Rogers Communications Inc. (RCI) Upgraded by Zacks Investment Research to Hold
According to Zacks, “Rogers Communications posted mixed first-quarter 2017 financial results, where the bottom line surpassed the Zacks Consensus Estimate, the top line missed the same. Over the past three months, the stock grew 16.8% outshining the Zacks classified Cable TV industry's growth of 6.4%. Moreover, the company continues to remain the first wireless operator in Canada to offer Internet of Things as a service to business enterprises. Rogers Communications added a net of 14,000 high-speed Internet customers. Plans to dump Internet Protocol TV platform and adopt Comcast’s cloud-based X1 video platform bode well for its cable segment. Despite such positives, competitive wireless and cable TV industry, continuous softness in the advertising market, declining cash flow and loss of viewers to video streaming service providers remain potent headwinds. The company lost 12,000 telephony and 2,000 video subscribers in the reported quarter.”
RCI has been the topic of a number of other reports. Royal Bank of Canada downgraded shares of Rogers Communications from an outperform rating to a sector perform rating and lowered their target price for the company from $56.00 to $55.00 in a research note on Monday, January 9th. Canaccord Genuity reaffirmed a buy rating and issued a $60.00 target price on shares of Rogers Communications in a research note on Thursday, April 13th. Finally, CIBC cut shares of Rogers Communications from a sector outperform rating to a sector perform rating in a research report on Wednesday, April 5th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Rogers Communications currently has an average rating of Hold and a consensus target price of $54.43.
Shares of Rogers Communications (NYSE:RCI) traded down 0.65% during mid-day trading on Thursday, reaching $46.06. 211,535 shares of the company’s stock traded hands. The firm has a 50-day moving average of $43.40 and a 200 day moving average of $41.09. Rogers Communications has a 12-month low of $37.03 and a 12-month high of $47.42. The company has a market cap of $23.71 billion, a P/E ratio of 38.16 and a beta of 0.96.
Rogers Communications (NYSE:RCI) last announced its earnings results on Tuesday, April 18th. The Wireless communications provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.37 billion. Rogers Communications had a net margin of 6.26% and a return on equity of 25.46%. Rogers Communications’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $0.51 earnings per share. Equities analysts forecast that Rogers Communications will post $2.39 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 4th. Stockholders of record on Monday, June 12th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 4.14%. The ex-dividend date is Thursday, June 8th. Rogers Communications’s dividend payout ratio is 116.26%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Everett Harris & Co. CA boosted its position in shares of Rogers Communications by 1.5% in the third quarter. Everett Harris & Co. CA now owns 30,840 shares of the Wireless communications provider’s stock valued at $1,308,000 after buying an additional 450 shares in the last quarter. Bollard Group LLC boosted its position in shares of Rogers Communications by 0.6% in the third quarter. Bollard Group LLC now owns 32,404 shares of the Wireless communications provider’s stock valued at $1,375,000 after buying an additional 205 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Rogers Communications by 1.7% in the third quarter. Great West Life Assurance Co. Can now owns 4,763,738 shares of the Wireless communications provider’s stock valued at $202,353,000 after buying an additional 81,890 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Rogers Communications by 0.8% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,154,874 shares of the Wireless communications provider’s stock valued at $49,005,000 after buying an additional 9,152 shares in the last quarter. Finally, World Asset Management Inc boosted its position in shares of Rogers Communications by 8.1% in the third quarter. World Asset Management Inc now owns 26,904 shares of the Wireless communications provider’s stock valued at $1,141,000 after buying an additional 2,005 shares in the last quarter. Hedge funds and other institutional investors own 50.95% of the company’s stock.
About Rogers Communications
Rogers Communications Inc is a communications and media company. The Company provides wireless communications services, and cable television, Internet, information technology (IT) and telephony services to consumers and businesses. Its segments include Wireless, Cable, Business Solutions and Media. The Wireless segment is engaged in wireless telecommunications operations for Canadian consumers and businesses.
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