Canaccord Genuity Group Lowers Rogers Communications (NYSE:RCI) to Hold

Canaccord Genuity Group downgraded shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a buy rating to a hold rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports.

A number of other equities research analysts have also weighed in on the stock. StockNews.com upgraded shares of Rogers Communications from a sell rating to a hold rating in a report on Thursday, July 11th. Barclays decreased their price objective on shares of Rogers Communications from $52.00 to $46.00 and set an overweight rating for the company in a report on Wednesday, April 10th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $51.50.

Rogers Communications Price Performance

Rogers Communications stock opened at $37.82 on Thursday. The firm has a 50-day moving average price of $38.03 and a 200-day moving average price of $41.06. The firm has a market capitalization of $20.05 billion, a PE ratio of 47.28, a price-to-earnings-growth ratio of 1.03 and a beta of 0.68. The company has a current ratio of 0.65, a quick ratio of 0.72 and a debt-to-equity ratio of 3.58. Rogers Communications has a 12-month low of $35.55 and a 12-month high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.33. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.14 billion. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business earned $0.76 EPS. As a group, equities research analysts forecast that Rogers Communications will post 3.58 EPS for the current year.

Rogers Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 9th will be issued a $0.365 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.46 annualized dividend and a dividend yield of 3.86%. Rogers Communications’s dividend payout ratio is currently 183.75%.

Institutional Investors Weigh In On Rogers Communications

Several large investors have recently modified their holdings of RCI. Canoe Financial LP raised its holdings in shares of Rogers Communications by 1,575.9% in the 4th quarter. Canoe Financial LP now owns 15,903,262 shares of the Wireless communications provider’s stock valued at $744,432,000 after purchasing an additional 14,954,351 shares in the last quarter. FIL Ltd raised its holdings in shares of Rogers Communications by 13.7% in the 4th quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock valued at $1,709,377,000 after purchasing an additional 4,405,888 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Rogers Communications by 27.3% in the 4th quarter. TD Asset Management Inc now owns 11,074,702 shares of the Wireless communications provider’s stock valued at $520,980,000 after purchasing an additional 2,372,306 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Rogers Communications by 37.5% in the 1st quarter. National Bank of Canada FI now owns 5,570,690 shares of the Wireless communications provider’s stock valued at $220,193,000 after purchasing an additional 1,519,894 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Rogers Communications by 10.2% in the 4th quarter. 1832 Asset Management L.P. now owns 12,707,709 shares of the Wireless communications provider’s stock valued at $594,848,000 after purchasing an additional 1,177,264 shares in the last quarter. Institutional investors own 45.49% of the company’s stock.

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.