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

Shares of Cogeco Inc. (TSE:CGO) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$65.34 and last traded at C$65.34, with a volume of 3260 shares trading hands. The stock had previously closed at C$64.73.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CGO. TD Securities raised their price objective on Cogeco from C$99.00 to C$104.00 in a research note on Monday, November 4th. CIBC decreased their price target on Cogeco from C$69.00 to C$67.00 in a research report on Monday, November 4th. Finally, Canaccord Genuity Group raised shares of Cogeco from a “hold” rating to a “buy” rating and upped their price objective for the stock from C$65.00 to C$77.00 in a research report on Monday, November 4th.

Cogeco Stock Performance

The stock has a fifty day simple moving average of C$60.92 and a two-hundred day simple moving average of C$55.41. The company has a debt-to-equity ratio of 151.56, a quick ratio of 0.51 and a current ratio of 0.44. The stock has a market cap of C$497.14 million, a price-to-earnings ratio of 7.72, a P/E/G ratio of -0.28 and a beta of 0.34.

Cogeco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 28th. Shareholders of record on Thursday, November 14th were given a $0.922 dividend. This represents a $3.69 dividend on an annualized basis and a yield of 5.87%. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Cogeco’s previous quarterly dividend of $0.85. Cogeco’s payout ratio is currently 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.