National Bank Financial Weighs in on Rogers Communications Inc.’s Q3 2024 Earnings (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Investment analysts at National Bank Financial issued their Q3 2024 earnings estimates for Rogers Communications in a report released on Monday, September 30th. National Bank Financial analyst A. Shine forecasts that the Wireless communications provider will post earnings of $0.97 per share for the quarter. The consensus estimate for Rogers Communications’ current full-year earnings is $3.57 per share. National Bank Financial also issued estimates for Rogers Communications’ FY2024 earnings at $3.49 EPS.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its 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. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the company earned $0.76 EPS. Rogers Communications’s revenue for the quarter was up .9% on a year-over-year basis.

RCI has been the subject of a number of other research reports. TD Securities upped their price objective 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. StockNews.com raised shares of Rogers Communications from a “sell” rating to a “hold” rating in a research report on Thursday, July 11th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $57.00 price target (down previously from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. 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 note on Thursday, September 19th. Finally, Canaccord Genuity Group lowered Rogers Communications from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Rogers Communications has an average rating of “Moderate Buy” and a consensus target price of $61.75.

Rogers Communications Price Performance

Shares of NYSE:RCI opened at $39.15 on Thursday. The business has a fifty day simple moving average of $39.86 and a 200-day simple moving average of $39.15. Rogers Communications has a 52 week low of $35.55 and a 52 week high of $48.19. The company has a market cap of $20.75 billion, a P/E ratio of 48.93, a P/E/G ratio of 1.06 and a beta of 0.67. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.58.

Hedge Funds Weigh In On Rogers Communications

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Toronto Dominion Bank increased its holdings in Rogers Communications by 53.9% in the 2nd quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock valued at $233,099,000 after purchasing an additional 2,206,690 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Rogers Communications by 37.5% in the first quarter. National Bank of Canada FI now owns 5,570,690 shares of the Wireless communications provider’s stock valued at $220,193,000 after buying an additional 1,519,894 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Rogers Communications by 10.2% during the 2nd quarter. Mackenzie Financial Corp now owns 10,563,054 shares of the Wireless communications provider’s stock valued at $390,738,000 after buying an additional 974,937 shares during the period. Goldman Sachs Group Inc. lifted its position in Rogers Communications by 22.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,544,016 shares of the Wireless communications provider’s stock worth $165,895,000 after acquiring an additional 660,486 shares in the last quarter. Finally, Burgundy Asset Management Ltd. boosted its holdings in Rogers Communications by 31.2% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,536,482 shares of the Wireless communications provider’s stock worth $93,772,000 after acquiring an additional 603,876 shares during the period. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 9th will be given a $0.365 dividend. This represents a $1.46 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Monday, September 9th. Rogers Communications’s payout ratio is currently 185.00%.

Rogers Communications Company 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.