CIBC Issues Pessimistic Forecast for Cogeco Communications (TSE:CCA) Stock Price

Cogeco Communications (TSE:CCA) had its price objective decreased by CIBC from C$73.00 to C$71.00 in a research report released on Wednesday morning,BayStreet.CA reports.

Several other analysts have also recently issued reports on the company. Royal Bank of Canada increased their price objective on Cogeco Communications from C$76.00 to C$79.00 in a research note on Thursday, October 10th. Scotiabank decreased their price objective on Cogeco Communications from C$77.50 to C$75.50 in a research note on Wednesday. Canaccord Genuity Group upgraded shares of Cogeco Communications from a “hold” rating to a “buy” rating and upped their target price for the stock from C$65.00 to C$77.00 in a research note on Monday, November 4th. National Bankshares raised shares of Cogeco Communications from a “sector perform” rating to an “outperform” rating and raised their target price for the company from C$64.00 to C$80.00 in a report on Friday, September 20th. Finally, TD Securities increased their price objective on shares of Cogeco Communications from C$85.00 to C$89.00 in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cogeco Communications has a consensus rating of “Moderate Buy” and an average target price of C$76.17.

Cogeco Communications Price Performance

Shares of CCA opened at C$61.86 on Wednesday. The company has a quick ratio of 0.49, a current ratio of 0.41 and a debt-to-equity ratio of 142.88. Cogeco Communications has a fifty-two week low of C$50.82 and a fifty-two week high of C$75.09. The company has a market cap of C$1.86 billion, a P/E ratio of 7.89, a PEG ratio of 4.77 and a beta of 0.59. The firm’s 50 day moving average price is C$68.87 and its 200 day moving average price is C$65.53.

Cogeco Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 28th. Stockholders of record on Thursday, November 28th were given a dividend of $0.922 per share. This represents a $3.69 annualized dividend and a dividend yield of 5.96%. The ex-dividend date was Thursday, November 14th. This is an increase from Cogeco Communications’s previous quarterly dividend of $0.85. Cogeco Communications’s payout ratio is currently 43.62%.

Insider Activity

In other Cogeco Communications news, Director Jacques Royer sold 657 shares of Cogeco Communications stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of C$68.86, for a total transaction of C$45,241.02. Following the transaction, the director now owns 1 shares of the company’s stock, valued at C$68.86. The trade was a 99.85 % decrease in their ownership of the stock. Also, Director Robin Anne Bienenstock acquired 2,156 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was purchased at an average cost of C$69.66 per share, with a total value of C$150,189.33. Company insiders own 0.46% of the company’s stock.

About Cogeco Communications

Cogeco Communications Inc operates as a telecommunications corporation in Canada and the United States. It operates in two segments, Canadian Telecommunications and American Telecommunications. The company offers Internet, video, and Internet protocol (IP) based telephony services to residential and small business customers through its two-way broadband fiber networks.