Rogers Communications Inc. (NYSE:RCI) Forecasted to Earn FY2024 Earnings of $3.97 Per Share

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Analysts at Cormark reduced their FY2024 EPS estimates for Rogers Communications in a research note issued to investors on Monday, April 15th. Cormark analyst D. Mcfadgen now anticipates that the Wireless communications provider will post earnings per share of $3.97 for the year, down from their previous forecast of $4.05. The consensus estimate for Rogers Communications’ current full-year earnings is $3.60 per share.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Thursday, February 1st. The Wireless communications provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.11. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.99 billion. Rogers Communications had a net margin of 4.38% and a return on equity of 22.17%.

RCI has been the subject of several other research reports. Barclays reduced their price target on shares of Rogers Communications from $52.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. StockNews.com lowered Rogers Communications from a “hold” rating to a “sell” rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $46.00.

Rogers Communications Stock Up 0.5 %

NYSE RCI opened at $37.89 on Wednesday. The firm has a market capitalization of $20.03 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 1.62 and a beta of 0.59. Rogers Communications has a 52 week low of $36.55 and a 52 week high of $50.00. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 3.81. The company has a fifty day moving average of $42.63 and a two-hundred day moving average of $43.11.

Rogers Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 3rd. Investors of record on Monday, March 11th were paid a dividend of $0.3742 per share. This represents a $1.50 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date was Friday, March 8th. This is an increase from Rogers Communications’s previous quarterly dividend of $0.36. Rogers Communications’s dividend payout ratio (DPR) is currently 122.50%.

Institutional Trading of Rogers Communications

Hedge funds have recently made changes to their positions in the company. Gulf International Bank UK Ltd raised its position in shares of Rogers Communications by 13.4% in the first quarter. Gulf International Bank UK Ltd now owns 2,720 shares of the Wireless communications provider’s stock valued at $111,000 after buying an additional 322 shares during the last quarter. Wellington Management Group LLP grew its holdings in Rogers Communications by 73.5% during the 4th quarter. Wellington Management Group LLP now owns 17,534 shares of the Wireless communications provider’s stock valued at $825,000 after purchasing an additional 7,430 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Rogers Communications by 22.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,544,016 shares of the Wireless communications provider’s stock worth $165,895,000 after purchasing an additional 660,486 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Rogers Communications during the 4th quarter valued at $228,000. Finally, FIL Ltd increased its holdings in Rogers Communications by 13.7% in the fourth quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock valued at $1,709,377,000 after buying an additional 4,405,888 shares during the last quarter. Institutional investors and hedge funds own 45.49% 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 company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.