Rogers Communication Inc. (RCI) Rating Increased 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 report issued on Wednesday. The brokerage currently 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. “
RCI has been the subject of a number of other research reports. Scotiabank reaffirmed an “outperform” rating and issued a $56.00 price objective on shares of Rogers Communication in a report on Wednesday, June 15th. Canaccord Genuity reaffirmed a “hold” rating on shares of Rogers Communication in a report on Friday, June 17th. TheStreet raised shares of Rogers Communication from a “hold” rating to a “buy” rating in a research note on Thursday, July 21st. Bank of America Corp. initiated coverage on shares of Rogers Communication in a research note on Tuesday, July 5th. They set a “neutral” rating for the company. Finally, TD Securities reissued a “buy” rating and set a $58.00 target price on shares of Rogers Communication in a research note on Wednesday, July 6th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Rogers Communication currently has an average rating of “Buy” and an average 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 market cap of $21.71 billion, a price-to-earnings ratio of 20.41 and a beta of 0.93. The firm has a 50-day moving average price of $43.51 and a 200-day moving average price of $40.50. Rogers Communication has a 52 week low of $32.50 and a 52 week high of $45.50.
Rogers Communication (NYSE:RCI) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. Rogers Communication had a net margin of 10.42% and a return on equity of 24.94%. The company earned $3.46 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter in the previous year, the company earned $0.80 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities analysts anticipate that Rogers Communication will post $2.21 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Sunday, September 11th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 4.55%. This is a positive change from Rogers Communication’s previous quarterly dividend of $0.37. The ex-dividend date is Wednesday, September 7th. Rogers Communication’s payout ratio is presently 71.36%.
Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its position in Rogers Communication by 11.8% in the first quarter. Royal Bank of Canada now owns 36,359,454 shares of the company’s stock valued at $1,455,104,000 after buying an additional 3,848,069 shares during the last quarter. Beutel Goodman & Co Ltd. raised its position in Rogers Communication by 4.8% in the second quarter. Beutel Goodman & Co Ltd. now owns 23,399,933 shares of the company’s stock valued at $940,746,000 after buying an additional 1,077,355 shares during the last quarter. TD Asset Management Inc. raised its position in Rogers Communication by 1.7% in the second quarter. TD Asset Management Inc. now owns 14,736,144 shares of the company’s stock valued at $593,389,000 after buying an additional 242,250 shares during the last quarter. 1832 Asset Management L.P. raised its position in Rogers Communication by 21.8% in the second quarter. 1832 Asset Management L.P. now owns 10,748,669 shares of the company’s stock valued at $683,889,000 after buying an additional 1,922,300 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Rogers Communication by 12.0% in the second quarter. Vanguard Group Inc. now owns 6,954,480 shares of the company’s stock valued at $280,960,000 after buying an additional 747,064 shares during the last quarter. Institutional investors own 49.28% of the company’s stock.
About Rogers Communication
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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