Rogers Communication (NYSE:RCI) Hits New 1-Year Low – Here’s What Happened

Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B)’s share price hit a new 52-week low on Monday. The company traded as low as $31.22 and last traded at $31.3350, with a volume of 152070 shares trading hands. The stock had previously closed at $31.91.

Analyst Upgrades and Downgrades

Several research firms have commented on RCI. Raymond James Financial initiated coverage on Rogers Communication in a research note on Wednesday, July 15th. They set an “outperform” rating for the company. TD Securities restated a “buy” rating on shares of Rogers Communication in a research report on Thursday, July 23rd. Wall Street Zen raised Rogers Communication from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Desjardins upgraded Rogers Communication from a “hold” rating to a “buy” rating in a research report on Monday, September 14th. Finally, Scotiabank reissued an “outperform” rating on shares of Rogers Communication in a research note on Tuesday, July 7th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.00.

Rogers Communication Stock Down 1.4%

The stock has a market capitalization of $17.00 billion, a price-to-earnings ratio of 3.81, a price-to-earnings-growth ratio of 4.00 and a beta of 0.66. The business’s 50-day moving average is $35.28 and its two-hundred day moving average is $35.82. The company has a quick ratio of 0.51, a current ratio of 0.55 and a debt-to-equity ratio of 1.54.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings data on Wednesday, July 22nd. The Wireless communications provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.03. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.91 billion. Rogers Communication had a net margin of 27.54% and a return on equity of 11.56%. Rogers Communication’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.14 EPS. Equities analysts anticipate that Rogers Communication, Inc. will post 3.26 EPS for the current year.

Rogers Communication Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 8th will be given a C$0.50 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 6.4%. Rogers Communication’s dividend payout ratio is 17.39%.

Hedge Funds Weigh In On Rogers Communication

Institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in Rogers Communication by 39.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,689 shares of the Wireless communications provider’s stock worth $101,000 after buying an additional 761 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Rogers Communication by 1,314.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,337 shares of the Wireless communications provider’s stock worth $126,000 after acquiring an additional 3,101 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Rogers Communication by 10.2% in the 1st quarter. Parallel Advisors LLC now owns 3,377 shares of the Wireless communications provider’s stock worth $130,000 after acquiring an additional 312 shares during the last quarter. Oslo Pensjonsforsikring AS purchased a new position in shares of Rogers Communication during the 1st quarter worth $180,000. Finally, Cary Street Partners Financial LLC purchased a new position in shares of Rogers Communication during the 4th quarter worth $195,000. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Rogers Communication Company Profile

Rogers Communications Inc is a Canadian communications and media company headquartered in Toronto, Ontario. Through its wireless and cable businesses, the company provides mobile voice and data services, high-speed internet, television, home phone and related connectivity services to consumers, businesses and public-sector organizations across Canada.

Rogers also operates media and entertainment businesses, including Sportsnet television and digital networks, radio stations and related publishing and digital properties.