Purpose Unlimited Inc. Purchases New Position in Rogers Communication, Inc. $RCI

Purpose Unlimited Inc. purchased a new stake in Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) during the fourth quarter, Holdings Channel reports. The firm purchased 183,851 shares of the Wireless communications provider’s stock, valued at approximately $6,940,000.

Other hedge funds have also recently bought and sold shares of the company. Corient Private Wealth LLC acquired a new stake in shares of Rogers Communication in the 4th quarter valued at $214,000. Caitong International Asset Management Co. Ltd increased its position in shares of Rogers Communication by 1,314.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,337 shares of the Wireless communications provider’s stock worth $126,000 after purchasing an additional 3,101 shares in the last quarter. Tobam lifted its holdings in Rogers Communication by 85.9% during the 4th quarter. Tobam now owns 48,541 shares of the Wireless communications provider’s stock valued at $1,831,000 after purchasing an additional 22,433 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in Rogers Communication during the 4th quarter valued at about $211,000. Finally, State of Tennessee Department of Treasury boosted its position in Rogers Communication by 2.1% in the fourth quarter. State of Tennessee Department of Treasury now owns 209,385 shares of the Wireless communications provider’s stock valued at $7,948,000 after buying an additional 4,331 shares in the last quarter. 45.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. TD Securities cut shares of Rogers Communication from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Desjardins reaffirmed a “hold” rating on shares of Rogers Communication in a report on Thursday, April 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Rogers Communication in a research note on Wednesday. Finally, Scotiabank raised Rogers Communication from a “hold” rating to an “outperform” rating in a report on Thursday, April 23rd. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Rogers Communication has an average rating of “Hold” and a consensus price target of $36.00.

Rogers Communication Stock Performance

Shares of NYSE:RCI opened at $37.57 on Friday. Rogers Communication, Inc. has a twelve month low of $27.56 and a twelve month high of $41.14. The firm has a market cap of $20.30 billion, a PE ratio of 3.96, a price-to-earnings-growth ratio of 3.30 and a beta of 0.62. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.55. The business has a fifty day moving average of $36.40 and a 200-day moving average of $37.20.

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

Rogers Communication Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Tuesday, June 9th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. Rogers Communication’s payout ratio is currently 15.30%.

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.