Bridgewater Associates LP Trims Stake in Rogers Communications Inc. (NYSE:RCI)

Bridgewater Associates LP decreased its stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 41.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,995 shares of the Wireless communications provider’s stock after selling 4,221 shares during the period. Bridgewater Associates LP’s holdings in Rogers Communications were worth $241,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cromwell Holdings LLC bought a new position in shares of Rogers Communications during the 3rd quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Rogers Communications by 110.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after purchasing an additional 522 shares during the period. Ridgewood Investments LLC purchased a new stake in shares of Rogers Communications in the second quarter worth $37,000. Grove Bank & Trust raised its position in shares of Rogers Communications by 41.0% during the 3rd quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock valued at $42,000 after purchasing an additional 302 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in shares of Rogers Communications during the 2nd quarter valued at $55,000. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Rogers Communications Stock Performance

Shares of NYSE RCI opened at $35.86 on Wednesday. The firm’s fifty day moving average is $37.33 and its two-hundred day moving average is $38.36. Rogers Communications Inc. has a 52-week low of $34.95 and a 52-week high of $48.19. The company has a market cap of $19.16 billion, a P/E ratio of 17.49, a P/E/G ratio of 1.11 and a beta of 0.67. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.64 and a current ratio of 0.68.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.35. The company had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $3.79 billion. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. As a group, analysts anticipate that Rogers Communications Inc. will post 3.56 EPS for the current fiscal year.

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 given a dividend of $0.3611 per share. The ex-dividend date is Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.03%. Rogers Communications’s dividend payout ratio is currently 71.71%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RCI shares. 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 lifted their target price on Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Rogers Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.75.

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.