Scotiabank Cuts Earnings Estimates for Rogers Communications

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Analysts at Scotiabank dropped their FY2024 earnings estimates for Rogers Communications in a report issued on Wednesday, January 8th. Scotiabank analyst M. Yaghi now expects that the Wireless communications provider will post earnings of $3.39 per share for the year, down from their previous forecast of $3.44. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. Scotiabank also issued estimates for Rogers Communications’ FY2025 earnings at $3.22 EPS.

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, topping 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 company had revenue of $5.13 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. Rogers Communications’s revenue for the quarter was up .7% on a year-over-year basis.

Other research analysts also recently issued reports about the stock. TD Securities increased their target price on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. BMO Capital Markets increased their target price on Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th. Finally, Morgan Stanley initiated coverage on shares of Rogers Communications in a report on Monday, December 16th. They set an “underweight” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $61.75.

Rogers Communications Stock Down 1.6 %

Rogers Communications stock opened at $30.55 on Friday. The firm’s 50-day simple moving average is $33.76 and its 200 day simple moving average is $37.06. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.64 and a current ratio of 0.68. Rogers Communications has a fifty-two week low of $29.91 and a fifty-two week high of $48.19. The stock has a market cap of $16.33 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 1.06 and a beta of 0.69.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RCI. The Manufacturers Life Insurance Company boosted its stake in Rogers Communications by 371.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,053,559 shares of the Wireless communications provider’s stock worth $203,334,000 after purchasing an additional 3,980,525 shares in the last quarter. Toronto Dominion Bank boosted its holdings in Rogers Communications by 53.9% in the second quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock worth $233,099,000 after purchasing an additional 2,206,690 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Rogers Communications by 90.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,896,489 shares of the Wireless communications provider’s stock valued at $115,775,000 after buying an additional 1,375,043 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rogers Communications by 86.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,610,833 shares of the Wireless communications provider’s stock valued at $104,965,000 after buying an additional 1,211,482 shares during the period. Finally, National Bank of Canada FI grew its holdings in shares of Rogers Communications by 18.6% in the third quarter. National Bank of Canada FI now owns 6,239,553 shares of the Wireless communications provider’s stock worth $250,886,000 after acquiring an additional 977,924 shares during the period. Institutional investors own 45.49% of the company’s stock.

Rogers Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Monday, December 9th were issued a $0.3611 dividend. This represents a $1.44 annualized dividend and a yield of 4.73%. The ex-dividend date was Monday, December 9th. Rogers Communications’s dividend payout ratio (DPR) is currently 71.71%.

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.