Cogeco Communications (TSE:CCA) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Cogeco Communications Inc. (TSE:CCA)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$65.06 and traded as high as C$69.13. Cogeco Communications shares last traded at C$68.89, with a volume of 41,429 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CCA. National Bankshares raised Cogeco Communications from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from C$64.00 to C$80.00 in a research report on Friday, September 20th. National Bank Financial raised Cogeco Communications from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 19th. Canaccord Genuity Group raised Cogeco Communications from a “hold” rating to a “buy” rating and lifted their target price for the company from C$65.00 to C$77.00 in a research report on Monday, November 4th. Royal Bank of Canada boosted their price target on shares of Cogeco Communications from C$76.00 to C$79.00 in a research note on Thursday, October 10th. Finally, TD Securities raised their price objective on shares of Cogeco Communications from C$85.00 to C$89.00 in a research note on Monday, November 4th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$77.06.

Cogeco Communications Price Performance

The stock’s 50 day moving average is C$69.24 and its two-hundred day moving average is C$65.27. The stock has a market capitalization of C$2.03 billion, a PE ratio of 8.64, a price-to-earnings-growth ratio of 4.77 and a beta of 0.59. The company has a debt-to-equity ratio of 142.88, a current ratio of 0.41 and a quick ratio of 0.49.

Cogeco Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 28th. Stockholders of record on Thursday, November 28th were issued a $0.922 dividend. This represents a $3.69 dividend on an annualized basis and a dividend yield of 5.45%. This is a positive change from Cogeco Communications’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Thursday, November 14th. Cogeco Communications’s dividend payout ratio (DPR) is presently 43.62%.

Insider Transactions at Cogeco Communications

In other news, Director Jacques Royer sold 657 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of C$68.86, for a total transaction of C$45,241.02. Following the completion of the sale, the director now owns 1 shares in the company, valued at approximately C$68.86. The trade was a 99.85 % decrease in their position. Also, Director Robin Anne Bienenstock bought 2,156 shares of the stock in a transaction dated Friday, November 29th. The stock was bought at an average price of C$69.66 per share, with a total value of C$150,189.33. Corporate insiders own 0.46% of the company’s stock.

About Cogeco Communications

Cogeco Communications Inc operates as a telecommunications corporation in Canada and the United States. It operates in two segments, Canadian Telecommunications and American Telecommunications. The company offers Internet, video, and Internet protocol (IP) based telephony services to residential and small business customers through its two-way broadband fiber networks.