Rogers Communications (NYSE:RCI) Cut to Hold at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a buy rating to a hold rating in a research note issued to investors on Thursday morning, Marketbeat reports.

Other equities analysts have also recently issued research reports about the company. Barclays dropped their price target on Rogers Communications from $52.00 to $46.00 and set an overweight rating on the stock in a research report on Wednesday, April 10th. StockNews.com upgraded 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 given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $51.50.

Rogers Communications Stock Up 2.5 %

RCI opened at $37.82 on Thursday. The business’s 50-day simple moving average is $38.03 and its 200-day simple moving average is $41.10. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.72 and a current ratio of 0.65. Rogers Communications has a one year low of $35.55 and a one year high of $48.19. The stock has a market capitalization of $20.05 billion, a P/E ratio of 47.28, a price-to-earnings-growth ratio of 1.00 and a beta of 0.68.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.33. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Rogers Communications had a return on equity of 23.15% and a net margin of 4.28%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 EPS. Analysts anticipate that Rogers Communications will post 3.63 EPS for the current 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 given a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Monday, September 9th. Rogers Communications’s payout ratio is 182.50%.

Hedge Funds Weigh In On Rogers Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in Rogers Communications by 39.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 571,923 shares of the Wireless communications provider’s stock worth $21,150,000 after purchasing an additional 160,768 shares during the period. Monarch Capital Management Inc. boosted its stake in shares of Rogers Communications by 12.7% during the 2nd quarter. Monarch Capital Management Inc. now owns 38,693 shares of the Wireless communications provider’s stock worth $1,438,000 after acquiring an additional 4,360 shares in the last quarter. Lorne Steinberg Wealth Management Inc. boosted its stake in shares of Rogers Communications by 8.5% during the 2nd quarter. Lorne Steinberg Wealth Management Inc. now owns 90,959 shares of the Wireless communications provider’s stock worth $3,363,000 after acquiring an additional 7,103 shares in the last quarter. First Affirmative Financial Network boosted its stake in shares of Rogers Communications by 11.2% during the 2nd quarter. First Affirmative Financial Network now owns 6,450 shares of the Wireless communications provider’s stock worth $239,000 after acquiring an additional 649 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Rogers Communications by 342.3% during the 2nd quarter. CWM LLC now owns 1,809 shares of the Wireless communications provider’s stock worth $67,000 after acquiring an additional 1,400 shares in the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

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.