Rogers Communications (TSE:RCI.B) Sets New 12-Month High on Analyst Upgrade

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI) reached a new 52-week high during trading on Friday after National Bankshares raised their price target on the stock from C$59.00 to C$60.00. National Bankshares currently has an outperform rating on the stock. Rogers Communications traded as high as C$54.73 and last traded at C$54.54, with a volume of 245625 shares changing hands. The stock had previously closed at C$54.00.

Several other research firms also recently commented on RCI.B. BMO Capital Markets upped their price target on shares of Rogers Communications from C$55.00 to C$57.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Canaccord Genuity Group upped their target price on shares of Rogers Communications from C$55.00 to C$57.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. raised their price target on Rogers Communications from C$55.00 to C$59.00 in a report on Friday, July 25th. Scotiabank upped their price objective on Rogers Communications from C$54.25 to C$55.75 and gave the company a “sector perform” rating in a research note on Monday, October 20th. Finally, CIBC increased their price objective on Rogers Communications from C$55.00 to C$58.00 in a research report on Friday, October 17th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Rogers Communications has an average rating of “Moderate Buy” and a consensus price target of C$56.06.

Rogers Communications Price Performance

The company has a market cap of C$29.62 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 0.32 and a beta of 0.98. The company has a 50-day simple moving average of C$49.84 and a 200-day simple moving average of C$43.24. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65.

Rogers Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Friday, October 3rd were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $2.00 dividend on an annualized basis and a yield of 3.6%. Rogers Communications’s payout ratio is currently 71.68%.

Rogers Communications Company Profile

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years.