Rogers Communication, Inc. (RCI) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) from a buy rating to a hold rating in a report published on Friday morning.
According to Zacks, “Rogers Communications continues to remain the first wireless operator in Canada to offer Internet of Things as a service to business enterprises. The company’s wireless and cable segment has been doing well with huge wireless and high-speed internet subscriber gain. Rogers' Media arm inked two important deals – one with The Weather Company and an extended deal with Iowa-based media conglomerate company, Meredith Corporation. Over the past three months, the stock price grew 11.29% while the industry declined 0.24%. The company has maintained its position as the largest integrated-telecom operator in Canada. On the other hand, the company operates in an intensely competitive wireless and cable TV industry. Also, continuous softness in the advertising market, declining cash flow and loss of viewers to video streaming service providers remain potent headwinds.”
A number of other equities research analysts have also recently weighed in on the company. Morgan Stanley upped their price target on Rogers Communication from $63.00 to $67.00 and gave the stock an equal weight rating in a report on Friday, August 25th. BidaskClub upgraded Rogers Communication from a hold rating to a buy rating in a report on Thursday, June 15th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $57.29.
Shares of Rogers Communication (NYSE RCI) opened at 51.47 on Friday. Rogers Communication has a 52 week low of $37.03 and a 52 week high of $53.55. The firm has a market capitalization of $26.50 billion, a price-to-earnings ratio of 31.12 and a beta of 0.86. The stock has a 50 day moving average price of $51.71 and a 200-day moving average price of $47.59.
Rogers Communication (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Thursday, July 20th. The Wireless communications provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. The business had revenue of $3.59 billion during the quarter, compared to the consensus estimate of $3.59 billion. Rogers Communication had a return on equity of 28.90% and a net margin of 7.42%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 EPS. On average, analysts anticipate that Rogers Communication will post $2.78 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 15th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Thursday, September 14th. Rogers Communication’s dividend payout ratio is currently 102.03%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RCI. Westpac Banking Corp grew its holdings in Rogers Communication by 5.4% during the 2nd quarter. Westpac Banking Corp now owns 117,004 shares of the Wireless communications provider’s stock valued at $7,166,000 after buying an additional 6,000 shares during the last quarter. Trexquant Investment LP acquired a new stake in Rogers Communication during the 1st quarter valued at $500,000. Baskin Financial Services Inc. grew its holdings in Rogers Communication by 0.7% during the 2nd quarter. Baskin Financial Services Inc. now owns 316,859 shares of the Wireless communications provider’s stock valued at $14,948,000 after buying an additional 2,330 shares during the last quarter. Neuberger Berman Group LLC acquired a new stake in Rogers Communication during the 2nd quarter valued at $21,915,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Rogers Communication by 15.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 150,534 shares of the Wireless communications provider’s stock valued at $7,100,000 after buying an additional 19,830 shares during the last quarter. Institutional investors and hedge funds own 47.43% of the company’s stock.
About Rogers Communication
Rogers Communications Inc is a communications and media company. The Company provides wireless communications services, and cable television, Internet, information technology (IT) and telephony services to consumers and businesses. Its segments include Wireless, Cable, Business Solutions and Media. The Wireless segment is engaged in wireless telecommunications operations for Canadian consumers and businesses.
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