Rogers Communication, Inc. (NYSE:RCI) Upgraded to Buy by Zacks Investment Research
Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, July 12th. The firm presently has a $53.00 target price on the Wireless communications provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 3.39% from the company’s current price.
According to Zacks, “Rogers Communications continues to remain the first wireless operator in Canada to offer Internet of Things as a service to business enterprises. The company’s wireless and cable segment has been doing well with huge wireless and high-speed internet subscriber gain. Rogers' Media arm inked two important deals – one with The Weather Company and an extended deal with Iowa-based media conglomerate company, Meredith Corporation. Over the past three months, the stock price grew 4.61% while the Zacks Cable TV industry moved down 1.13%. The company has maintained its position as the largest integrated-telecom operator in Canada. On the other hand, the company operates in an intensely competitive wireless and cable TV industry. Moreover, continuous softness in the advertising market, declining cash flow and loss of viewers to video streaming service providers remain potent headwinds.”
Several other analysts also recently commented on the stock. BidaskClub raised shares of Rogers Communication from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Canaccord Genuity set a $66.00 price objective on shares of Rogers Communication and gave the stock a “buy” rating in a research note on Wednesday, April 19th. Finally, CIBC cut shares of Rogers Communication from a “sector outperform” rating to a “sector perform” rating in a research report on Wednesday, April 5th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.67.
Shares of Rogers Communication (NYSE RCI) opened at 51.26 on Wednesday. Rogers Communication has a one year low of $37.03 and a one year high of $53.07. The firm has a market cap of $26.39 billion, a PE ratio of 32.12 and a beta of 0.86. The firm’s 50-day moving average price is $48.91 and its 200-day moving average price is $45.30.
Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Thursday, July 20th. The Wireless communications provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.71 by $0.03. The business had revenue of $3.59 billion during the quarter, compared to the consensus estimate of $3.59 billion. Rogers Communication had a net margin of 7.42% and a return on equity of 28.90%. Rogers Communication’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.83 EPS. Equities research analysts expect that Rogers Communication will post $2.72 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning increased its position in Rogers Communication by 7.8% in the second quarter. Creative Planning now owns 2,391 shares of the Wireless communications provider’s stock valued at $113,000 after buying an additional 173 shares during the last quarter. US Bancorp DE increased its stake in shares of Rogers Communication by 8.8% in the first quarter. US Bancorp DE now owns 3,429 shares of the Wireless communications provider’s stock valued at $152,000 after buying an additional 278 shares in the last quarter. Barometer Capital Management Inc. purchased a new stake in shares of Rogers Communication during the first quarter valued at approximately $168,000. Wetherby Asset Management Inc. purchased a new stake in shares of Rogers Communication during the second quarter valued at approximately $203,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Rogers Communication during the first quarter valued at approximately $288,000. Institutional investors own 47.23% of the company’s stock.
Rogers Communication Company Profile
Rogers Communications Inc is a communications and media company. The Company provides wireless communications services, and cable television, Internet, information technology (IT) and telephony services to consumers and businesses. Its segments include Wireless, Cable, Business Solutions and Media. The Wireless segment is engaged in wireless telecommunications operations for Canadian consumers and businesses.
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