CIBC Asset Management Inc Sells 472,386 Shares of Rogers Communication, Inc. $RCI

CIBC Asset Management Inc trimmed its position in Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 22.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,629,690 shares of the Wireless communications provider’s stock after selling 472,386 shares during the period. CIBC Asset Management Inc owned approximately 0.30% of Rogers Communication worth $61,553,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC raised its position in shares of Rogers Communication by 107.4% in the 4th quarter. Farther Finance Advisors LLC now owns 786 shares of the Wireless communications provider’s stock valued at $30,000 after acquiring an additional 407 shares during the period. Headlands Technologies LLC raised its position in shares of Rogers Communication by 143.2% in the 2nd quarter. Headlands Technologies LLC now owns 1,661 shares of the Wireless communications provider’s stock valued at $49,000 after acquiring an additional 978 shares during the period. FNY Investment Advisers LLC acquired a new stake in shares of Rogers Communication in the 3rd quarter valued at approximately $58,000. Advisory Services Network LLC acquired a new stake in shares of Rogers Communication in the 3rd quarter valued at approximately $63,000. Finally, Danske Bank A S acquired a new stake in shares of Rogers Communication in the 3rd quarter valued at approximately $64,000. 45.49% of the stock is currently owned by institutional investors and hedge funds.

Rogers Communication Price Performance

Shares of RCI opened at $37.82 on Thursday. The company has a market cap of $20.43 billion, a price-to-earnings ratio of 3.99, a PEG ratio of 3.36 and a beta of 0.62. Rogers Communication, Inc. has a 1-year low of $26.30 and a 1-year high of $41.14. The company’s fifty day simple moving average is $36.09 and its 200 day simple moving average is $37.23. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Wednesday, April 22nd. The Wireless communications provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.01. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $5.44 billion. Rogers Communication had a net margin of 32.00% and a return on equity of 12.11%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.99 earnings per share. On average, research analysts forecast that Rogers Communication, Inc. will post 3.55 earnings per share for the current fiscal year.

Rogers Communication Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Investors of record on Tuesday, June 9th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Tuesday, June 9th. Rogers Communication’s payout ratio is presently 15.51%.

Analyst Upgrades and Downgrades

RCI has been the topic of a number of analyst reports. Scotiabank upgraded shares of Rogers Communication from a “hold” rating to an “outperform” rating in a research report on Thursday, April 23rd. Desjardins reiterated a “hold” rating on shares of Rogers Communication in a research report on Thursday, April 23rd. Finally, TD Securities downgraded shares of Rogers Communication from a “buy” rating to a “hold” rating in a report on Thursday, April 2nd. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Rogers Communication Company Profile

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.