Desjardins Weighs in on Rogers Communications Inc.’s Q2 2024 Earnings (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Investment analysts at Desjardins cut their Q2 2024 earnings per share estimates for shares of Rogers Communications in a report issued on Thursday, April 25th. Desjardins analyst J. Dubreuil now forecasts that the Wireless communications provider will post earnings of $0.77 per share for the quarter, down from their prior estimate of $0.86. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. Desjardins also issued estimates for Rogers Communications’ Q3 2024 earnings at $0.93 EPS, Q4 2024 earnings at $0.90 EPS and FY2025 earnings at $3.77 EPS.

Several other equities analysts also recently issued reports on RCI. StockNews.com downgraded shares of Rogers Communications from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. Barclays lowered their price objective on shares of Rogers Communications from $52.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.00.

Rogers Communications Price Performance

Shares of NYSE:RCI opened at $37.96 on Friday. The business’s fifty day moving average price is $41.67 and its two-hundred day moving average price is $43.14. Rogers Communications has a one year low of $36.55 and a one year high of $50.00. The stock has a market cap of $20.06 billion, a PE ratio of 47.45, a price-to-earnings-growth ratio of 1.64 and a beta of 0.59. The company has a debt-to-equity ratio of 3.67, a quick ratio of 0.84 and a current ratio of 0.77.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Wednesday, April 24th. The Wireless communications provider reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.01. Rogers Communications had a net margin of 2.90% and a return on equity of 21.92%. The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Canoe Financial LP grew its holdings in shares of Rogers Communications by 1,575.9% in the 4th quarter. Canoe Financial LP now owns 15,903,262 shares of the Wireless communications provider’s stock worth $744,432,000 after acquiring an additional 14,954,351 shares during the last quarter. FIL Ltd grew its position in Rogers Communications by 13.7% during the fourth quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock worth $1,709,377,000 after buying an additional 4,405,888 shares in the last quarter. Barclays PLC raised its stake in shares of Rogers Communications by 2,701.9% in the 3rd quarter. Barclays PLC now owns 3,292,839 shares of the Wireless communications provider’s stock valued at $126,411,000 after buying an additional 3,175,319 shares in the last quarter. TD Asset Management Inc raised its stake in Rogers Communications by 27.3% during the fourth quarter. TD Asset Management Inc now owns 11,074,702 shares of the Wireless communications provider’s stock worth $520,980,000 after acquiring an additional 2,372,306 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its position in Rogers Communications by 10.2% in the 4th quarter. 1832 Asset Management L.P. now owns 12,707,709 shares of the Wireless communications provider’s stock valued at $594,848,000 after purchasing an additional 1,177,264 shares during the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communications Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 10th will be issued a dividend of $0.3658 per share. This represents a $1.46 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Monday, June 10th. Rogers Communications’s dividend payout ratio (DPR) is presently 183.75%.

Rogers Communications Company Profile

Rogers Communications Inc operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.