcast's management team and look forward to continuing those discussions," Trian said.
Jim Cramer notes that he owns Comcast stock.
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