Scotiabank Expects Weaker Earnings for Rogers Communications

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Investment analysts at Scotiabank cut their FY2024 earnings per share estimates for shares of Rogers Communications in a research note issued on Wednesday, January 8th. Scotiabank analyst M. Yaghi now expects that the Wireless communications provider will post earnings of $3.39 per share for the year, down from their previous forecast of $3.44. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. Scotiabank also issued estimates for Rogers Communications’ FY2025 earnings at $3.22 EPS.

Other equities research analysts have also recently issued reports about the stock. TD Securities upped their price target on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Morgan Stanley assumed coverage on Rogers Communications in a research note on Monday, December 16th. They set an “underweight” rating for the company. Finally, BMO Capital Markets lifted their price target on Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Rogers Communications presently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Price Performance

NYSE RCI opened at $30.55 on Friday. Rogers Communications has a 1 year low of $29.91 and a 1 year high of $48.19. The company has a fifty day simple moving average of $33.76 and a 200 day simple moving average of $37.06. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. The company has a market cap of $16.33 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.06 and a beta of 0.69.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.35. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The firm had revenue of $5.13 billion during the quarter, compared to analyst estimates of $3.79 billion. During the same period in the previous year, the company earned $0.95 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis.

Institutional Investors Weigh In On Rogers Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of RCI. Candriam S.C.A. bought a new stake in shares of Rogers Communications in the 2nd quarter valued at about $510,000. Acadian Asset Management LLC acquired a new position in Rogers Communications during the second quarter worth approximately $55,000. American Century Companies Inc. lifted its stake in shares of Rogers Communications by 9.7% during the 2nd quarter. American Century Companies Inc. now owns 68,679 shares of the Wireless communications provider’s stock worth $2,540,000 after buying an additional 6,099 shares during the last quarter. Vest Financial LLC increased its position in Rogers Communications by 36.3% during the 2nd quarter. Vest Financial LLC now owns 12,250 shares of the Wireless communications provider’s stock worth $453,000 after buying an additional 3,261 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Rogers Communications by 1.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,521,446 shares of the Wireless communications provider’s stock valued at $56,071,000 after buying an additional 21,060 shares in the last quarter. 45.49% of the stock is owned by institutional investors and hedge funds.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Monday, December 9th were given a dividend of $0.3611 per share. The ex-dividend date was Monday, December 9th. This represents a $1.44 annualized dividend and a dividend yield of 4.73%. Rogers Communications’s dividend payout ratio (DPR) is currently 71.71%.

About Rogers Communications

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.