Desjardins Has Bullish Estimate for RCI Q3 Earnings

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Equities researchers at Desjardins lifted their Q3 2024 EPS estimates for shares of Rogers Communications in a research note issued on Wednesday, October 16th. Desjardins analyst J. Dubreuil now forecasts that the Wireless communications provider will earn $0.94 per share for the quarter, up from their prior forecast of $0.93. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. Desjardins also issued estimates for Rogers Communications’ FY2024 earnings at $3.45 EPS and FY2025 earnings at $3.81 EPS.

RCI has been the subject of several other research reports. Canaccord Genuity Group reaffirmed 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. BMO Capital Markets raised 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, September 19th. Canaccord Genuity Group downgraded shares of Rogers Communications from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. StockNews.com upgraded shares of Rogers Communications from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Finally, TD Securities upped their price target on Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $61.75.

Rogers Communications Stock Performance

Shares of NYSE RCI opened at $39.07 on Friday. Rogers Communications has a 1 year low of $35.55 and a 1 year high of $48.19. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.60 and a current ratio of 0.65. The stock has a fifty day moving average price of $39.84 and a two-hundred day moving average price of $38.90. The firm has a market cap of $20.71 billion, a P/E ratio of 48.84, a PEG ratio of 1.06 and a beta of 0.67.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings data on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.33. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business earned $0.76 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Monday, September 9th were issued a $0.365 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.74%. Rogers Communications’s payout ratio is currently 185.00%.

Institutional Investors Weigh In On Rogers Communications

Several hedge funds have recently bought and sold shares of the business. Gold Investment Management Ltd. increased its holdings in shares of Rogers Communications by 1.3% in the 1st quarter. Gold Investment Management Ltd. now owns 21,085 shares of the Wireless communications provider’s stock valued at $864,000 after purchasing an additional 270 shares during the period. Grove Bank & Trust increased its stake in Rogers Communications by 41.0% in the 3rd quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock valued at $42,000 after buying an additional 302 shares during the period. Gulf International Bank UK Ltd lifted its position in Rogers Communications by 13.4% in the 1st quarter. Gulf International Bank UK Ltd now owns 2,720 shares of the Wireless communications provider’s stock worth $111,000 after buying an additional 322 shares in the last quarter. Creative Planning boosted its stake in shares of Rogers Communications by 2.2% during the 3rd quarter. Creative Planning now owns 22,282 shares of the Wireless communications provider’s stock valued at $896,000 after buying an additional 486 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Rogers Communications by 110.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock valued at $37,000 after acquiring an additional 522 shares in the last quarter. 45.49% of the stock is owned by hedge funds and other institutional investors.

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.