Zacks Investment Research cut shares of Rogers Communication Inc. (NYSE:RCI) (TSE:RCI.B) from a hold rating to a sell rating in a research report released on Tuesday morning.
According to Zacks, “Shares of Rogers Communications lags the Zacks classified ‘Cable TV Market’s growth on a year to date basis. Moreover, 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. The accumulating debt and decreasing cash flow may also dent the company’s credit ratings going forward. However, Rogers Communications remains the first wireless operator in Canada to offer Internet of Things services like End-to-End Incident Management, Farm & Food Monitoring, Level Monitoring, to business enterprises. Meanwhile, Rogers’ 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 have increased its postpaid wireless and Internet subscribers.”
A number of other analysts have also recently issued reports on the stock. TD Securities upgraded shares of Rogers Communication to a buy rating in a research note on Monday, November 14th. Scotiabank restated an outperform rating and set a $60.00 target price on shares of Rogers Communication in a research note on Tuesday, October 18th. Credit Suisse Group AG reiterated a neutral rating and issued a $54.00 price objective (up previously from $53.00) on shares of Rogers Communication in a research note on Tuesday, October 18th. RBC Capital Markets reiterated an outperform rating on shares of Rogers Communication in a research note on Tuesday, October 18th. Finally, Barclays PLC set a $40.00 price objective on shares of Rogers Communication and gave the stock a hold rating in a research note on Friday, October 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $50.38.
Shares of Rogers Communication (NYSE:RCI) opened at 38.57 on Tuesday. The company has a market capitalization of $19.86 billion, a PE ratio of 22.86 and a beta of 0.92. The firm’s 50-day moving average is $38.68 and its 200 day moving average is $41.04. Rogers Communication has a 52 week low of $32.50 and a 52 week high of $45.50.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Monday, December 12th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 4.98%. The ex-dividend date of this dividend is Thursday, December 8th. Rogers Communication’s dividend payout ratio is currently 84.62%.
Several large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its stake in shares of Rogers Communication by 7,392.6% in the third quarter. Tower Research Capital LLC TRC now owns 2,023 shares of the company’s stock valued at $113,000 after buying an additional 1,996 shares during the period. US Bancorp DE raised its stake in shares of Rogers Communication by 10.6% in the second quarter. US Bancorp DE now owns 3,212 shares of the company’s stock valued at $129,000 after buying an additional 309 shares during the period. 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 period. Yorktown Management & Research Co Inc bought a new stake in shares of Rogers Communication during the third quarter valued at about $204,000. Finally, Lombard Odier Asset Management Europe Ltd bought a new stake in shares of Rogers Communication during the third quarter valued at about $223,000. 50.60% of the stock is currently owned by institutional investors.
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.