AGF Management Ltd. Grows Stake in Rogers Communications Inc. (NYSE:RCI)

AGF Management Ltd. increased its stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 5.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,651,100 shares of the Wireless communications provider’s stock after acquiring an additional 194,581 shares during the period. AGF Management Ltd.’s holdings in Rogers Communications were worth $135,018,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new position in shares of Rogers Communications during the second quarter valued at approximately $55,000. Letko Brosseau & Associates Inc. boosted its holdings in Rogers Communications by 1.5% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 4,004,074 shares of the Wireless communications provider’s stock valued at $148,066,000 after acquiring an additional 57,245 shares during the period. Candriam S.C.A. purchased a new stake in Rogers Communications in the second quarter worth $510,000. Van ECK Associates Corp bought a new stake in shares of Rogers Communications during the second quarter worth $2,229,000. Finally, Intact Investment Management Inc. lifted its position in shares of Rogers Communications by 33.8% during the second quarter. Intact Investment Management Inc. now owns 1,994,221 shares of the Wireless communications provider’s stock worth $73,752,000 after purchasing an additional 503,550 shares during the last quarter. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Rogers Communications Stock Performance

Shares of Rogers Communications stock opened at $40.30 on Wednesday. The company has a current ratio of 0.65, a quick ratio of 0.60 and a debt-to-equity ratio of 3.58. The stock’s fifty day moving average price is $38.91 and its 200-day moving average price is $39.55. The firm has a market cap of $21.47 billion, a P/E ratio of 50.37, a P/E/G ratio of 1.07 and a beta of 0.67. Rogers Communications Inc. has a 12 month low of $35.55 and a 12 month high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $5.14 billion. During the same period in the prior year, the business earned $0.76 EPS. The firm’s quarterly revenue was up .9% on a year-over-year basis. On average, equities research analysts expect that Rogers Communications Inc. will post 3.59 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Monday, September 9th. Rogers Communications’s payout ratio is 183.75%.

Analyst Ratings Changes

Several research firms recently commented on RCI. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $57.00 price target (down previously from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. Canaccord Genuity Group lowered shares of Rogers Communications from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Finally, StockNews.com raised shares of Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.50.

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.