Rogers Communications (NYSE:RCI) Receives “Hold” Rating from Canaccord Genuity Group

Canaccord Genuity Group restated their hold rating on shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) in a research note issued to investors on Thursday morning, Marketbeat reports. Canaccord Genuity Group currently has a $57.00 price objective on the Wireless communications provider’s stock, down from their prior price objective of $59.00.

A number of other analysts have also issued reports on RCI. Canaccord Genuity Group lowered Rogers Communications from a buy rating to a hold rating in a research report on Thursday. Barclays dropped their price objective on Rogers Communications from $52.00 to $46.00 and set an overweight rating on the stock in a report on Wednesday, April 10th. Finally, StockNews.com raised Rogers Communications from a sell rating to a hold rating in a research report on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $51.50.

Rogers Communications Stock Performance

Shares of RCI stock opened at $37.82 on Thursday. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.72 and a current ratio of 0.65. The firm has a market capitalization of $20.05 billion, a price-to-earnings ratio of 47.28, a price-to-earnings-growth ratio of 1.03 and a beta of 0.68. Rogers Communications has a one year low of $35.55 and a one year high of $48.19. The company has a 50 day moving average price of $38.03 and a 200 day moving average price of $41.06.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the firm earned $0.76 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Rogers Communications will post 3.58 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 9th will be issued a $0.365 dividend. This represents a $1.46 annualized dividend and a yield of 3.86%. The ex-dividend date is Monday, September 9th. Rogers Communications’s dividend payout ratio is currently 183.75%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Canoe Financial LP raised its position in shares of Rogers Communications by 1,575.9% during the 4th quarter. Canoe Financial LP now owns 15,903,262 shares of the Wireless communications provider’s stock valued at $744,432,000 after acquiring an additional 14,954,351 shares in the last quarter. FIL Ltd increased its stake in Rogers Communications by 13.7% during the fourth quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock valued at $1,709,377,000 after purchasing an additional 4,405,888 shares during the last quarter. TD Asset Management Inc grew its holdings in Rogers Communications by 27.3% in the 4th quarter. TD Asset Management Inc now owns 11,074,702 shares of the Wireless communications provider’s stock worth $520,980,000 after buying an additional 2,372,306 shares in the last quarter. National Bank of Canada FI grew its holdings in Rogers Communications by 37.5% in the 1st quarter. National Bank of Canada FI now owns 5,570,690 shares of the Wireless communications provider’s stock worth $220,193,000 after buying an additional 1,519,894 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in Rogers Communications by 10.2% in the 4th quarter. 1832 Asset Management L.P. now owns 12,707,709 shares of the Wireless communications provider’s stock valued at $594,848,000 after acquiring an additional 1,177,264 shares during the period. Institutional investors 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.