Rogers Communications (NYSE:RCI) Given New $63.00 Price Target at Barclays

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its price target boosted by Barclays from $56.00 to $63.00 in a report issued on Friday morning, The Fly reports. Barclays currently has an equal weight rating on the Wireless communications provider’s stock.

A number of other equities research analysts have also recently commented on the stock. Scotiabank lowered 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 note on Thursday, July 23rd. Royal Bank of Canada increased their price target on shares of Rogers Communications from $65.00 to $67.00 and gave the company an outperform rating in a research report on Friday. BMO Capital Markets lifted their price objective on Rogers Communications from $68.00 to $70.00 and gave the stock an outperform rating in a research report on Friday. TD Securities upped their target price on Rogers Communications from $69.00 to $73.00 and gave the company a buy rating in a research note on Friday. Finally, CIBC dropped their price target on Rogers Communications from $66.00 to $62.00 and set a neutral rating for the company in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $62.56.

RCI opened at $44.04 on Friday. Rogers Communications has a 1-year low of $32.20 and a 1-year high of $51.29. The stock has a market cap of $22.24 billion, a P/E ratio of 17.83, a P/E/G ratio of 4.25 and a beta of 0.50. The stock’s 50 day simple moving average is $40.49 and its 200 day simple moving average is $41.25. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.03 and a quick ratio of 0.97.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, October 22nd. The Wireless communications provider reported $1.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.46. Rogers Communications had a return on equity of 18.57% and a net margin of 11.89%. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.34 billion. During the same quarter in the prior year, the company earned $1.19 earnings per share. Rogers Communications’s revenue was down 2.4% compared to the same quarter last year. Research analysts expect that Rogers Communications will post 2.15 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Thursday, December 10th will be paid a $0.3804 dividend. This is a boost from Rogers Communications’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Wednesday, December 9th. Rogers Communications’s payout ratio is presently 48.88%.

Several institutional investors have recently modified their holdings of the business. Parallel Advisors LLC increased its stake in Rogers Communications by 81.2% in the second quarter. Parallel Advisors LLC now owns 792 shares of the Wireless communications provider’s stock valued at $31,000 after purchasing an additional 355 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in Rogers Communications by 1,600.5% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 3,452 shares of the Wireless communications provider’s stock valued at $139,000 after buying an additional 3,249 shares during the period. Glenmede Trust Co. NA increased its stake in shares of Rogers Communications by 21.2% during the 2nd quarter. Glenmede Trust Co. NA now owns 3,659 shares of the Wireless communications provider’s stock valued at $147,000 after acquiring an additional 640 shares during the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Rogers Communications during the 2nd quarter worth about $201,000. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its position in shares of Rogers Communications by 42.4% in the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,039 shares of the Wireless communications provider’s stock worth $199,000 after acquiring an additional 1,500 shares during the last quarter. 43.48% of the stock is currently owned by 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 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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