Canaccord Genuity Upgrades Rogers Communications (NYSE:RCI) to Buy

Rogers Communications (NYSE:RCI) (TSE:RCI.B) was upgraded by investment analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a report issued on Wednesday, The Fly reports.

A number of other research firms also recently issued reports on RCI. UBS Group restated a “hold” rating and issued a $67.00 target price on shares of Rogers Communications in a report on Thursday, January 23rd. CIBC reiterated a “hold” rating and issued a $68.00 price target on shares of Rogers Communications in a report on Thursday, January 23rd. Finally, Royal Bank of Canada reissued a “buy” rating and set a $66.00 price objective (down from $72.00) on shares of Rogers Communications in a research note on Wednesday, March 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $66.33.

Shares of NYSE:RCI traded up $2.84 during midday trading on Wednesday, reaching $39.30. The company’s stock had a trading volume of 44,156 shares, compared to its average volume of 1,009,449. The firm has a market cap of $16.55 billion, a price-to-earnings ratio of 13.21, a price-to-earnings-growth ratio of 2.08 and a beta of 0.55. The company has a quick ratio of 0.78, a current ratio of 0.86 and a debt-to-equity ratio of 1.85. Rogers Communications has a 1 year low of $32.20 and a 1 year high of $54.82. The business has a 50 day moving average price of $46.23 and a 200 day moving average price of $48.25.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings results on Wednesday, January 22nd. The Wireless communications provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.22. Rogers Communications had a return on equity of 23.66% and a net margin of 13.55%. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.97 billion. During the same period last year, the company earned $1.13 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. Sell-side analysts anticipate that Rogers Communications will post 3.24 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC lifted its holdings in shares of Rogers Communications by 1.8% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 233,065 shares of the Wireless communications provider’s stock valued at $11,357,000 after acquiring an additional 4,128 shares in the last quarter. Manning & Napier Group LLC lifted its stake in shares of Rogers Communications by 6.2% during the fourth quarter. Manning & Napier Group LLC now owns 42,894 shares of the Wireless communications provider’s stock worth $2,130,000 after purchasing an additional 2,515 shares in the last quarter. Barclays PLC lifted its stake in shares of Rogers Communications by 226.3% during the third quarter. Barclays PLC now owns 57,225 shares of the Wireless communications provider’s stock worth $2,788,000 after purchasing an additional 39,685 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Rogers Communications in the third quarter worth about $378,000. Finally, State Street Corp boosted its position in shares of Rogers Communications by 24.2% in the third quarter. State Street Corp now owns 7,711 shares of the Wireless communications provider’s stock worth $378,000 after buying an additional 1,500 shares during the period. Institutional investors own 42.89% of the company’s stock.

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 Wireless segment offers wireless voice and data communication services to individual consumers, businesses, governments, and other telecommunications service providers; postpaid and prepaid wireless services under the Rogers, Fido, and chatr brands; and wireless devices, services, and applications to consumers and businesses.

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