Lorne Steinberg Wealth Management Inc. Grows Stake in Rogers Communications Inc. (NYSE:RCI)

Lorne Steinberg Wealth Management Inc. raised its position in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 15.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 81,310 shares of the Wireless communications provider’s stock after buying an additional 11,112 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Rogers Communications were worth $3,807,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Orion Portfolio Solutions LLC grew its holdings in shares of Rogers Communications by 317.7% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 33,877 shares of the Wireless communications provider’s stock worth $1,301,000 after purchasing an additional 25,766 shares during the period. Qube Research & Technologies Ltd lifted its holdings in shares of Rogers Communications by 101.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 131,276 shares of the Wireless communications provider’s stock worth $5,040,000 after acquiring an additional 66,231 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Rogers Communications by 13.7% in the 3rd quarter. Invesco Ltd. now owns 200,294 shares of the Wireless communications provider’s stock worth $7,689,000 after acquiring an additional 24,178 shares during the last quarter. Scotia Capital Inc. raised its position in Rogers Communications by 9.3% in the third quarter. Scotia Capital Inc. now owns 2,625,594 shares of the Wireless communications provider’s stock valued at $100,617,000 after purchasing an additional 224,293 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in Rogers Communications by 32.0% during the third quarter. Canada Pension Plan Investment Board now owns 2,101,225 shares of the Wireless communications provider’s stock worth $81,049,000 after purchasing an additional 508,900 shares in the last quarter. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communications Stock Down 3.7 %

RCI stock traded down $1.46 during mid-day trading on Wednesday, reaching $38.13. The company had a trading volume of 731,635 shares, compared to its average volume of 552,322. Rogers Communications Inc. has a fifty-two week low of $36.55 and a fifty-two week high of $50.00. The company has a market capitalization of $20.15 billion, a price-to-earnings ratio of 32.99, a price-to-earnings-growth ratio of 1.69 and a beta of 0.59. The company has a debt-to-equity ratio of 3.81, a quick ratio of 0.84 and a current ratio of 0.89. The firm has a fifty day simple moving average of $42.12 and a 200 day simple moving average of $43.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings data on Thursday, February 1st. The Wireless communications provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.11. Rogers Communications had a net margin of 4.38% and a return on equity of 22.17%. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Analysts forecast that Rogers Communications Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 3rd. Investors of record on Monday, March 11th were paid a dividend of $0.3742 per share. This is a boost from Rogers Communications’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, March 8th. This represents a $1.50 annualized dividend and a yield of 3.93%. Rogers Communications’s payout ratio is presently 122.50%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RCI. Barclays cut their price objective on Rogers Communications from $52.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th. StockNews.com cut shares of Rogers Communications from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. One analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to MarketBeat, Rogers Communications has an average rating of “Moderate Buy” and an average target price of $46.00.

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.