Rogers Communications (NYSE:RCI) Sets New 1-Year Low – Here’s What Happened

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $30.19 and last traded at $30.55, with a volume of 843031 shares changing hands. The stock had previously closed at $30.75.

Wall Street Analyst Weigh In

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

Rogers Communications Trading Down 0.7 %

The firm’s 50 day simple moving average is $35.82 and its two-hundred day simple moving average is $37.79. The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 3.35. The stock has a market cap of $16.33 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67.

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 for the quarter, topping the consensus estimate of $1.07 by $0.35. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The firm had revenue of $5.13 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. Rogers Communications’s quarterly revenue was up .7% on a year-over-year basis. As a group, equities research analysts predict that Rogers Communications Inc. will post 3.56 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 9th will be issued a $0.3611 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.73%. The ex-dividend date of this dividend is Monday, December 9th. Rogers Communications’s dividend payout ratio (DPR) is 71.71%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RCI. The Manufacturers Life Insurance Company boosted its stake 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 purchasing an additional 3,980,525 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Rogers Communications by 106.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 133,760 shares of the Wireless communications provider’s stock valued at $5,383,000 after buying an additional 68,971 shares during the last quarter. MQS Management LLC acquired a new position in shares of Rogers Communications during the third quarter worth approximately $726,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Rogers Communications by 1,046.8% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 599,476 shares of the Wireless communications provider’s stock worth $24,101,000 after buying an additional 547,201 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in 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. 45.49% of the stock is currently 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.