Rogers Communications (NYSE:RCI) PT Lowered to $57.00 at Canaccord Genuity

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its price target decreased by Canaccord Genuity from $58.00 to $57.00 in a research report report published on Wednesday morning, The Fly reports. Canaccord Genuity currently has a buy rating on the Wireless communications provider’s stock.

RCI has been the subject of a number of other reports. BMO Capital Markets reduced their price target on shares of Rogers Communications from $70.00 to $68.00 and set an outperform rating for the company in a research report on Thursday, July 23rd. Barclays initiated coverage on shares of Rogers Communications in a research report on Friday, October 2nd. They issued an equal weight rating and a $43.00 price target for the company. CIBC cut their price objective on shares of Rogers Communications from $66.00 to $62.00 and set a neutral rating on the stock in a research report on Thursday, July 23rd. Scotiabank cut their price objective on shares of Rogers Communications from $64.00 to $62.00 and set an outperform rating on the stock in a research report on Thursday, July 23rd. Finally, TD Securities cut their price objective on shares of Rogers Communications from $76.00 to $72.00 and set a buy rating on the stock in a research report on Thursday, July 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Rogers Communications presently has an average rating of Hold and a consensus target price of $59.56.

NYSE RCI opened at $40.62 on Wednesday. The company has a 50 day simple moving average of $40.72 and a 200-day simple moving average of $41.25. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.03 and a quick ratio of 0.97. The firm has a market capitalization of $20.51 billion, a price-to-earnings ratio of 16.45, a price-to-earnings-growth ratio of 4.41 and a beta of 0.48. Rogers Communications has a 52-week low of $32.20 and a 52-week high of $51.29.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Wednesday, July 22nd. The Wireless communications provider reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. The business had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.40 billion. Rogers Communications had a net margin of 11.89% and a return on equity of 18.57%. On average, analysts predict that Rogers Communications will post 2.13 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Wednesday, September 9th were issued a dividend of $0.3717 per share. This represents a $1.49 annualized dividend and a yield of 3.66%. The ex-dividend date was Tuesday, September 8th. This is an increase from Rogers Communications’s previous quarterly dividend of $0.35. Rogers Communications’s dividend payout ratio (DPR) is 48.88%.

A number of hedge funds have recently made changes to their positions in the business. TD Asset Management Inc. grew its holdings in Rogers Communications by 1.2% during the second quarter. TD Asset Management Inc. now owns 13,689,559 shares of the Wireless communications provider’s stock valued at $548,286,000 after purchasing an additional 160,303 shares during the last quarter. FIL Ltd grew its holdings in Rogers Communications by 7.4% during the second quarter. FIL Ltd now owns 7,534,651 shares of the Wireless communications provider’s stock valued at $302,752,000 after purchasing an additional 521,267 shares during the last quarter. 1832 Asset Management L.P. increased its position in Rogers Communications by 4.0% during the first quarter. 1832 Asset Management L.P. now owns 6,124,477 shares of the Wireless communications provider’s stock worth $250,366,000 after acquiring an additional 236,177 shares during the period. The Manufacturers Life Insurance Company increased its position in Rogers Communications by 30.3% during the first quarter. The Manufacturers Life Insurance Company now owns 5,867,185 shares of the Wireless communications provider’s stock worth $242,132,000 after acquiring an additional 1,364,242 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in Rogers Communications by 8.6% in the 2nd quarter. CIBC Asset Management Inc now owns 4,089,586 shares of the Wireless communications provider’s stock valued at $163,812,000 after purchasing an additional 322,311 shares during the period. Institutional investors own 43.48% 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 Wireless segment offers wireless voice and data communication services to individual consumers, businesses, governments, and other telecommunications service providers; postpaid and prepaid wireless services under the Rogers, Fido, and chatr brands; and wireless devices, services, and applications to consumers and businesses.

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