Rogers Communication Inc. (RCI) Cut to “Hold” at Zacks Investment Research
Rogers Communication Inc. (NYSE:RCI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Rogers Communications is the first wireless operator in Canada to offer 3 Internet of Things (IoT) services – End-to-End Incident Management, Farm & Food Monitoring, Level Monitoring, to business enterprises. Rogers’s decision to purchase broadcasting company – Tillsonburg Broadcasting Company Limited bodes well. The company’s newly launched cost-effective, simple and competitive IaaS Cloud services and Rogers Unison (a new mobile solution) have increased its postpaid wireless and internet subscribers. The company has also been focusing on the business enterprise segment. Moreover, the company aims to launch its Internet TV services with 4K picture quality by the end of the year. However, intense wireless and cable TV industry competition, continuous softness in the advertising market and loss of viewers to video streaming service providers remain potent headwinds. Loss incurred from the shutdown of Shomi is another concern.”
Other research analysts have also recently issued research reports about the company. Scotiabank reaffirmed an “outperform” rating and issued a $56.00 price target on shares of Rogers Communication in a report on Wednesday, June 15th. Canaccord Genuity reaffirmed a “hold” rating on shares of Rogers Communication in a report on Friday, June 17th. TheStreet raised Rogers Communication from a “hold” rating to a “buy” rating in a report on Thursday, July 21st. Bank of America Corp. assumed coverage on Rogers Communication in a report on Tuesday, July 5th. They issued a “neutral” rating on the stock. Finally, TD Securities reaffirmed a “buy” rating and issued a $58.00 price target on shares of Rogers Communication in a report on Wednesday, July 6th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Rogers Communication currently has an average rating of “Buy” and an average price target of C$49.56.
Shares of Rogers Communication (NYSE:RCI) traded up 0.27% on Thursday, hitting $41.24. The company had a trading volume of 60,770 shares. The company has a 50 day moving average of $42.44 and a 200-day moving average of $40.87. The company has a market cap of $21.23 billion, a price-to-earnings ratio of 20.04 and a beta of 0.87. Rogers Communication has a 12-month low of $32.50 and a 12-month high of $45.50.
Rogers Communication (NYSE:RCI) last announced its earnings results on Thursday, July 21st. The company reported $0.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.02. Rogers Communication had a return on equity of 24.94% and a net margin of 10.42%. The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter in the previous year, the company earned $0.80 earnings per share. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, analysts forecast that Rogers Communication will post $2.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Sunday, September 11th were issued a dividend of $0.48 per share. This is a boost from Rogers Communication’s previous quarterly dividend of $0.37. This represents a $1.92 annualized dividend and a dividend yield of 4.67%. The ex-dividend date of this dividend was Wednesday, September 7th. Rogers Communication’s payout ratio is currently 71.36%.
Institutional investors have recently bought and sold shares of the stock. Blue Chip Partners Inc. boosted its position in Rogers Communication by 0.9% in the second quarter. Blue Chip Partners Inc. now owns 4,096 shares of the company’s stock valued at $165,000 after buying an additional 35 shares in the last quarter. Advisory Services Network LLC raised its stake in Rogers Communication by 1.8% in the third quarter. Advisory Services Network LLC now owns 9,615 shares of the company’s stock valued at $408,000 after buying an additional 171 shares during the last quarter. Bollard Group LLC raised its stake in Rogers Communication by 0.6% in the second quarter. Bollard Group LLC now owns 32,199 shares of the company’s stock valued at $1,301,000 after buying an additional 196 shares during the last quarter. Stifel Financial Corp raised its stake in Rogers Communication by 4.3% in the second quarter. Stifel Financial Corp now owns 5,997 shares of the company’s stock valued at $244,000 after buying an additional 248 shares during the last quarter. Finally, Monarch Capital Management Inc. raised its stake in Rogers Communication by 1.4% in the second quarter. Monarch Capital Management Inc. now owns 21,500 shares of the company’s stock valued at $869,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 49.28% of the company’s stock.
About Rogers Communication
Rogers Communications Inc is a communications and media company. The Company provides wireless communications services, and cable television, Internet and telephony services to consumers and businesses. The Company operates through four segments: Wireless, Cable, Business Solutions and Media. Its Wireless segment is engaged in wireless telecommunications operations for Canadian consumers and businesses.
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