Rogers Communications (TSE:RCI.B) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$46.96 and traded as high as C$54.81. Rogers Communications shares last traded at C$54.08, with a volume of 1,281,106 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. TD Securities increased their target price on shares of Rogers Communications from C$62.00 to C$64.00 and gave the stock a “buy” rating in a report on Friday, October 24th. National Bankshares raised their price objective on Rogers Communications from C$59.00 to C$60.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Canaccord Genuity Group increased their price target on Rogers Communications from C$55.00 to C$57.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Scotiabank raised their price target on Rogers Communications from C$55.75 to C$57.75 and gave the company a “sector perform” rating in a research note on Sunday, October 26th. Finally, JPMorgan Chase & Co. upped their price objective on Rogers Communications from C$59.00 to C$62.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Rogers Communications currently has an average rating of “Moderate Buy” and an average price target of C$57.40.

Rogers Communications Stock Down 0.8%

The company has a market cap of C$29.22 billion, a price-to-earnings ratio of 4.34, a P/E/G ratio of 0.32 and a beta of 0.93. The company has a debt-to-equity ratio of 436.50, a current ratio of 0.65 and a quick ratio of 0.58. The firm has a 50-day moving average price of C$52.49 and a 200 day moving average price of C$46.96.

Rogers Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Friday, October 3rd were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.7%. Rogers Communications’s dividend payout ratio (DPR) is currently 16.04%.

Rogers Communications Company Profile

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years.