TD Asset Management Inc. Sells 1,708,698 Shares of Rogers Communications Inc. (NYSE:RCI)

TD Asset Management Inc. lowered its position in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 16.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,385,573 shares of the Wireless communications provider’s stock after selling 1,708,698 shares during the period. TD Asset Management Inc. owned about 1.57% of Rogers Communications worth $257,654,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RCI. Lindbrook Capital LLC increased its holdings in shares of Rogers Communications by 95.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,526 shares of the Wireless communications provider’s stock worth $47,000 after acquiring an additional 744 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of Rogers Communications by 141.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,796 shares of the Wireless communications provider’s stock valued at $55,000 after purchasing an additional 1,052 shares during the period. V Square Quantitative Management LLC increased its stake in Rogers Communications by 19.1% during the 4th quarter. V Square Quantitative Management LLC now owns 5,795 shares of the Wireless communications provider’s stock worth $178,000 after purchasing an additional 930 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Rogers Communications during the 3rd quarter worth approximately $206,000. Finally, Tidal Investments LLC acquired a new stake in Rogers Communications during the 3rd quarter worth approximately $248,000. Institutional investors and hedge funds own 45.49% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Morgan Stanley initiated coverage on shares of Rogers Communications in a report on Monday, December 16th. They issued an “underweight” rating for the company. Barclays reaffirmed an “equal weight” rating on shares of Rogers Communications in a research note on Tuesday, January 21st. Finally, Bank of America downgraded Rogers Communications from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $61.75.

Rogers Communications Stock Performance

Shares of RCI opened at $27.12 on Tuesday. The stock has a market capitalization of $14.54 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.43 and a beta of 0.67. Rogers Communications Inc. has a 12 month low of $26.57 and a 12 month high of $41.84. The firm has a fifty day simple moving average of $28.03 and a 200 day simple moving average of $33.20. The company has a current ratio of 0.66, a quick ratio of 0.61 and a debt-to-equity ratio of 3.67.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Thursday, January 30th. The Wireless communications provider reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.07. Rogers Communications had a return on equity of 25.19% and a net margin of 8.40%. Research analysts forecast that Rogers Communications Inc. will post 3.57 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Monday, March 10th will be issued a dividend of $0.347 per share. The ex-dividend date is Monday, March 10th. This represents a $1.39 dividend on an annualized basis and a yield of 5.12%. Rogers Communications’s payout ratio is 59.48%.

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.