Brokers Set Expectations for RCI FY2024 Earnings

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – National Bank Financial increased their FY2024 earnings estimates for Rogers Communications in a report issued on Thursday, October 24th. National Bank Financial analyst A. Shine now forecasts that the Wireless communications provider will post earnings of $3.51 per share for the year, up from their previous estimate of $3.49. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. National Bank Financial also issued estimates for Rogers Communications’ FY2025 earnings at $3.75 EPS.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.35. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The company had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Rogers Communications’s revenue was up .7% on a year-over-year basis.

Several other equities analysts have also commented on the stock. Canaccord Genuity Group lowered shares of Rogers Communications from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Canaccord Genuity Group reiterated a “hold” rating and set a $57.00 price objective (down previously from $59.00) on shares of Rogers Communications in a research report on Thursday, July 25th. StockNews.com upgraded shares of Rogers Communications from a “sell” rating to a “hold” rating in a research report on Thursday, July 11th. TD Securities increased their price objective on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, BMO Capital Markets increased 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. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $61.75.

Rogers Communications Price Performance

RCI stock opened at $37.30 on Monday. Rogers Communications has a 52 week low of $35.55 and a 52 week high of $48.19. 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 company has a fifty day simple moving average of $39.68 and a two-hundred day simple moving average of $38.85. The firm has a market capitalization of $19.77 billion, a P/E ratio of 46.63, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67.

Institutional Investors Weigh In On Rogers Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RCI. Toronto Dominion Bank lifted its holdings in Rogers Communications by 53.9% during 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 buying an additional 2,206,690 shares in the last quarter. National Bank of Canada FI lifted its holdings in Rogers Communications by 37.5% during the 1st 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 lifted its holdings in 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 in the last quarter. Burgundy Asset Management Ltd. lifted its holdings in Rogers Communications by 31.2% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,536,482 shares of the Wireless communications provider’s stock valued at $93,772,000 after buying an additional 603,876 shares in the last quarter. Finally, Intact Investment Management Inc. lifted its holdings in Rogers Communications by 33.8% during the 2nd quarter. Intact Investment Management Inc. now owns 1,994,221 shares of the Wireless communications provider’s stock valued at $73,752,000 after buying an additional 503,550 shares in the last quarter. Institutional investors own 45.49% of the company’s stock.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be issued a $0.3611 dividend. The ex-dividend date is Monday, December 9th. This represents a $1.44 annualized dividend and a dividend yield of 3.87%. Rogers Communications’s dividend payout ratio (DPR) is presently 183.75%.

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.