Addenda Capital Inc. Sells 50,036 Shares of Rogers Communications Inc. (NYSE:RCI)

Addenda Capital Inc. cut its holdings in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 6.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 789,467 shares of the Wireless communications provider’s stock after selling 50,036 shares during the period. Rogers Communications accounts for approximately 1.5% of Addenda Capital Inc.’s holdings, making the stock its 21st biggest holding. Addenda Capital Inc. owned about 0.15% of Rogers Communications worth $32,368,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Gulf International Bank UK Ltd boosted its stake in Rogers Communications by 13.4% in the first quarter. Gulf International Bank UK Ltd now owns 2,720 shares of the Wireless communications provider’s stock valued at $111,000 after acquiring an additional 322 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Rogers Communications by 22.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,544,016 shares of the Wireless communications provider’s stock worth $165,895,000 after purchasing an additional 660,486 shares during the period. V Square Quantitative Management LLC bought a new stake in Rogers Communications in the fourth quarter valued at about $228,000. FIL Ltd lifted its stake in Rogers Communications by 13.7% in the fourth quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock valued at $1,709,377,000 after buying an additional 4,405,888 shares during the period. Finally, Barometer Capital Management Inc. bought a new position in Rogers Communications during the fourth quarter worth about $1,092,000. Institutional investors own 45.49% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. StockNews.com lowered shares of Rogers Communications from a “hold” rating to a “sell” rating in a research note on Saturday, June 15th. Barclays reduced their price target on shares of Rogers Communications from $52.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to MarketBeat.com, Rogers Communications presently has a consensus rating of “Moderate Buy” and an average price target of $46.00.

Rogers Communications Stock Up 0.6 %

Shares of RCI traded up $0.21 on Friday, hitting $36.97. The company’s stock had a trading volume of 822,849 shares, compared to its average volume of 717,962. The company has a quick ratio of 0.72, a current ratio of 0.77 and a debt-to-equity ratio of 3.67. The firm has a market capitalization of $19.59 billion, a price-to-earnings ratio of 46.21, a P/E/G ratio of 0.98 and a beta of 0.68. The firm’s fifty day moving average price is $38.70 and its 200-day moving average price is $42.41. Rogers Communications Inc. has a fifty-two week low of $36.54 and a fifty-two week high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings results on Wednesday, April 24th. The Wireless communications provider reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. Rogers Communications had a net margin of 2.90% and a return on equity of 21.92%. The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. On average, equities research analysts expect that Rogers Communications Inc. will post 3.66 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 10th will be issued a dividend of $0.3658 per share. This represents a $1.46 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Monday, June 10th. Rogers Communications’s dividend payout ratio (DPR) is presently 181.25%.

Rogers Communications 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.