TD Securities Boosts Rogers Communications (NYSE:RCI) Price Target to $74.00

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its price target boosted by TD Securities from $73.00 to $74.00 in a report issued on Thursday, Benzinga reports. TD Securities currently has a buy rating on the Wireless communications provider’s stock.

Several other analysts also recently issued reports on the stock. StockNews.com raised shares of Rogers Communications from a sell rating to a hold rating in a research note on Thursday, July 11th. BMO Capital Markets raised their price target on Rogers Communications from $67.00 to $70.00 and gave the stock an outperform rating in a research note on Thursday. Canaccord Genuity Group reaffirmed a hold rating and issued a $57.00 price objective (down previously from $59.00) on shares of Rogers Communications in a research report on Thursday, July 25th. Finally, Canaccord Genuity Group downgraded Rogers Communications from a buy rating to a hold rating in a research report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $61.75.

Rogers Communications Price Performance

NYSE:RCI opened at $40.36 on Thursday. The firm has a market capitalization of $21.39 billion, a price-to-earnings ratio of 50.45, a PEG ratio of 1.06 and a beta of 0.67. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.65 and a quick ratio of 0.60. The business has a 50 day simple moving average of $39.47 and a 200-day simple moving average of $39.32. Rogers Communications has a 1 year low of $35.55 and a 1 year high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings data on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.33. The business had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The business’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.76 earnings per share. Equities analysts forecast that Rogers Communications will post 3.59 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 9th will be given a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Monday, September 9th. Rogers Communications’s dividend payout ratio (DPR) is presently 185.00%.

Institutional Investors Weigh In On Rogers Communications

Hedge funds have recently made changes to their positions in the company. Gold Investment Management Ltd. raised its holdings in shares of Rogers Communications by 1.3% in the first quarter. Gold Investment Management Ltd. now owns 21,085 shares of the Wireless communications provider’s stock valued at $864,000 after acquiring an additional 270 shares in the last quarter. Gulf International Bank UK Ltd raised its holdings in shares of Rogers Communications by 13.4% in the 1st quarter. Gulf International Bank UK Ltd now owns 2,720 shares of the Wireless communications provider’s stock valued at $111,000 after purchasing an additional 322 shares in the last quarter. Assetmark Inc. lifted its position in shares of Rogers Communications by 1.8% in the 4th quarter. Assetmark Inc. now owns 18,891 shares of the Wireless communications provider’s stock worth $884,000 after purchasing an additional 331 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Rogers Communications by 110.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock valued at $37,000 after purchasing an additional 522 shares in the last quarter. Finally, First Affirmative Financial Network increased its holdings in Rogers Communications by 11.2% during the second quarter. First Affirmative Financial Network now owns 6,450 shares of the Wireless communications provider’s stock valued at $239,000 after buying an additional 649 shares during the period. 45.49% of the stock is currently owned by hedge funds and other 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.