Zacks Investment Research cut shares of Rogers Communication Inc. (NYSE:RCI) from a buy rating to a hold rating in a report issued on Thursday.
According to Zacks, “Rogers Communications is the first wireless operator in Canada to offer 3 Internet of Things (IoT) services – End-to-End Incident Management, Farm & Food Monitoring, Level Monitoring, to business enterprises. Rogers’s decision to purchase broadcasting company – Tillsonburg Broadcasting Company Limited bodes well. The company’s newly launched cost-effective, simple and competitive IaaS Cloud services and Rogers Unison (a new mobile solution) have increased its postpaid wireless and internet subscribers. The company has also been focusing on the business enterprise segment. Moreover, the company aims to launch its Internet TV services with 4K picture quality by the end of the year. However, intense wireless and cable TV industry competition, continuous softness in the advertising market and loss of viewers to video streaming service providers remain potent headwinds. Loss incurred from the shutdown of Shomi is another concern.”
Several other brokerages have also commented on RCI. TD Securities reaffirmed a buy rating and issued a $58.00 price objective on shares of Rogers Communication in a research report on Wednesday, July 6th. Bank of America Corp. started coverage on shares of Rogers Communication in a research report on Tuesday, July 5th. They issued a neutral rating on the stock. TheStreet raised shares of Rogers Communication from a hold rating to a buy rating in a research report on Thursday, July 21st. Canaccord Genuity reaffirmed a hold rating on shares of Rogers Communication in a research report on Tuesday, July 19th. Finally, Scotiabank reaffirmed an outperform rating and issued a $56.00 price objective on shares of Rogers Communication in a research report on Wednesday, June 15th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Rogers Communication has an average rating of Buy and an average price target of C$50.00.
Shares of Rogers Communication (NYSE:RCI) opened at 41.29 on Thursday. The stock’s 50 day moving average is $42.23 and its 200-day moving average is $40.91. Rogers Communication has a one year low of $32.50 and a one year high of $45.50. The company has a market cap of $21.25 billion, a P/E ratio of 20.06 and a beta of 0.87.
Rogers Communication (NYSE:RCI) last announced its quarterly earnings data on Monday, October 17th. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.67 by $0.03. The company earned $3.49 billion during the quarter, compared to the consensus estimate of $3.45 billion. Rogers Communication had a return on equity of 24.94% and a net margin of 10.42%. The business’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 EPS. Equities research analysts forecast that Rogers Communication will post $2.21 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Sunday, September 11th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This is a positive change from Rogers Communication’s previous quarterly dividend of $0.37. This represents a $1.92 annualized dividend and a yield of 4.65%. Rogers Communication’s payout ratio is presently 71.36%.
Large investors have recently made changes to their positions in the stock. Blue Chip Partners Inc. raised its stake in shares of Rogers Communication by 0.9% in the second quarter. Blue Chip Partners Inc. now owns 4,096 shares of the company’s stock valued at $165,000 after buying an additional 35 shares during the last quarter. Advisory Services Network LLC raised its stake in shares of Rogers Communication by 1.8% in the third quarter. Advisory Services Network LLC now owns 9,615 shares of the company’s stock valued at $408,000 after buying an additional 171 shares during the last quarter. Bollard Group LLC raised its stake in shares of Rogers Communication by 0.6% in the second quarter. Bollard Group LLC now owns 32,199 shares of the company’s stock valued at $1,301,000 after buying an additional 196 shares during the last quarter. Stifel Financial Corp raised its stake in shares of Rogers Communication by 4.3% in the second quarter. Stifel Financial Corp now owns 5,997 shares of the company’s stock valued at $244,000 after buying an additional 248 shares during the last quarter. Finally, Monarch Capital Management Inc. raised its stake in shares of Rogers Communication by 1.4% in the second quarter. Monarch Capital Management Inc. now owns 21,500 shares of the company’s stock valued at $869,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 49.28% of the company’s stock.
Rogers Communication Company Profile
Rogers Communications Inc is a communications and media company. The Company provides wireless communications services, and cable television, Internet and telephony services to consumers and businesses. The Company operates through four segments: Wireless, Cable, Business Solutions and Media. Its Wireless segment is engaged in wireless telecommunications operations for Canadian consumers and businesses.