Mackenzie Financial Corp Boosts Position in Rogers Communications Inc. (NYSE:RCI)

Mackenzie Financial Corp grew its position in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 10.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 10,563,054 shares of the Wireless communications provider’s stock after purchasing an additional 974,937 shares during the period. Mackenzie Financial Corp’s holdings in Rogers Communications were worth $390,738,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in RCI. Maplelane Capital LLC lifted its holdings in shares of Rogers Communications by 27.4% in the second quarter. Maplelane Capital LLC now owns 400,000 shares of the Wireless communications provider’s stock valued at $14,792,000 after purchasing an additional 86,000 shares in the last quarter. APG Asset Management N.V. increased its position in Rogers Communications by 148.7% during the second quarter. APG Asset Management N.V. now owns 36,793 shares of the Wireless communications provider’s stock worth $1,269,000 after buying an additional 22,000 shares in the last quarter. AXA S.A. raised its holdings in shares of Rogers Communications by 14.5% in the second quarter. AXA S.A. now owns 152,568 shares of the Wireless communications provider’s stock worth $5,642,000 after acquiring an additional 19,324 shares during the last quarter. Toronto Dominion Bank lifted its position in shares of Rogers Communications by 53.9% in the second quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock valued at $233,099,000 after acquiring an additional 2,206,690 shares in the last quarter. Finally, Gabelli Funds LLC boosted its stake in shares of Rogers Communications by 1.5% during the second quarter. Gabelli Funds LLC now owns 1,224,000 shares of the Wireless communications provider’s stock valued at $45,264,000 after acquiring an additional 17,500 shares during the last quarter. 45.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RCI shares. BMO Capital Markets upped their target price on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, September 19th. Canaccord Genuity Group downgraded shares of Rogers Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Canaccord Genuity Group reiterated a “hold” rating and issued a $57.00 price target (down from $59.00) on shares of Rogers Communications in a report on Thursday, July 25th. TD Securities raised their price objective on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, StockNews.com upgraded Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.75.

Rogers Communications Stock Down 0.4 %

Shares of NYSE RCI opened at $40.08 on Friday. 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 stock has a market capitalization of $21.24 billion, a PE ratio of 50.09, a P/E/G ratio of 1.06 and a beta of 0.67. The firm has a fifty day moving average of $39.63 and a 200-day moving average of $39.27. Rogers Communications Inc. has a 52-week low of $35.55 and a 52-week high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings data on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.33. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.14 billion. Rogers Communications had a return on equity of 23.15% and a net margin of 4.28%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the business posted $0.76 EPS. On average, analysts anticipate that Rogers Communications Inc. will post 3.57 EPS for the current year.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 9th will be paid 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 yield of 3.64%. Rogers Communications’s dividend payout ratio is currently 185.00%.

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.