Rogers Communication Inc. (RCI) Cut to “Hold” at Zacks Investment Research
Rogers Communication Inc. (NYSE:RCI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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 weighed in on RCI. TheStreet upgraded shares of Rogers Communication from a “hold” rating to a “buy” rating in a report on Thursday, July 21st. TD Securities restated a “buy” rating and issued a $58.00 price objective on shares of Rogers Communication in a report on Wednesday, July 6th. Canaccord Genuity reiterated a “hold” rating on shares of Rogers Communication in a report on Tuesday, July 19th. Bank of America Corp. assumed coverage on shares of Rogers Communication in a report on Tuesday, July 5th. They issued a “neutral” rating on the stock. Finally, Scotiabank reiterated an “outperform” rating and issued a $56.00 target price on shares of Rogers Communication in a report on Wednesday, June 15th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of C$49.56.
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Rogers Communication (NYSE:RCI) traded up 0.27% during midday trading on Thursday, hitting $41.24. 60,770 shares of the company traded hands. The firm has a market capitalization of $21.23 billion, a PE ratio of 20.04 and a beta of 0.87. The stock’s 50-day moving average is $42.44 and its 200-day moving average is $40.87. Rogers Communication has a 12-month low of $32.50 and a 12-month high of $45.50.
Rogers Communication (NYSE:RCI) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.02. Rogers Communication had a net margin of 10.42% and a return on equity of 24.94%. The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same period in the prior year, the business posted $0.80 earnings per share. Rogers Communication’s revenue was up 1.5% compared to the same quarter last year. Analysts anticipate that Rogers Communication will post $2.21 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Sunday, September 11th were given a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $1.92 dividend on an annualized basis and a yield of 4.67%. This is an increase from Rogers Communication’s previous quarterly dividend of $0.37. Rogers Communication’s dividend payout ratio (DPR) is 71.36%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Chip Partners Inc. increased its position in 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 period. Advisory Services Network LLC increased its position in Rogers Communication by 1.8% in the third quarter. Advisory Services Network LLC now owns 9,615 shares of the company’s stock worth $408,000 after buying an additional 171 shares during the period. Bollard Group LLC increased its position in Rogers Communication by 0.6% in the second quarter. Bollard Group LLC now owns 32,199 shares of the company’s stock worth $1,301,000 after buying an additional 196 shares during the period. Stifel Financial Corp increased its position in 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 period. Finally, Monarch Capital Management Inc. increased its position in Rogers Communication by 1.4% in the second quarter. Monarch Capital Management Inc. now owns 21,500 shares of the company’s stock worth $869,000 after buying an additional 300 shares during the period. 49.28% of the stock is owned by institutional investors and hedge funds.
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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