Rogers Communication (NYSE:RCI) Sets New 12-Month High on Earnings Beat

Shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $39.06 and last traded at $38.93, with a volume of 112439 shares trading hands. The stock had previously closed at $38.62.

The Wireless communications provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.07. Rogers Communication had a net margin of 32.49% and a return on equity of 20.76%. The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $5.33 billion. During the same period last year, the firm earned $1.42 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RCI shares. Barclays raised their price target on shares of Rogers Communication from $31.00 to $33.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 12th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Cowen reaffirmed a “buy” rating on shares of Rogers Communication in a report on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rogers Communication in a report on Saturday. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Rogers Communication in a report on Monday, October 20th. Three 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. According to MarketBeat, Rogers Communication has an average rating of “Hold” and a consensus target price of $33.00.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. acquired a new stake in Rogers Communication during the 1st quarter worth $273,000. Gold Investment Management Ltd. increased its holdings in shares of Rogers Communication by 58.7% in the 1st quarter. Gold Investment Management Ltd. now owns 30,002 shares of the Wireless communications provider’s stock valued at $802,000 after purchasing an additional 11,092 shares in the last quarter. Meritage Portfolio Management purchased a new position in shares of Rogers Communication in the 1st quarter valued at about $1,788,000. Bank of New York Mellon Corp increased its holdings in shares of Rogers Communication by 64.6% in the 1st quarter. Bank of New York Mellon Corp now owns 532,722 shares of the Wireless communications provider’s stock valued at $14,240,000 after purchasing an additional 209,089 shares in the last quarter. Finally, VAUGHAN & Co SECURITIES INC. increased its holdings in shares of Rogers Communication by 45.0% in the 1st quarter. VAUGHAN & Co SECURITIES INC. now owns 20,987 shares of the Wireless communications provider’s stock valued at $561,000 after purchasing an additional 6,512 shares in the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communication Stock Performance

The stock has a market capitalization of $21.24 billion, a price-to-earnings ratio of 4.37, a PEG ratio of 3.16 and a beta of 0.78. The stock’s 50 day moving average is $35.88 and its 200 day moving average is $31.30. The company has a current ratio of 1.70, a quick ratio of 1.64 and a debt-to-equity ratio of 2.23.

Rogers Communication 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.