Analysts Issue Forecasts for Rogers Communications Inc.’s FY2024 Earnings (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Equities research analysts at Desjardins lifted their FY2024 earnings per share (EPS) estimates for shares of Rogers Communications in a research report issued on Wednesday, July 24th. Desjardins analyst J. Dubreuil now expects that the Wireless communications provider will earn $3.43 per share for the year, up from their prior estimate of $3.32. The consensus estimate for Rogers Communications’ current full-year earnings is $3.58 per share. Desjardins also issued estimates for Rogers Communications’ Q4 2024 earnings at $0.93 EPS.

RCI has been the subject of several other reports. Barclays reduced their price target on Rogers Communications from $52.00 to $46.00 and set an “overweight” rating for the company in a research report 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. Canaccord Genuity Group cut Rogers Communications from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Finally, Canaccord Genuity Group reiterated a “hold” rating and issued a $57.00 price target (down from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.50.

Rogers Communications Stock Performance

Shares of RCI stock opened at $38.30 on Monday. The firm has a market cap of $20.30 billion, a price-to-earnings ratio of 47.88, a PEG ratio of 0.99 and a beta of 0.68. Rogers Communications has a 52-week low of $35.55 and a 52-week high of $48.19. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.58. The company’s 50 day moving average is $37.98 and its 200 day moving average is $40.93.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.33. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm posted $0.76 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis.

Rogers Communications Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 9th will be given a dividend of $0.365 per share. The ex-dividend date is Monday, September 9th. This represents a $1.46 dividend on an annualized basis and a yield of 3.81%. Rogers Communications’s dividend payout ratio is currently 183.75%.

Institutional Investors Weigh In On Rogers Communications

A number of large investors have recently bought and sold shares of RCI. Canoe Financial LP lifted its stake in Rogers Communications by 1,575.9% during the 4th quarter. Canoe Financial LP now owns 15,903,262 shares of the Wireless communications provider’s stock valued at $744,432,000 after acquiring an additional 14,954,351 shares during the period. FIL Ltd lifted its position in Rogers Communications by 13.7% during the fourth quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock valued at $1,709,377,000 after purchasing an additional 4,405,888 shares during the period. TD Asset Management Inc boosted its holdings in Rogers Communications by 27.3% in the fourth quarter. TD Asset Management Inc now owns 11,074,702 shares of the Wireless communications provider’s stock valued at $520,980,000 after purchasing an additional 2,372,306 shares during the last quarter. National Bank of Canada FI grew its position in Rogers Communications by 37.5% during the 1st quarter. National Bank of Canada FI now owns 5,570,690 shares of the Wireless communications provider’s stock worth $220,193,000 after purchasing an additional 1,519,894 shares during the period. Finally, 1832 Asset Management L.P. raised its stake in shares of Rogers Communications by 10.2% during the 4th quarter. 1832 Asset Management L.P. now owns 12,707,709 shares of the Wireless communications provider’s stock valued at $594,848,000 after buying an additional 1,177,264 shares during the last quarter. Hedge funds and other institutional investors own 45.49% 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 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.