Rogers Communication (NYSE:RCI) Price Target Raised to $36.00

Rogers Communication (NYSE:RCI) (TSE:RCI.B) had its target price hoisted by Barclays from $33.00 to $36.00 in a report released on Monday,Benzinga reports. The firm currently has an equal weight rating on the Wireless communications provider’s stock.

RCI has been the topic of several other reports. Scotiabank restated a “sector perform” rating on shares of Rogers Communication in a report on Monday, October 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Rogers Communication in a report on Wednesday, October 8th. Finally, Cowen reissued a “buy” rating on shares of Rogers Communication in a research note on Friday, October 24th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Rogers Communication Price Performance

NYSE RCI opened at $38.39 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.62 and a debt-to-equity ratio of 1.55. The stock has a market capitalization of $20.74 billion, a PE ratio of 4.27, a price-to-earnings-growth ratio of 3.29 and a beta of 0.81. Rogers Communication has a 12-month low of $23.18 and a 12-month high of $40.26. The company has a 50 day moving average price of $36.64 and a two-hundred day moving average price of $32.57.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings results on Thursday, October 23rd. The Wireless communications provider reported $0.99 earnings per share 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 17.14%. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $5.33 billion. During the same quarter last year, the firm earned $1.42 EPS. Rogers Communication’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Rogers Communication will post 3.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rogers Communication

Large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. grew its holdings in Rogers Communication by 303.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,538,620 shares of the Wireless communications provider’s stock valued at $148,047,000 after buying an additional 4,166,861 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in shares of Rogers Communication during the second quarter worth approximately $78,714,000. Platinum Investment Management Ltd. bought a new stake in shares of Rogers Communication in the second quarter valued at approximately $77,687,000. Canada Pension Plan Investment Board grew its stake in shares of Rogers Communication by 373.1% in the first quarter. Canada Pension Plan Investment Board now owns 2,870,559 shares of the Wireless communications provider’s stock worth $76,671,000 after acquiring an additional 2,263,859 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Rogers Communication by 380.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,348,091 shares of the Wireless communications provider’s stock worth $62,717,000 after acquiring an additional 1,859,288 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.