Rogers Communications Inc. Forecasted to Post FY2024 Earnings of $3.96 Per Share (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Cormark cut their FY2024 earnings per share estimates for Rogers Communications in a report issued on Thursday, April 25th. Cormark analyst D. Mcfadgen now expects that the Wireless communications provider will post earnings of $3.96 per share for the year, down from their prior forecast of $3.97. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. Cormark also issued estimates for Rogers Communications’ FY2025 earnings at $4.10 EPS.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings data on Wednesday, April 24th. The Wireless communications provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. Rogers Communications had a return on equity of 21.71% and a net margin of 2.90%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.64 billion.

Other research analysts have also recently issued reports about the stock. Barclays lowered their target price on shares of 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 downgraded Rogers Communications from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.00.

Rogers Communications Trading Down 0.3 %

RCI stock opened at $38.04 on Friday. Rogers Communications has a 52 week low of $36.55 and a 52 week high of $50.00. 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 company’s 50-day simple moving average is $41.83 and its 200 day simple moving average is $43.12. The company has a market capitalization of $20.11 billion, a PE ratio of 47.55, a price-to-earnings-growth ratio of 1.65 and a beta of 0.59.

Hedge Funds Weigh In On Rogers Communications

Institutional investors have recently modified their holdings of the business. Orion Portfolio Solutions LLC boosted its position in Rogers Communications by 317.7% in the third quarter. Orion Portfolio Solutions LLC now owns 33,877 shares of the Wireless communications provider’s stock valued at $1,301,000 after buying an additional 25,766 shares in the last quarter. Qube Research & Technologies Ltd increased its position in 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 valued at $5,040,000 after acquiring an additional 66,231 shares during the period. Invesco Ltd. raised its stake in shares of Rogers Communications by 13.7% during the third quarter. Invesco Ltd. now owns 200,294 shares of the Wireless communications provider’s stock valued at $7,689,000 after acquiring an additional 24,178 shares during the last quarter. Cumberland Partners Ltd increased its holdings in Rogers Communications by 3.4% in the fourth quarter. Cumberland Partners Ltd now owns 718,261 shares of the Wireless communications provider’s stock valued at $33,622,000 after purchasing an additional 23,774 shares during the period. Finally, Scotia Capital Inc. raised its position in Rogers Communications by 9.3% during the 3rd quarter. Scotia Capital Inc. now owns 2,625,594 shares of the Wireless communications provider’s stock worth $100,617,000 after purchasing an additional 224,293 shares during the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 10th will be issued a $0.3658 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date is Monday, June 10th. Rogers Communications’s dividend payout ratio is presently 183.75%.

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.