Addenda Capital Inc. Sells 234,213 Shares of Rogers Communications Inc. (NYSE:RCI)

Addenda Capital Inc. lowered its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 39.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 360,213 shares of the Wireless communications provider’s stock after selling 234,213 shares during the period. Addenda Capital Inc. owned about 0.07% of Rogers Communications worth $11,069,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Cromwell Holdings LLC bought a new position in shares of Rogers Communications in the 3rd quarter worth $31,000. Northwestern Mutual Wealth Management Co. lifted its position in Rogers Communications by 110.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after acquiring an additional 522 shares during the period. Grove Bank & Trust boosted its position in Rogers Communications by 41.0% in the third quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock valued at $42,000 after buying an additional 302 shares during the last quarter. Nexus Investment Management ULC purchased a new stake in shares of Rogers Communications in the 3rd quarter valued at $203,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Rogers Communications in the third quarter valued at $206,000. Institutional investors own 45.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RCI. Bank of America cut shares of Rogers Communications from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 14th. Morgan Stanley started coverage on Rogers Communications in a report on Monday, December 16th. They set an “underweight” rating for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Rogers Communications currently has a consensus rating of “Hold” and a consensus target price of $61.75.

Rogers Communications Trading Down 1.0 %

Shares of RCI opened at $28.19 on Tuesday. The firm has a 50-day moving average price of $32.81 and a 200 day moving average price of $36.71. Rogers Communications Inc. has a 12-month low of $27.63 and a 12-month high of $48.19. 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 firm has a market capitalization of $15.07 billion, a P/E ratio of 13.75, a P/E/G ratio of 0.91 and a beta of 0.69.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings data on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.35. The firm had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $3.79 billion. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the company earned $0.95 EPS. Sell-side analysts forecast that Rogers Communications Inc. will post 3.52 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Monday, December 9th were issued a $0.3611 dividend. The ex-dividend date was Monday, December 9th. This represents a $1.44 annualized dividend and a dividend yield of 5.12%. Rogers Communications’s dividend payout ratio is presently 68.78%.

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.