Seven Eight Capital LP Takes $867,000 Position in Rogers Communications Inc. (NYSE:RCI)

Seven Eight Capital LP bought a new stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 23,456 shares of the Wireless communications provider’s stock, valued at approximately $867,000.

Several other institutional investors also recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new stake in shares of Rogers Communications during the second quarter valued at approximately $37,000. Headlands Technologies LLC bought a new stake in Rogers Communications during the 1st quarter valued at $42,000. Acadian Asset Management LLC purchased a new stake in Rogers Communications during the 2nd quarter valued at $55,000. CWM LLC grew its holdings in Rogers Communications by 342.3% in the 2nd quarter. CWM LLC now owns 1,809 shares of the Wireless communications provider’s stock worth $67,000 after acquiring an additional 1,400 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Rogers Communications by 106.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,445 shares of the Wireless communications provider’s stock valued at $68,000 after acquiring an additional 745 shares during the period. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communications Trading Up 1.3 %

NYSE RCI opened at $40.36 on Friday. The stock’s 50 day moving average is $39.47 and its 200 day moving average is $39.38. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.58. The firm has a market capitalization of $21.39 billion, a PE ratio of 50.45, a P/E/G ratio of 1.06 and a beta of 0.67. Rogers Communications Inc. has a twelve month low of $35.55 and a twelve month high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.33. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.14 billion. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. During the same period in the prior year, the firm earned $0.76 EPS. The company’s revenue was up .9% compared to the same quarter last year. Research analysts forecast that Rogers Communications Inc. will post 3.59 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 9th will be issued a dividend of $0.365 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.46 annualized dividend and a dividend yield of 3.62%. Rogers Communications’s payout ratio is 185.00%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. StockNews.com upgraded shares of Rogers Communications from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Canaccord Genuity Group lowered Rogers Communications from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Canaccord Genuity Group restated a “hold” rating and set a $57.00 target price (down previously from $59.00) on shares of Rogers Communications in a report on Thursday, July 25th. TD Securities raised their price target on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, BMO Capital Markets boosted their price objective on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.75.

About Rogers Communications

Rogers Communications Inc operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.