Scotiabank Has Pessimistic Outlook of RCI FY2024 Earnings

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Research analysts at Scotiabank decreased their FY2024 EPS estimates for shares of Rogers Communications in a research report issued on Wednesday, January 8th. Scotiabank analyst M. Yaghi now expects that the Wireless communications provider will post earnings per share of $3.39 for the year, down from their previous estimate of $3.44. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. Scotiabank also issued estimates for Rogers Communications’ FY2025 earnings at $3.22 EPS.

Other research analysts have also recently issued reports about the stock. Morgan Stanley started coverage on shares of Rogers Communications in a report on Monday, December 16th. They set an “underweight” rating on the stock. TD Securities boosted their target price on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Finally, BMO Capital Markets increased their price target on Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $61.75.

Rogers Communications Price Performance

Shares of NYSE:RCI opened at $28.97 on Friday. Rogers Communications has a 1-year low of $28.95 and a 1-year high of $48.19. 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 stock has a market cap of $15.48 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.06 and a beta of 0.69. The stock’s fifty day simple moving average is $33.62 and its two-hundred day simple moving average is $37.00.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, beating 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 company had revenue of $5.13 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same quarter last year, the company earned $0.95 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis.

Hedge Funds Weigh In On Rogers Communications

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cromwell Holdings LLC bought a new stake in shares of Rogers Communications in the third quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. grew its stake in Rogers Communications by 110.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock valued at $37,000 after buying an additional 522 shares in the last quarter. Grove Bank & Trust raised its holdings in 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 acquiring an additional 302 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Rogers Communications during the second quarter worth $55,000. Finally, Nexus Investment Management ULC purchased a new stake in shares of Rogers Communications during the third quarter worth $203,000. 45.49% of the stock is owned by institutional investors.

Rogers Communications Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Monday, December 9th were given a dividend of $0.3611 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.99%. The ex-dividend date was Monday, December 9th. Rogers Communications’s dividend payout ratio is currently 71.71%.

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.