Brokerages Set Rogers Communications Inc. (NYSE:RCI) Target Price at $61.75

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) has been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $61.75.

RCI has been the subject of a number of recent analyst reports. 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 research report on Thursday, July 25th. TD Securities increased their price target on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. BMO Capital Markets boosted their price objective on 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 lowered Rogers Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Finally, StockNews.com raised Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th.

Rogers Communications Price Performance

Shares of Rogers Communications stock opened at $36.57 on Friday. The stock’s fifty day moving average is $39.13 and its 200 day moving average is $38.77. Rogers Communications has a one year low of $35.55 and a one year high of $48.19. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.64 and a current ratio of 0.68. The stock has a market cap of $19.49 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.12 and a beta of 0.69.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings data on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.35. The firm had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. Sell-side analysts anticipate that Rogers Communications will post 3.55 earnings per share for the current year.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be given a dividend of $0.3611 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.95%. Rogers Communications’s payout ratio is 72.20%.

Hedge Funds Weigh In On Rogers Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank grew its stake in shares of 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 worth $233,099,000 after buying an additional 2,206,690 shares in the last quarter. Intech Investment Management LLC purchased a new position in Rogers Communications in the first quarter worth about $835,000. Intact Investment Management Inc. increased its stake in Rogers Communications by 13.1% during the third quarter. Intact Investment Management Inc. now owns 2,255,441 shares of the Wireless communications provider’s stock worth $90,695,000 after acquiring an additional 261,220 shares during the last quarter. Canoe Financial LP raised its position in Rogers Communications by 14.4% during the third quarter. Canoe Financial LP now owns 1,133,087 shares of the Wireless communications provider’s stock valued at $45,624,000 after purchasing an additional 142,224 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Rogers Communications by 8.6% in the 1st quarter. Russell Investments Group Ltd. now owns 195,754 shares of the Wireless communications provider’s stock valued at $8,040,000 after purchasing an additional 15,454 shares during the last quarter. 45.49% of the stock is owned by 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.