Addenda Capital Inc. Cuts Stock Holdings in Rogers Communications Inc. (NYSE:RCI)

Addenda Capital Inc. decreased its position in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 39.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 360,213 shares of the Wireless communications provider’s stock after selling 234,213 shares during the quarter. Addenda Capital Inc.’s holdings in Rogers Communications were worth $11,069,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Cromwell Holdings LLC purchased a new stake in shares of Rogers Communications during the 3rd quarter worth approximately $31,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Rogers Communications by 110.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after buying an additional 522 shares during the period. Grove Bank & Trust grew its stake in shares of Rogers Communications by 41.0% in the 3rd quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock valued at $42,000 after purchasing an additional 302 shares during the last quarter. Nexus Investment Management ULC purchased a new position in Rogers Communications in the 3rd quarter valued at $203,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Rogers Communications during the third quarter worth about $206,000. 45.49% of the stock is owned by hedge funds and other institutional investors.

Rogers Communications Stock Performance

NYSE RCI opened at $28.19 on Tuesday. The company has a market capitalization of $15.07 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 0.91 and a beta of 0.69. Rogers Communications Inc. has a twelve month low of $27.63 and a twelve month high of $48.19. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. The business’s 50-day moving average price is $32.81 and its 200 day moving average price is $36.71.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.35. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The firm had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. On average, research analysts predict that Rogers Communications Inc. will post 3.52 earnings per share for the current year.

Rogers Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Monday, December 9th were given a dividend of $0.3611 per share. The ex-dividend date was Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a yield of 5.12%. Rogers Communications’s dividend payout ratio (DPR) is 68.78%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RCI. Morgan Stanley began coverage on Rogers Communications in a report on Monday, December 16th. They set an “underweight” rating on the stock. Bank of America downgraded Rogers Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $61.75.

Rogers Communications 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.