Rogers Communication Inc. (RCI) Raised to Buy at Zacks Investment Research
Rogers Communication Inc. (NYSE:RCI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $47.00 target price on the stock.
According to Zacks, “Rogers Communications is the first wireless operator in Canada to offer “Internet of Things” (IoT) as a service to business enterprises. End-to-End Incident Management, Farm & Food Monitoring and Level Monitoring are the three IoT services that the wireless carrier specializes in. 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. Additionally, Rogers Communications provides regular quarterly dividend to its shareholders. However, intense wireless competition, continuous softness in the advertising market and loss of viewers to video streaming service providers remain potent headwinds. “
Several other equities research analysts have also recently weighed in on the company. TheStreet upgraded Rogers Communication from a “hold” rating to a “buy” rating in a research note on Thursday, July 21st. Canaccord Genuity reiterated a “hold” rating on shares of Rogers Communication in a research note on Tuesday, July 19th. TD Securities reiterated a “buy” rating and issued a $58.00 price target on shares of Rogers Communication in a research note on Wednesday, July 6th. Bank of America Corp. initiated coverage on Rogers Communication in a research note on Tuesday, July 5th. They issued a “neutral” rating for the company. Finally, Scotiabank reiterated an “outperform” rating and issued a $56.00 price target on shares of Rogers Communication in a research note on Wednesday, June 15th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Rogers Communication presently has a consensus rating of “Buy” and a consensus price target of C$49.56.
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Shares of Rogers Communication (NYSE:RCI) opened at 42.18 on Wednesday. The stock has a 50 day moving average price of $43.51 and a 200 day moving average price of $40.50. The firm has a market capitalization of $21.71 billion, a PE ratio of 20.41 and a beta of 0.93. Rogers Communication has a 1-year low of $32.50 and a 1-year high of $45.50.
Rogers Communication (NYSE:RCI) last released its earnings results on Thursday, July 21st. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.02. Rogers Communication had a return on equity of 24.94% and a net margin of 10.42%. The firm earned $3.46 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the prior year, the company earned $0.80 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. Equities research analysts anticipate that Rogers Communication will post $2.21 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Sunday, September 11th will be issued a dividend of $0.48 per share. This is an increase from Rogers Communication’s previous quarterly dividend of $0.37. This represents a $1.92 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date of this dividend is Wednesday, September 7th. Rogers Communication’s dividend payout ratio (DPR) is presently 71.36%.
Hedge funds have recently modified their holdings of the company. Tobam increased its stake in shares of Rogers Communication by 7.4% in the second quarter. Tobam now owns 268,000 shares of the company’s stock worth $10,793,000 after buying an additional 18,500 shares during the last quarter. Blue Chip Partners Inc. increased 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 worth $165,000 after buying an additional 35 shares during the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of Rogers Communication by 8.7% in the second quarter. Hillsdale Investment Management Inc. now owns 259,420 shares of the company’s stock worth $10,489,000 after buying an additional 20,850 shares during the last quarter. Stifel Financial Corp increased 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 worth $244,000 after buying an additional 248 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Rogers Communication by 1.4% in the second quarter. Legal & General Group Plc now owns 1,969,554 shares of the company’s stock worth $79,313,000 after buying an additional 27,426 shares during the last quarter. Hedge funds and other institutional investors 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.
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