Barclays Raises Rogers Communication (NYSE:RCI) Price Target to $36.00

Rogers Communication (NYSE:RCI) (TSE:RCI.B) had its price target lifted by Barclays from $35.00 to $36.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has an “equal weight” rating on the Wireless communications provider’s stock. Barclays‘s price objective would indicate a potential downside of 1.95% from the company’s current price.

Several other equities analysts have also issued reports on RCI. Morgan Stanley reaffirmed an “underweight” rating on shares of Rogers Communication in a research note on Wednesday, December 10th. TD Cowen reiterated a “buy” rating on shares of Rogers Communication in a research report on Monday, December 1st. Desjardins cut shares of Rogers Communication from a “buy” rating to a “hold” rating in a research note on Wednesday, December 10th. Scotiabank reaffirmed a “sector perform” rating on shares of Rogers Communication in a research note on Monday, January 12th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rogers Communication in a report on Friday, December 26th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $36.00.

Rogers Communication Price Performance

NYSE:RCI traded up $0.23 during mid-day trading on Tuesday, reaching $36.72. 742,545 shares of the company were exchanged, compared to its average volume of 956,175. Rogers Communication has a 12 month low of $23.18 and a 12 month high of $40.26. The company has a fifty day moving average of $37.21 and a 200 day moving average of $36.27. The stock has a market cap of $19.83 billion, a PE ratio of 4.08, a PEG ratio of 2.78 and a beta of 0.75. The company has a quick ratio of 0.59, a current ratio of 0.62 and a debt-to-equity ratio of 1.55.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership increased its holdings in shares of Rogers Communication by 2.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,886,365 shares of the Wireless communications provider’s stock worth $340,428,000 after purchasing an additional 282,609 shares during the period. Bank of Nova Scotia increased its stake in Rogers Communication by 2.3% during the 3rd quarter. Bank of Nova Scotia now owns 8,465,953 shares of the Wireless communications provider’s stock worth $291,526,000 after acquiring an additional 186,510 shares during the period. TD Asset Management Inc raised its holdings in Rogers Communication by 18.0% in the 3rd quarter. TD Asset Management Inc now owns 8,344,925 shares of the Wireless communications provider’s stock valued at $287,340,000 after acquiring an additional 1,272,065 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Rogers Communication by 7.0% during the 3rd quarter. Mackenzie Financial Corp now owns 8,161,532 shares of the Wireless communications provider’s stock valued at $280,904,000 after acquiring an additional 536,623 shares during the period. Finally, Letko Brosseau & Associates Inc. grew its holdings in shares of Rogers Communication by 14.8% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 6,753,987 shares of the Wireless communications provider’s stock worth $199,922,000 after purchasing an additional 868,800 shares in the last quarter. 45.49% of the stock is owned by institutional investors and hedge funds.

About Rogers Communication

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.