Rogers Communications Raised to “Neutral” at Zacks (RCI)
Rogers Communications (NYSE:RCI) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research note issued on Friday. The firm currently has a $42.00 price objective on the stock. Zacks‘s price objective indicates a potential upside of 5.11% from the company’s current price.
Zacks’ analyst wrote, “Rogers Communications reported second-quarter 2014 financial results, wherein both its top and bottom line missed the Zacks Consensus Estimate. In the reported quarter, the company witnessed lower number of smartphone activation. Despite stiff competition from local carriers and a highly leveraged balance sheet, significant LTE network expansion, innovative service launches, major contract wins, better wireless churn rate improvement, strong cable subscriber growth and an attractive dividend yield will continue to act as tailwinds for the company going forward. Recently, Rogers also struck a 10-year broadcasting deal with WWE Network. Hence, we upgrade our ratings on Rogers from Underperform to Neutral.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Rogers Communications in a research note on Friday, July 25th. They now have a $45.00 price target on the stock, up previously from $44.00. Separately, analysts at Barclays reiterated an “equal weight” rating on shares of Rogers Communications in a research note on Friday, July 25th. They now have a $39.00 price target on the stock, down previously from $42.00. Finally, analysts at Scotiabank reiterated a “sector perform” rating on shares of Rogers Communications in a research note on Thursday, July 17th. Ten equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $42.00.
Shares of Rogers Communications (NYSE:RCI) traded up 0.25% during mid-day trading on Friday, hitting $40.06. The stock had a trading volume of 88,606 shares. Rogers Communications has a 52 week low of $37.00 and a 52 week high of $46.10. The stock has a 50-day moving average of $39.3 and a 200-day moving average of $39.9. The company has a market cap of $20.621 billion and a P/E ratio of 15.34.
Rogers Communications (NYSE:RCI) last announced its earnings results on Thursday, July 24th. The company reported $0.84 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.87 by $0.03. The company had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter last year, the company posted $0.96 earnings per share. Rogers Communications’s revenue was up .0% compared to the same quarter last year. Analysts expect that Rogers Communications will post $3.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a dividend of $0.4189 per share. This represents a $1.68 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Wednesday, September 10th.
Rogers Communications Inc (NYSE:RCI) is a diversified public communications and media company.
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