Rogers Communications Inc. (NYSE:RCI) Forecasted to Earn FY2024 Earnings of $3.32 Per Share

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Research analysts at Desjardins dropped their FY2024 earnings estimates for Rogers Communications in a report issued on Thursday, April 25th. Desjardins analyst J. Dubreuil now expects that the Wireless communications provider will post earnings per share of $3.32 for the year, down from their prior forecast of $3.60. The consensus estimate for Rogers Communications’ current full-year earnings is $3.53 per share.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Wednesday, April 24th. The Wireless communications provider reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Rogers Communications had a net margin of 2.90% and a return on equity of 21.92%.

Other research analysts also recently issued reports about the company. StockNews.com downgraded Rogers Communications from a “hold” rating to a “sell” rating in a report on Friday, April 5th. Barclays dropped their price objective on shares of Rogers Communications from $52.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Rogers Communications Stock Down 1.9 %

Shares of RCI opened at $37.47 on Monday. The company has a market capitalization of $19.80 billion, a P/E ratio of 46.83, a PEG ratio of 1.66 and a beta of 0.59. The company has a debt-to-equity ratio of 3.67, a current ratio of 0.77 and a quick ratio of 0.72. Rogers Communications has a one year low of $36.55 and a one year high of $50.00. The business’s 50 day simple moving average is $41.36 and its 200-day simple moving average is $43.15.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 10th will be given a dividend of $0.3658 per share. This represents a $1.46 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Monday, June 10th. Rogers Communications’s payout ratio is 183.75%.

Institutional Trading of Rogers Communications

Institutional investors and hedge funds have recently made changes to their positions in the business. Orion Portfolio Solutions LLC raised its position in shares of Rogers Communications by 317.7% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 33,877 shares of the Wireless communications provider’s stock valued at $1,301,000 after acquiring an additional 25,766 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Rogers Communications by 101.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 131,276 shares of the Wireless communications provider’s stock valued at $5,040,000 after buying an additional 66,231 shares during the period. Invesco Ltd. grew its holdings in shares of Rogers Communications by 13.7% in the 3rd quarter. Invesco Ltd. now owns 200,294 shares of the Wireless communications provider’s stock valued at $7,689,000 after buying an additional 24,178 shares during the period. Cumberland Partners Ltd grew its holdings in shares of Rogers Communications by 3.4% in the 4th quarter. Cumberland Partners Ltd now owns 718,261 shares of the Wireless communications provider’s stock valued at $33,622,000 after buying an additional 23,774 shares during the period. Finally, Scotia Capital Inc. grew its holdings in shares of Rogers Communications by 9.3% in the 3rd quarter. Scotia Capital Inc. now owns 2,625,594 shares of the Wireless communications provider’s stock valued at $100,617,000 after buying an additional 224,293 shares during the period. Institutional investors own 45.49% 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 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.