Rogers Communications Inc. (NYSE:RCI) Shares Bought by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. lifted its holdings in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 1.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,004,074 shares of the Wireless communications provider’s stock after purchasing an additional 57,245 shares during the quarter. Rogers Communications comprises about 2.8% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 7th biggest position. Letko Brosseau & Associates Inc. owned about 0.76% of Rogers Communications worth $148,066,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Candriam S.C.A. acquired a new stake in shares of Rogers Communications in the second quarter worth $510,000. Van ECK Associates Corp purchased a new stake in shares of Rogers Communications during the second quarter valued at approximately $2,229,000. Intact Investment Management Inc. lifted its position in shares of Rogers Communications by 33.8% during the second quarter. Intact Investment Management Inc. now owns 1,994,221 shares of the Wireless communications provider’s stock worth $73,752,000 after purchasing an additional 503,550 shares in the last quarter. VAUGHAN & Co SECURITIES INC. boosted its stake in shares of Rogers Communications by 15.7% in the second quarter. VAUGHAN & Co SECURITIES INC. now owns 14,726 shares of the Wireless communications provider’s stock valued at $545,000 after purchasing an additional 1,994 shares during the period. Finally, Tobam boosted its stake in shares of Rogers Communications by 6.3% in the second quarter. Tobam now owns 14,995 shares of the Wireless communications provider’s stock valued at $555,000 after purchasing an additional 891 shares during the period. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communications Stock Down 0.7 %

Shares of RCI stock traded down $0.28 during trading hours on Friday, hitting $40.89. 658,110 shares of the company were exchanged, compared to its average volume of 721,755. The stock has a market capitalization of $21.67 billion, a price-to-earnings ratio of 51.12, a P/E/G ratio of 1.06 and a beta of 0.68. Rogers Communications Inc. has a one year low of $35.55 and a one year high of $48.19. The business’s 50-day simple moving average is $38.74 and its two-hundred day simple moving average is $39.70. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.60 and a current ratio of 0.65.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.33. Rogers Communications had a return on equity of 23.15% and a net margin of 4.28%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the business posted $0.76 EPS. Rogers Communications’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts predict that Rogers Communications Inc. will post 3.59 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 9th will be paid a dividend of $0.365 per share. The ex-dividend date is Monday, September 9th. This represents a $1.46 annualized dividend and a yield of 3.57%. Rogers Communications’s payout ratio is 180.00%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Canaccord Genuity Group reiterated a “hold” rating and issued a $57.00 price objective (down previously from $59.00) on shares of Rogers Communications in a report on Thursday, July 25th. StockNews.com raised Rogers Communications from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Canaccord Genuity Group downgraded Rogers Communications from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Rogers Communications has a consensus rating of “Moderate Buy” and an average price target of $51.50.

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.