Rogers Communications (NYSE:RCI) Lifted to “Buy” at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Rogers Communications (NYSE:RCIGet Rating) (TSE:RCI.B) from a hold rating to a buy rating in a report issued on Tuesday, MarketBeat.com reports.

Several other research firms have also issued reports on RCI. StockNews.com initiated coverage on Rogers Communications in a research report on Thursday, March 31st. They set a hold rating on the stock. Canaccord Genuity Group upgraded Rogers Communications from a hold rating to a buy rating in a research note on Tuesday. JPMorgan Chase & Co. boosted their price target on Rogers Communications from C$78.00 to C$90.00 in a research note on Thursday, April 21st. Royal Bank of Canada lifted their price objective on Rogers Communications from C$75.00 to C$77.00 in a report on Thursday, April 21st. Finally, Desjardins boosted their price target on Rogers Communications from C$72.00 to C$83.00 in a report on Friday, April 22nd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $79.33.

Shares of Rogers Communications stock opened at $47.36 on Tuesday. The stock has a fifty day simple moving average of $51.59 and a 200 day simple moving average of $51.36. Rogers Communications has a 12-month low of $44.19 and a 12-month high of $64.55. The company has a market capitalization of $23.91 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 2.60 and a beta of 0.48. The company has a current ratio of 2.39, a quick ratio of 2.32 and a debt-to-equity ratio of 2.72.

Rogers Communications (NYSE:RCIGet Rating) (TSE:RCI.B) last posted its quarterly earnings results on Wednesday, April 20th. The Wireless communications provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.09. Rogers Communications had a return on equity of 17.67% and a net margin of 10.73%. The company had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company earned $0.61 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, analysts predict that Rogers Communications will post 3 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 4th. Investors of record on Friday, June 10th will be paid a $0.396 dividend. The ex-dividend date of this dividend is Thursday, June 9th. This represents a $1.58 dividend on an annualized basis and a yield of 3.34%. Rogers Communications’s dividend payout ratio (DPR) is 63.71%.

Hedge funds have recently modified their holdings of the stock. Stonehage Fleming Financial Services Holdings Ltd raised its stake in Rogers Communications by 53.7% in the 4th quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 764 shares of the Wireless communications provider’s stock worth $36,000 after acquiring an additional 267 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in Rogers Communications in the 4th quarter worth $49,000. Spire Wealth Management grew its position in Rogers Communications by 89.6% during the 4th quarter. Spire Wealth Management now owns 1,426 shares of the Wireless communications provider’s stock worth $68,000 after purchasing an additional 674 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in Rogers Communications by 26.7% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,760 shares of the Wireless communications provider’s stock worth $99,000 after purchasing an additional 371 shares during the period. Finally, Advisor Group Holdings Inc. grew its position in Rogers Communications by 25.3% during the 4th quarter. Advisor Group Holdings Inc. now owns 2,544 shares of the Wireless communications provider’s stock worth $121,000 after purchasing an additional 514 shares during the period. Institutional investors own 41.73% of the company’s stock.

Rogers Communications Company Profile (Get Rating)

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 and accessory financing, wireless home phone, device protection, e-mail, global voice and data roaming, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device delivery services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands to approximately 11.3 million subscribers.

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