Tidal Investments LLC Takes $248,000 Position in Rogers Communications Inc. (NYSE:RCI)

Tidal Investments LLC acquired a new position in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 6,178 shares of the Wireless communications provider’s stock, valued at approximately $248,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its position in Rogers Communications by 371.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,053,559 shares of the Wireless communications provider’s stock worth $203,334,000 after acquiring an additional 3,980,525 shares during the period. Toronto Dominion Bank raised its stake in shares of Rogers Communications by 53.9% during the second 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. Massachusetts Financial Services Co. MA lifted its holdings in Rogers Communications by 90.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,896,489 shares of the Wireless communications provider’s stock worth $115,775,000 after purchasing an additional 1,375,043 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Rogers Communications by 86.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,610,833 shares of the Wireless communications provider’s stock worth $104,965,000 after purchasing an additional 1,211,482 shares during the period. Finally, National Bank of Canada FI grew its position in Rogers Communications by 18.6% in the 3rd quarter. National Bank of Canada FI now owns 6,239,553 shares of the Wireless communications provider’s stock valued at $250,886,000 after buying an additional 977,924 shares in the last quarter. 45.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RCI has been the subject of a number of research analyst reports. BMO Capital Markets upped their price target on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. Morgan Stanley began coverage on Rogers Communications in a research report on Monday, December 16th. They issued an “underweight” rating for the company. Finally, TD Securities boosted their price objective on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Trading Down 0.2 %

Shares of NYSE:RCI opened at $30.49 on Thursday. 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 capitalization of $16.30 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.06 and a beta of 0.67. Rogers Communications Inc. has a 1-year low of $30.19 and a 1-year high of $48.19. The company has a 50 day moving average price of $35.51 and a 200 day moving average price of $37.66.

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

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be paid a dividend of $0.3611 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date is Monday, December 9th. Rogers Communications’s dividend payout ratio is presently 71.71%.

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.