Rogers Communications (NYSE:RCI) Sets New 12-Month Low – What’s Next?

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $35.01 and last traded at $35.20, with a volume of 18844 shares. The stock had previously closed at $35.29.

Analysts Set New Price Targets

Several brokerages recently issued reports on RCI. Canaccord Genuity Group reissued a “hold” rating and set a $57.00 target price (down from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. TD Securities raised their price objective on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. BMO Capital Markets raised their price objective on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th. Finally, Canaccord Genuity Group lowered shares of Rogers Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.75.

Rogers Communications Stock Performance

The company’s fifty day moving average price is $38.19 and its 200 day moving average price is $38.61. The company has a market cap of $18.63 billion, a PE ratio of 17.20, a P/E/G ratio of 1.11 and a beta of 0.69. The company has a debt-to-equity ratio of 3.35, a current ratio of 0.68 and a quick ratio of 0.64.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.07 by $0.35. The company had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 earnings per share. On average, equities research analysts predict that Rogers Communications Inc. will post 3.55 earnings per share for the current year.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be issued a $0.3611 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.44 annualized dividend and a dividend yield of 4.13%. Rogers Communications’s dividend payout ratio is currently 71.71%.

Institutional Trading of Rogers Communications

Large investors have recently added to or reduced their stakes in the stock. MQS Management LLC purchased a new stake in Rogers Communications during the third quarter worth about $726,000. Toronto Dominion Bank increased its holdings in Rogers Communications by 53.9% during the second quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock worth $233,099,000 after buying an additional 2,206,690 shares during the last quarter. Intact Investment Management Inc. increased its holdings in Rogers Communications by 13.1% during the third quarter. Intact Investment Management Inc. now owns 2,255,441 shares of the Wireless communications provider’s stock worth $90,695,000 after buying an additional 261,220 shares during the last quarter. Canoe Financial LP increased its holdings in Rogers Communications by 14.4% during the third quarter. Canoe Financial LP now owns 1,133,087 shares of the Wireless communications provider’s stock worth $45,624,000 after buying an additional 142,224 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its holdings in Rogers Communications by 42.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 444,990 shares of the Wireless communications provider’s stock worth $18,262,000 after buying an additional 133,652 shares during the last quarter. Hedge funds and other institutional investors 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.