Rogers Communications (NYSE:RCI) PT Lowered to $57.00 at Canaccord Genuity

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its target price decreased by Canaccord Genuity from $58.00 to $57.00 in a report released on Wednesday morning, The Fly reports. Canaccord Genuity currently has a buy rating on the Wireless communications provider’s stock.

RCI has been the topic of a number of other reports. Scotiabank reduced their price objective on shares of Rogers Communications from $64.00 to $62.00 and set an outperform rating on the stock in a research note on Thursday, July 23rd. CIBC reduced their price target on shares of Rogers Communications from $66.00 to $62.00 and set a neutral rating on the stock in a research report on Thursday, July 23rd. Veritas Investment Research raised shares of Rogers Communications from a sell rating to a buy rating in a research report on Thursday, July 23rd. Barclays initiated coverage on shares of Rogers Communications in a research report on Friday, October 2nd. They set an equal weight rating and a $43.00 price target on the stock. Finally, BMO Capital Markets reduced their price target on shares of Rogers Communications from $70.00 to $68.00 and set an outperform rating on the stock in a research report on Thursday, July 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $59.56.

Shares of RCI stock opened at $40.62 on Wednesday. Rogers Communications has a 52-week low of $32.20 and a 52-week high of $51.29. The stock has a market cap of $20.51 billion, a PE ratio of 16.45, a PEG ratio of 4.41 and a beta of 0.48. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.97 and a current ratio of 1.03. The firm’s 50 day moving average price is $40.72 and its two-hundred day moving average price is $41.25.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings data on Wednesday, July 22nd. The Wireless communications provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Rogers Communications had a net margin of 11.89% and a return on equity of 18.57%. The firm had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.40 billion. As a group, sell-side analysts predict that Rogers Communications will post 2.13 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Wednesday, September 9th were issued a dividend of $0.3717 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This is an increase from Rogers Communications’s previous quarterly dividend of $0.35. This represents a $1.49 dividend on an annualized basis and a dividend yield of 3.66%. Rogers Communications’s dividend payout ratio (DPR) is presently 48.88%.

Several large investors have recently bought and sold shares of RCI. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Rogers Communications by 20.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 291,120 shares of the Wireless communications provider’s stock worth $15,668,000 after buying an additional 48,530 shares in the last quarter. State Street Corp grew its holdings in shares of Rogers Communications by 228.4% during the first quarter. State Street Corp now owns 33,450 shares of the Wireless communications provider’s stock worth $1,400,000 after buying an additional 23,263 shares in the last quarter. MML Investors Services LLC bought a new position in shares of Rogers Communications during the first quarter worth about $200,000. Geode Capital Management LLC grew its holdings in shares of Rogers Communications by 8.7% during the first quarter. Geode Capital Management LLC now owns 578,435 shares of the Wireless communications provider’s stock worth $24,310,000 after buying an additional 46,225 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Rogers Communications by 32.8% during the first quarter. Wells Fargo & Company MN now owns 121,973 shares of the Wireless communications provider’s stock worth $5,066,000 after buying an additional 30,135 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

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 Wireless segment offers wireless voice and data communication services to individual consumers, businesses, governments, and other telecommunications service providers; postpaid and prepaid wireless services under the Rogers, Fido, and chatr brands; and wireless devices, services, and applications to consumers and businesses.

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