Rogers Communications (NYSE:RCI) Trading Down 2.8%

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B)’s share price dropped 2.8% on Wednesday . The company traded as low as $39.52 and last traded at $39.67. Approximately 98,578 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 718,893 shares. The stock had previously closed at $40.80.

Analyst Ratings Changes

RCI has been the subject of several research analyst reports. Canaccord Genuity Group cut shares of Rogers Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Canaccord Genuity Group reiterated a “hold” rating and set a $57.00 target price (down from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. StockNews.com upgraded shares of Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. BMO Capital Markets upped their target price on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, TD Securities upped their target price on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.75.

Rogers Communications Trading Up 0.6 %

The company’s fifty day moving average price is $39.41 and its two-hundred day moving average price is $39.41. The company has a current ratio of 0.65, a quick ratio of 0.60 and a debt-to-equity ratio of 3.58. The firm has a market cap of $21.14 billion, a P/E ratio of 49.85, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, topping the consensus estimate 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 in the prior year, the firm earned $0.76 EPS. The firm’s quarterly revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts predict that Rogers Communications Inc. will post 3.59 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 9th will be issued a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Monday, September 9th. Rogers Communications’s dividend payout ratio is currently 185.00%.

Institutional Investors Weigh In On Rogers Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FIL Ltd increased its position in Rogers Communications by 13.7% in the 4th quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock valued at $1,709,377,000 after acquiring an additional 4,405,888 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Rogers Communications by 10.2% during the 4th quarter. 1832 Asset Management L.P. now owns 12,707,709 shares of the Wireless communications provider’s stock worth $594,848,000 after buying an additional 1,177,264 shares during the period. TD Asset Management Inc grew its position in shares of Rogers Communications by 4.2% during the 1st quarter. TD Asset Management Inc now owns 11,538,070 shares of the Wireless communications provider’s stock worth $473,204,000 after buying an additional 463,368 shares during the period. Mackenzie Financial Corp grew its position in shares of 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 worth $390,738,000 after buying an additional 974,937 shares during the period. Finally, Toronto Dominion Bank grew its position in shares of 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 worth $233,099,000 after buying an additional 2,206,690 shares during the period. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communications Company Profile

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.