The Manufacturers Life Insurance Company Has $101.77 Million Holdings in Rogers Communication, Inc. (RCI)
The Manufacturers Life Insurance Company lessened its stake in Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 34.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,158,463 shares of the Wireless communications provider’s stock after selling 1,150,346 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.42% of Rogers Communication worth $101,768,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RCI. FMR LLC boosted its holdings in Rogers Communication by 21.2% in the 2nd quarter. FMR LLC now owns 33,392,433 shares of the Wireless communications provider’s stock worth $1,577,180,000 after acquiring an additional 5,832,908 shares during the period. CIBC Asset Management Inc boosted its holdings in Rogers Communication by 41.3% in the 2nd quarter. CIBC Asset Management Inc now owns 4,493,734 shares of the Wireless communications provider’s stock worth $212,001,000 after acquiring an additional 1,314,087 shares during the period. Neuberger Berman Group LLC purchased a new position in Rogers Communication in the 2nd quarter worth approximately $21,915,000. Renaissance Technologies LLC boosted its holdings in Rogers Communication by 41.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,243,200 shares of the Wireless communications provider’s stock worth $58,694,000 after acquiring an additional 365,000 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Rogers Communication by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 7,799,123 shares of the Wireless communications provider’s stock worth $344,877,000 after acquiring an additional 343,169 shares during the period. Hedge funds and other institutional investors own 47.43% of the company’s stock.
A number of research firms have weighed in on RCI. Zacks Investment Research cut Rogers Communication from a “buy” rating to a “hold” rating in a report on Friday, September 22nd. Morgan Stanley upped their target price on Rogers Communication from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Friday, August 25th. Finally, BidaskClub raised Rogers Communication from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 16th. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $57.29.
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Shares of Rogers Communication, Inc. (NYSE RCI) traded down 0.39% during trading on Monday, hitting $51.63. The company’s stock had a trading volume of 19,490 shares. The company has a market capitalization of $26.58 billion, a P/E ratio of 31.22 and a beta of 0.86. Rogers Communication, Inc. has a 1-year low of $37.03 and a 1-year high of $53.55. The firm’s 50 day moving average is $51.92 and its 200-day moving average is $48.41.
Rogers Communication (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Thursday, July 20th. The Wireless communications provider reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.03. The firm had revenue of $3.59 billion for the quarter, compared to analyst estimates of $3.59 billion. Rogers Communication had a return on equity of 28.90% and a net margin of 7.42%. The company’s revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 EPS. Analysts forecast that Rogers Communication, Inc. will post $2.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Friday, September 15th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.70%. The ex-dividend date of this dividend was Thursday, September 14th. Rogers Communication’s payout ratio is presently 104.05%.
About Rogers Communication
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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