Rogers Communication Inc. (RCI) Stock Rating Upgraded by Zacks Investment Research
Rogers Communication Inc. (NYSE:RCI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $47.00 target price on the stock.
According to Zacks, “Rogers Communications is the first wireless operator in Canada to offer “Internet of Things” (IoT) as a service to business enterprises. End-to-End Incident Management, Farm & Food Monitoring and Level Monitoring are the three IoT services that the wireless carrier specializes in. The company’s newly launched cost-effective, simple and competitive IaaS Cloud services and Rogers Unison (a new mobile solution) have increased its postpaid wireless and internet subscribers. The company has also been focusing on the business enterprise segment. Moreover, the company aims to launch its Internet TV services with 4K picture quality by the end of the year. Additionally, Rogers Communications provides regular quarterly dividend to its shareholders. However, intense wireless competition, continuous softness in the advertising market and loss of viewers to video streaming service providers remain potent headwinds. “
Other equities analysts also recently issued reports about the stock. Canaccord Genuity reissued a “hold” rating on shares of Rogers Communication in a research note on Tuesday, July 19th. Scotiabank reissued an “outperform” rating and issued a $56.00 price target on shares of Rogers Communication in a research note on Wednesday, June 15th. Bank of America Corp. assumed coverage on shares of Rogers Communication in a research note on Tuesday, July 5th. They issued a “neutral” rating for the company. TD Securities reissued a “buy” rating and issued a $58.00 price target on shares of Rogers Communication in a research note on Wednesday, July 6th. Finally, TheStreet raised shares of Rogers Communication from a “hold” rating to a “buy” rating in a research note on Thursday, July 21st. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of C$49.56.
Shares of Rogers Communication (NYSE:RCI) opened at 42.89 on Wednesday. The company has a market cap of $22.08 billion, a PE ratio of 20.75 and a beta of 0.93. The company has a 50 day moving average of $43.46 and a 200-day moving average of $40.53. Rogers Communication has a 12-month low of $32.50 and a 12-month high of $45.50.
Rogers Communication (NYSE:RCI) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.02. Rogers Communication had a net margin of 10.42% and a return on equity of 24.94%. The company earned $3.46 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same period in the prior year, the firm earned $0.80 earnings per share. Rogers Communication’s revenue was up 1.5% on a year-over-year basis. Equities research analysts anticipate that Rogers Communication will post $2.21 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Sunday, September 11th will be issued a dividend of $0.48 per share. This is a boost from Rogers Communication’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.48%. Rogers Communication’s dividend payout ratio is presently 71.36%.
Several large investors have recently bought and sold shares of the stock. US Bancorp DE boosted its stake in Rogers Communication by 10.6% in the second quarter. US Bancorp DE now owns 3,212 shares of the company’s stock worth $129,000 after buying an additional 309 shares during the last quarter. Blue Chip Partners Inc. boosted its stake in Rogers Communication by 0.9% in the second quarter. Blue Chip Partners Inc. now owns 4,096 shares of the company’s stock worth $165,000 after buying an additional 35 shares during the last quarter. Stifel Financial Corp boosted its stake in Rogers Communication by 4.3% in the second quarter. Stifel Financial Corp now owns 5,997 shares of the company’s stock worth $244,000 after buying an additional 248 shares during the last quarter. Princeton Alpha Management LP boosted its stake in Rogers Communication by 33.4% in the second quarter. Princeton Alpha Management LP now owns 6,908 shares of the company’s stock worth $279,000 after buying an additional 1,731 shares during the last quarter. Finally, KCG Holdings Inc. purchased a new stake in Rogers Communication during the second quarter worth approximately $281,000. Hedge funds and other institutional investors own 49.28% of the company’s stock.
Rogers Communication Company Profile
Rogers Communications Inc is a communications and media company. The Company provides wireless communications services, and cable television, Internet and telephony services to consumers and businesses. The Company operates through four segments: Wireless, Cable, Business Solutions and Media. Its Wireless segment is engaged in wireless telecommunications operations for Canadian consumers and businesses.
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