Cardinal Point Capital Management ULC Acquires 8,711 Shares of Rogers Communication, Inc. $RCI

Cardinal Point Capital Management ULC lifted its holdings in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 336,263 shares of the Wireless communications provider’s stock after purchasing an additional 8,711 shares during the period. Cardinal Point Capital Management ULC’s holdings in Rogers Communication were worth $9,955,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in RCI. Goldman Sachs Group Inc. increased its holdings in Rogers Communication by 303.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,538,620 shares of the Wireless communications provider’s stock worth $148,047,000 after acquiring an additional 4,166,861 shares during the last quarter. Platinum Investment Management Ltd. purchased a new stake in Rogers Communication in the 2nd quarter worth about $77,687,000. Canada Pension Plan Investment Board increased its holdings in Rogers Communication by 373.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,870,559 shares of the Wireless communications provider’s stock worth $76,671,000 after acquiring an additional 2,263,859 shares during the last quarter. Value Partners Investments Inc. increased its holdings in Rogers Communication by 1,252.8% in the 1st quarter. Value Partners Investments Inc. now owns 2,312,136 shares of the Wireless communications provider’s stock worth $61,808,000 after acquiring an additional 2,141,227 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Rogers Communication by 380.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,348,091 shares of the Wireless communications provider’s stock worth $62,717,000 after acquiring an additional 1,859,288 shares during the last quarter. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Rogers Communication in a report on Wednesday, October 8th. Scotiabank reaffirmed a “sector perform” rating on shares of Rogers Communication in a report on Monday. Barclays lifted their target price on Rogers Communication from $31.00 to $33.00 and gave the company an “equal weight” rating in a report on Tuesday, August 12th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $33.00.

Rogers Communication Stock Performance

NYSE:RCI opened at $38.58 on Friday. The business has a 50 day moving average of $35.80 and a 200 day moving average of $31.14. The company has a market capitalization of $20.84 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 3.00 and a beta of 0.78. Rogers Communication, Inc. has a 1-year low of $23.18 and a 1-year high of $39.32. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.70 and a quick ratio of 1.64.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.02. The company had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%.Rogers Communication’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 EPS. On average, sell-side analysts predict that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 8th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Monday, December 8th. This is a positive change from Rogers Communication’s previous quarterly dividend of $0.37. Rogers Communication’s dividend payout ratio is presently 72.64%.

Rogers Communication Company Profile

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.