Rogers Communication (NYSE:RCI) Stock Price Passes Below Fifty Day Moving Average – Here’s What Happened

Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) shares crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $36.84 and traded as low as $35.91. Rogers Communication shares last traded at $36.0450, with a volume of 1,187,588 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RCI. Wall Street Zen cut shares of Rogers Communication from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Desjardins reissued a “hold” rating on shares of Rogers Communication in a research note on Thursday, April 23rd. TD Cowen reissued a “buy” rating on shares of Rogers Communication in a research note on Friday, January 30th. Barclays reissued a “positive” rating and set a $37.00 price objective on shares of Rogers Communication in a research note on Tuesday, January 27th. Finally, Scotiabank raised shares of Rogers Communication from a “hold” rating to an “outperform” rating in a research note on Thursday, April 23rd. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $36.00.

Rogers Communication Stock Performance

The company has a market cap of $19.47 billion, a price-to-earnings ratio of 3.80, a price-to-earnings-growth ratio of 3.19 and a beta of 0.61. The stock’s fifty day simple moving average is $36.84 and its two-hundred day simple moving average is $37.40. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.55.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Wednesday, April 22nd. The Wireless communications provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. The company had revenue of $3.94 billion for the quarter, compared to analyst estimates of $5.44 billion. Rogers Communication had a net margin of 32.00% and a return on equity of 12.11%. Rogers Communication’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business earned $0.99 EPS. Equities research analysts anticipate that Rogers Communication, Inc. will post 3.55 EPS for the current year.

Rogers Communication Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Investors of record on Tuesday, June 9th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 9th. This represents a $2.00 annualized dividend and a dividend yield of 5.5%. Rogers Communication’s payout ratio is presently 15.51%.

Hedge Funds Weigh In On Rogers Communication

Several hedge funds and other institutional investors have recently made changes to their positions in RCI. Manchester Capital Management LLC acquired a new position in shares of Rogers Communication during the 4th quarter valued at $26,000. Farther Finance Advisors LLC lifted its holdings in shares of Rogers Communication by 107.4% during the 4th quarter. Farther Finance Advisors LLC now owns 786 shares of the Wireless communications provider’s stock valued at $30,000 after acquiring an additional 407 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Rogers Communication by 143.2% during the 2nd quarter. Headlands Technologies LLC now owns 1,661 shares of the Wireless communications provider’s stock valued at $49,000 after acquiring an additional 978 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Rogers Communication during the 3rd quarter valued at $58,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Rogers Communication by 52.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,981 shares of the Wireless communications provider’s stock valued at $59,000 after acquiring an additional 683 shares in the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

About Rogers Communication

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.