Rogers Communication (NYSE:RCI) Price Target Raised to $33.00

Rogers Communication (NYSE:RCI) (TSE:RCI.B) had its price target hoisted by Barclays from $31.00 to $33.00 in a report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the Wireless communications provider’s stock.

Other research analysts also recently issued reports about the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Scotiabank restated a “sector perform” rating on shares of Rogers Communication in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $59.00.

Rogers Communication Stock Performance

Rogers Communication stock opened at $35.07 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 1.70 and a debt-to-equity ratio of 2.23. The stock has a market cap of $18.87 billion, a PE ratio of 17.45, a P/E/G ratio of 1.88 and a beta of 0.77. Rogers Communication has a 12-month low of $23.18 and a 12-month high of $41.84. The business’s 50-day moving average price is $31.53 and its two-hundred day moving average price is $28.33.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.02. The company had revenue of $3.82 billion for the quarter, compared to analyst estimates of $5.12 billion. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.16 EPS. As a group, analysts expect that Rogers Communication will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 8th will be paid a dividend of $0.3672 per share. The ex-dividend date of this dividend is Monday, September 8th. This is an increase from Rogers Communication’s previous quarterly dividend of $0.36. This represents a $1.47 annualized dividend and a dividend yield of 4.2%. Rogers Communication’s payout ratio is 71.64%.

Hedge Funds Weigh In On Rogers Communication

A number of hedge funds have recently modified their holdings of RCI. Arrowstreet Capital Limited Partnership increased its holdings in Rogers Communication by 15.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 9,603,756 shares of the Wireless communications provider’s stock valued at $284,981,000 after purchasing an additional 1,255,794 shares during the period. Mackenzie Financial Corp grew its position in shares of Rogers Communication by 0.4% in the 1st quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider’s stock valued at $223,483,000 after buying an additional 37,013 shares during the last quarter. Bank of Nova Scotia increased its stake in shares of Rogers Communication by 3.5% in the second quarter. Bank of Nova Scotia now owns 8,279,443 shares of the Wireless communications provider’s stock valued at $245,489,000 after buying an additional 280,536 shares during the period. TD Asset Management Inc raised its position in shares of Rogers Communication by 9.2% during the second quarter. TD Asset Management Inc now owns 7,072,860 shares of the Wireless communications provider’s stock worth $209,361,000 after acquiring an additional 594,471 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. raised its position in shares of Rogers Communication by 14.8% during the second quarter. Letko Brosseau & Associates Inc. now owns 6,753,987 shares of the Wireless communications provider’s stock worth $199,922,000 after acquiring an additional 868,800 shares during the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

About Rogers Communication

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.