Verition Fund Management LLC Purchases 551 Shares of Rogers Communications Inc. (NYSE:RCI)

Verition Fund Management LLC raised its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 7.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,484 shares of the Wireless communications provider’s stock after acquiring an additional 551 shares during the period. Verition Fund Management LLC’s holdings in Rogers Communications were worth $301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. 1832 Asset Management L.P. increased its stake in Rogers Communications by 2.6% during the second quarter. 1832 Asset Management L.P. now owns 11,501,927 shares of the Wireless communications provider’s stock worth $425,341,000 after acquiring an additional 288,614 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Rogers Communications by 10.2% in the 2nd quarter. Mackenzie Financial Corp now owns 10,563,054 shares of the Wireless communications provider’s stock worth $390,738,000 after purchasing an additional 974,937 shares during the period. Toronto Dominion Bank raised 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 during the period. The Manufacturers Life Insurance Company raised its holdings 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 valued at $203,334,000 after buying an additional 3,980,525 shares during the period. Finally, Letko Brosseau & Associates Inc. boosted its stake in Rogers Communications by 1.5% during the second quarter. Letko Brosseau & Associates Inc. now owns 4,004,074 shares of the Wireless communications provider’s stock worth $148,066,000 after buying an additional 57,245 shares during the period. 45.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets increased 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, September 19th. TD Securities increased their price objective on shares of Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.75.

Rogers Communications Stock Down 0.9 %

Shares of RCI opened at $33.39 on Friday. The firm has a fifty day moving average price of $36.54 and a 200-day moving average price of $38.11. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. The firm has a market capitalization of $17.85 billion, a P/E ratio of 16.29, a P/E/G ratio of 1.06 and a beta of 0.67. Rogers Communications Inc. has a 12-month low of $33.10 and a 12-month high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings data on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.35. The company had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 EPS. Equities research analysts expect that Rogers Communications Inc. will post 3.56 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. Investors of record on Monday, December 9th will be paid a $0.3611 dividend. The ex-dividend date is Monday, December 9th. This represents a $1.44 annualized dividend and a yield of 4.33%. Rogers Communications’s dividend payout ratio (DPR) is currently 72.20%.

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.