Cogeco Communications (TSE:CCA) Trading Down 7.7%

Cogeco Communications Inc (TSE:CCA)’s share price traded down 7.7% on Wednesday . The stock traded as low as C$101.11 and last traded at C$104.18, 90,140 shares were traded during mid-day trading. A decline of 23% from the average session volume of 116,399 shares. The stock had previously closed at C$112.92.

Several analysts have weighed in on the stock. National Bank Financial lifted their price objective on shares of Cogeco Communications from C$121.00 to C$124.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. TD Securities lifted their price objective on shares of Cogeco Communications from C$110.00 to C$120.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. Royal Bank of Canada lifted their price objective on shares of Cogeco Communications from C$108.00 to C$111.00 and gave the stock a “sector perform” rating in a research note on Friday, November 1st. CIBC lifted their price objective on shares of Cogeco Communications from C$109.00 to C$113.00 in a research note on Friday, November 1st. Finally, Echelon Wealth Partners cut shares of Cogeco Communications from a “buy” rating to a “hold” rating in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Cogeco Communications has a consensus rating of “Hold” and an average price target of C$110.25.

The firm’s 50-day moving average price is C$114.28 and its 200 day moving average price is C$108.53. The company has a market capitalization of $5.61 billion and a price-to-earnings ratio of 12.62. The company has a current ratio of 1.75, a quick ratio of 1.69 and a debt-to-equity ratio of 133.03.

Cogeco Communications (TSE:CCA) last issued its earnings results on Wednesday, October 30th. The company reported C$1.77 EPS for the quarter, missing the consensus estimate of C$1.79 by C($0.02). The firm had revenue of C$583.67 million for the quarter, compared to the consensus estimate of C$572.00 million. As a group, equities research analysts anticipate that Cogeco Communications Inc will post 7.7199996 earnings per share for the current fiscal year.

In other news, Senior Officer Andrée Pinard sold 300 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of C$116.93, for a total value of C$35,079.00. Following the completion of the transaction, the insider now directly owns 1,904 shares in the company, valued at approximately C$222,634.72. Also, Senior Officer Christian Jolivet sold 3,015 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of C$119.00, for a total transaction of C$358,785.00. Following the completion of the transaction, the insider now owns 2,342 shares of the company’s stock, valued at C$278,698. Insiders sold a total of 3,475 shares of company stock valued at $412,114 over the last 90 days.

About Cogeco Communications (TSE:CCA)

Cogeco Communications Inc operates as a communications corporation in North America. The company operates in three segments: Canadian Broadband Services; American Broadband Services; and Business Information and Communications Technology Services. It offers digital video and programming services, such as basic services, digital tier packages, discretionary services, pay-per-view channels, video-on-demand services, high definition and 4K television services, and advanced video services; Internet services; and telephony services to residential customers comprising direct international calling, international long distance plans, voicemail, and other custom calling features.

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