Rogers Communication (NYSE:RCI) Shares Up 10.8% – Here’s Why

Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B)’s share price was up 10.8% during mid-day trading on Wednesday . The stock traded as high as $36.34 and last traded at $36.5550. Approximately 530,010 shares changed hands 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.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RCI shares. TD Cowen restated a “buy” rating on shares of Rogers Communication in a research note on Friday, January 30th. TD Securities downgraded shares of Rogers Communication from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rogers Communication in a research note on Friday, December 26th. Wall Street Zen downgraded shares of Rogers Communication from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Barclays reiterated a “positive” rating and set a $37.00 price target on shares of Rogers Communication in a research note on Tuesday, January 27th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rogers Communication presently has an average rating of “Hold” and an average target price of $36.00.

Rogers Communication Price Performance

The company has a debt-to-equity ratio of 1.48, a current ratio of 0.61 and a quick ratio of 0.57. The stock’s 50 day simple moving average is $37.51 and its two-hundred day simple moving average is $37.41. The stock has a market cap of $19.82 billion, a price-to-earnings ratio of 3.97, a P/E/G ratio of 5.91 and a beta of 0.72.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings data on Thursday, January 29th. The Wireless communications provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.10. The company had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $5.94 billion. Rogers Communication had a return on equity of 14.22% and a net margin of 32.29%.The business’s revenue was up 12.6% on a year-over-year basis. During the same period last year, the business earned $1.46 earnings per share. On average, analysts forecast that Rogers Communication, Inc. will post 3.46 earnings per share for the current fiscal year.

Rogers Communication Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 2nd. Shareholders of record on Tuesday, March 10th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, March 10th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.5%. Rogers Communication’s dividend payout ratio (DPR) is presently 15.78%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Manchester Capital Management LLC bought a new position in shares of Rogers Communication during the fourth quarter valued at $26,000. Farther Finance Advisors LLC lifted its holdings in shares of Rogers Communication by 107.4% during the fourth quarter. Farther Finance Advisors LLC now owns 786 shares of the Wireless communications provider’s stock valued at $30,000 after acquiring an additional 407 shares during the period. Headlands Technologies LLC lifted its holdings in shares of Rogers Communication by 143.2% during the second quarter. Headlands Technologies LLC now owns 1,661 shares of the Wireless communications provider’s stock valued at $49,000 after acquiring an additional 978 shares during the period. FNY Investment Advisers LLC bought a new position in shares of Rogers Communication during the third quarter valued at $58,000. Finally, Advisory Services Network LLC bought a new position in shares of Rogers Communication during the third quarter valued at $63,000. 45.49% of the stock is owned by institutional investors.

Rogers Communication Company Profile

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.