Bank of New York Mellon Corp increased its stake in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 386,615 shares of the Wireless communications provider’s stock after buying an additional 2,042 shares during the quarter. Bank of New York Mellon Corp owned about 0.08% of Rogers Communications worth $18,349,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Schroder Investment Management Group purchased a new position in shares of Rogers Communications during the second quarter worth about $337,000. Cozad Asset Management Inc. purchased a new position in shares of Rogers Communications during the second quarter worth about $267,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Rogers Communications during the second quarter worth about $287,000. San Francisco Sentry Investment Group CA purchased a new position in shares of Rogers Communications during the second quarter worth about $403,000. Finally, Capital Fund Management S.A. purchased a new position in shares of Rogers Communications during the second quarter worth about $626,000. 46.10% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on RCI. Zacks Investment Research raised Rogers Communications from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Friday. Edward Jones lowered Rogers Communications from a “buy” rating to a “hold” rating and set a $52.67 price target on the stock. in a report on Thursday. Finally, Desjardins lowered Rogers Communications from a “buy” rating to a “hold” rating in a report on Monday, October 22nd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $54.89.
Shares of RCI opened at $53.35 on Monday. Rogers Communications Inc. has a twelve month low of $43.11 and a twelve month high of $53.92. The company has a market capitalization of $27.47 billion, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 3.30 and a beta of 0.72. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.65 and a current ratio of 0.72.
Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings data on Friday, October 19th. The Wireless communications provider reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.05. Rogers Communications had a return on equity of 29.37% and a net margin of 13.34%. The company had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.91 billion. Analysts expect that Rogers Communications Inc. will post 3.23 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 3rd. Shareholders of record on Tuesday, December 11th will be issued a $0.3695 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend is Monday, December 10th. This is a positive change from Rogers Communications’s previous quarterly dividend of $0.37. Rogers Communications’s payout ratio is currently 54.24%.
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Rogers Communications Company Profile
Rogers Communications Inc operates as a communications and media company in Canada. The company's Wireless segment offers wireless telecommunications services to consumers and businesses under the Rogers, Fido, and chatr brands; and wireless devices, services, and applications. This segment distributes its products through independent dealer networks, company-owned retail stores, retail chains and convenience stores, e-commerce sites, call centers and outbound telemarketing, and other distribution channels.
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