Canaccord Genuity Group Downgrades Rogers Communications (NYSE:RCI) to Hold

Canaccord Genuity Group downgraded shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a buy rating to a hold rating in a report published on Thursday, Marketbeat reports.

RCI has been the topic of a number of other research reports. Barclays lowered their price objective on shares of Rogers Communications from $52.00 to $46.00 and set an overweight rating on the stock in a research note on Wednesday, April 10th. StockNews.com upgraded shares of Rogers Communications from a sell rating to a hold rating in a research note on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $51.50.

Rogers Communications Price Performance

Shares of NYSE:RCI opened at $37.82 on Thursday. The firm’s 50 day moving average is $38.03 and its two-hundred day moving average is $41.10. Rogers Communications has a 52 week low of $35.55 and a 52 week high of $48.19. The firm has a market capitalization of $20.05 billion, a P/E ratio of 47.28, a PEG ratio of 1.00 and a beta of 0.68. The company has a current ratio of 0.65, a quick ratio of 0.72 and a debt-to-equity ratio of 3.58.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, beating the consensus estimate of $0.83 by $0.33. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business earned $0.76 earnings per share. Rogers Communications’s revenue was up .9% compared to the same quarter last year. Analysts anticipate that Rogers Communications will post 3.63 earnings per share for the current year.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 9th will be issued a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Monday, September 9th. Rogers Communications’s payout ratio is 182.50%.

Institutional Trading of Rogers Communications

A number of large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in Rogers Communications by 39.1% during the second quarter. Bank of New York Mellon Corp now owns 571,923 shares of the Wireless communications provider’s stock worth $21,150,000 after buying an additional 160,768 shares in the last quarter. Monarch Capital Management Inc. boosted its holdings in Rogers Communications by 12.7% during the second quarter. Monarch Capital Management Inc. now owns 38,693 shares of the Wireless communications provider’s stock worth $1,438,000 after buying an additional 4,360 shares in the last quarter. Lorne Steinberg Wealth Management Inc. boosted its holdings in Rogers Communications by 8.5% during the second quarter. Lorne Steinberg Wealth Management Inc. now owns 90,959 shares of the Wireless communications provider’s stock worth $3,363,000 after buying an additional 7,103 shares in the last quarter. First Affirmative Financial Network boosted its holdings in Rogers Communications by 11.2% during the second quarter. First Affirmative Financial Network now owns 6,450 shares of the Wireless communications provider’s stock worth $239,000 after buying an additional 649 shares in the last quarter. Finally, CWM LLC boosted its stake in Rogers Communications by 342.3% in the 2nd quarter. CWM LLC now owns 1,809 shares of the Wireless communications provider’s stock worth $67,000 after purchasing an additional 1,400 shares during the period. 45.49% of the stock is currently owned by institutional investors.

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.