Cogeco (TSE:CGO) Sets New 52-Week High – Here’s What Happened

Cogeco Inc. (TSE:CGO) hit a new 52-week high on Wednesday . The company traded as high as C$62.37 and last traded at C$61.71, with a volume of 5778 shares changing hands. The stock had previously closed at C$61.96.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CGO. TD Securities raised their price objective on Cogeco from C$99.00 to C$104.00 in a research note on Monday. Canaccord Genuity Group upgraded shares of Cogeco from a “hold” rating to a “buy” rating and raised their price target for the stock from C$65.00 to C$77.00 in a research report on Monday. Finally, CIBC decreased their price target on shares of Cogeco from C$69.00 to C$67.00 in a report on Monday.

Cogeco Price Performance

The company has a market capitalization of C$486.94 million, a P/E ratio of 7.34, a PEG ratio of -0.28 and a beta of 0.34. The company has a quick ratio of 0.51, a current ratio of 0.44 and a debt-to-equity ratio of 151.56. The business has a 50 day simple moving average of C$58.31 and a 200-day simple moving average of C$54.13.

Cogeco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 28th. Shareholders of record on Thursday, November 14th will be paid a $0.922 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.69 annualized dividend and a dividend yield of 5.99%. This is a positive change from Cogeco’s previous quarterly dividend of $0.85. Cogeco’s dividend payout ratio (DPR) is presently 40.76%.

Cogeco Company Profile

Cogeco Inc, through its subsidiaries, operates in the communications and media sectors in Canada and the United States. The company operates in two segments, Canadian Telecommunications and American Telecommunications. It provides a range of Internet, video, and phone services through advanced fibre optic and two-way telecommunications distribution networks primarily to residential customers, as well as business services under the Cogeco Connexion name in Quebec and Ontario; and Breezeline brand in the United States.