Rogers Communication (NYSE:RCI) Trading Up 10.8% Following Better-Than-Expected Earnings

Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B)’s stock price rose 10.8% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $36.34 and last traded at $36.5550. Approximately 530,010 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 1,208,317 shares. The stock had previously closed at $32.99.

The Wireless communications provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.01. The business had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $5.44 billion. Rogers Communication had a return on equity of 12.48% and a net margin of 32.00%.The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 EPS.

Rogers Communication Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Stockholders of record on Tuesday, June 9th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend is Tuesday, June 9th. Rogers Communication’s dividend payout ratio is presently 15.89%.

Analyst Ratings Changes

RCI has been the subject of several research analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Rogers Communication in a research note on Tuesday, January 13th. Desjardins reissued a “hold” rating on shares of Rogers Communication in a research note on Thursday. Wall Street Zen downgraded Rogers Communication from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. TD Cowen reissued a “buy” rating on shares of Rogers Communication in a research note on Friday, January 30th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rogers Communication in a research note on Friday, December 26th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Rogers Communication currently has a consensus rating of “Hold” and a consensus price target of $36.00.

Institutional Trading of Rogers Communication

A number of hedge funds and other institutional investors have recently modified their holdings of RCI. Invesco Ltd. grew its holdings in shares of Rogers Communication by 52.3% during the 2nd quarter. Invesco Ltd. now owns 934,712 shares of the Wireless communications provider’s stock worth $27,724,000 after purchasing an additional 321,124 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Rogers Communication by 52.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,981 shares of the Wireless communications provider’s stock worth $59,000 after purchasing an additional 683 shares during the period. Marshall Wace LLP grew its holdings in shares of Rogers Communication by 36.5% during the 2nd quarter. Marshall Wace LLP now owns 37,179 shares of the Wireless communications provider’s stock worth $1,103,000 after purchasing an additional 9,951 shares during the period. Cerity Partners LLC grew its holdings in shares of Rogers Communication by 7.0% during the 2nd quarter. Cerity Partners LLC now owns 11,007 shares of the Wireless communications provider’s stock worth $326,000 after purchasing an additional 724 shares during the period. Finally, AXA S.A. grew its holdings in shares of Rogers Communication by 231.1% during the 2nd quarter. AXA S.A. now owns 49,945 shares of the Wireless communications provider’s stock worth $1,481,000 after purchasing an additional 34,860 shares during the period. 45.49% of the stock is owned by institutional investors and hedge funds.

Rogers Communication Trading Down 0.4%

The firm has a market capitalization of $20.17 billion, a PE ratio of 3.94, a PEG ratio of 6.40 and a beta of 0.72. The company has a current ratio of 0.61, a quick ratio of 0.57 and a debt-to-equity ratio of 1.48. The business has a fifty day moving average price of $37.47 and a two-hundred day moving average price of $37.41.

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.