Lorne Steinberg Wealth Management Inc. Has $3.65 Million Stock Position in Rogers Communication, Inc. $RCI

Lorne Steinberg Wealth Management Inc. grew its position in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 1.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 122,961 shares of the Wireless communications provider’s stock after acquiring an additional 1,964 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Rogers Communication were worth $3,650,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of RCI. Goldman Sachs Group Inc. boosted its position in Rogers Communication by 303.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,538,620 shares of the Wireless communications provider’s stock worth $148,047,000 after acquiring an additional 4,166,861 shares during the last quarter. Platinum Investment Management Ltd. acquired a new position in Rogers Communication during the 2nd quarter worth approximately $77,687,000. Canada Pension Plan Investment Board boosted its position in Rogers Communication by 373.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 2,870,559 shares of the Wireless communications provider’s stock worth $76,671,000 after acquiring an additional 2,263,859 shares during the last quarter. Value Partners Investments Inc. boosted its holdings in shares of Rogers Communication by 1,252.8% in the 1st quarter. Value Partners Investments Inc. now owns 2,312,136 shares of the Wireless communications provider’s stock valued at $61,808,000 after buying an additional 2,141,227 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Rogers Communication by 380.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,348,091 shares of the Wireless communications provider’s stock valued at $62,717,000 after buying an additional 1,859,288 shares during the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communication Stock Up 0.2%

RCI opened at $37.28 on Monday. Rogers Communication, Inc. has a 1-year low of $23.18 and a 1-year high of $39.33. The stock’s fifty day simple moving average is $35.57 and its 200 day simple moving average is $30.89. The company has a current ratio of 1.70, a quick ratio of 1.64 and a debt-to-equity ratio of 2.23. The stock has a market cap of $20.14 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 2.99 and a beta of 0.78.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.02. The business had revenue of $3.82 billion for the quarter, compared to analysts’ expectations of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%.The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 EPS. As a group, research analysts expect that Rogers Communication, Inc. will post 3.57 earnings per share for the current year.

Rogers Communication Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 8th were given a dividend of $0.3672 per share. This represents a $1.47 annualized dividend and a yield of 3.9%. The ex-dividend date was Monday, September 8th. This is a positive change from Rogers Communication’s previous quarterly dividend of $0.36. Rogers Communication’s dividend payout ratio (DPR) is 72.64%.

Analysts Set New Price Targets

RCI has been the subject of several recent analyst reports. BMO Capital Markets reissued an “outperform” rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Rogers Communication in a report on Wednesday, October 8th. Scotiabank reissued a “sector perform” rating on shares of Rogers Communication in a report on Tuesday, July 15th. Finally, Barclays increased their price objective on Rogers Communication from $31.00 to $33.00 and gave the company an “equal weight” rating in a report on Tuesday, August 12th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Rogers Communication has an average rating of “Hold” and a consensus price target of $33.00.

About Rogers Communication

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 financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.