Rogers Communications Inc. (NYSE:RCI) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 41.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,015 shares of the Wireless communications provider’s stock after selling 70,175 shares during the period. Canada Pension Plan Investment Board’s holdings in Rogers Communications were worth $3,698,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Ridgewood Investments LLC acquired a new stake in Rogers Communications in the second quarter valued at $37,000. Headlands Technologies LLC acquired a new stake in Rogers Communications in the first quarter valued at $42,000. Acadian Asset Management LLC acquired a new stake in Rogers Communications in the second quarter valued at $55,000. CWM LLC raised its holdings in Rogers Communications by 342.3% in the second quarter. CWM LLC now owns 1,809 shares of the Wireless communications provider’s stock valued at $67,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its holdings in Rogers Communications by 13.4% in the first quarter. Gulf International Bank UK Ltd now owns 2,720 shares of the Wireless communications provider’s stock valued at $111,000 after acquiring an additional 322 shares in the last quarter. 45.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RCI has been the subject of several recent research reports. Canaccord Genuity Group reiterated a “hold” rating and set a $57.00 target price (down previously from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. TD Securities boosted their target price on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. BMO Capital Markets boosted their target price on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th. StockNews.com upgraded shares of Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Finally, Canaccord Genuity Group lowered shares of Rogers Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rogers Communications presently has a consensus rating of “Moderate Buy” and an average target price of $61.75.

Rogers Communications Stock Down 0.9 %

Rogers Communications stock opened at $40.22 on Thursday. The company has a 50-day simple moving average of $39.58 and a 200-day simple moving average of $39.26. The firm has a market capitalization of $21.43 billion, a P/E ratio of 50.28, a P/E/G ratio of 1.06 and a beta of 0.67. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.60 and a current ratio of 0.65. Rogers Communications Inc. has a one year low of $35.55 and a one year high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, topping the consensus estimate of $0.83 by $0.33. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.14 billion. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 earnings per share. As a group, equities analysts expect that Rogers Communications Inc. will post 3.57 earnings per share for the current year.

Rogers Communications Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 9th will be given a $0.365 dividend. The ex-dividend date is Monday, September 9th. This represents a $1.46 dividend on an annualized basis and a yield of 3.63%. Rogers Communications’s dividend payout ratio is presently 185.00%.

Rogers Communications Profile

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.