Rogers Communications (TSE:RCI.B) Hits New 52-Week High – Should You Buy?

Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI)’s stock price reached a new 52-week high on Monday . The company traded as high as C$56.25 and last traded at C$56.25, with a volume of 670140 shares. The stock had previously closed at C$54.44.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RCI.B shares. Canaccord Genuity Group upped their price target on Rogers Communications from C$55.00 to C$57.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Canadian Imperial Bank of Commerce increased their target price on Rogers Communications from C$58.00 to C$60.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. TD Securities lifted their target price on Rogers Communications from C$64.00 to C$67.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Scotiabank reduced their price target on shares of Rogers Communications from C$58.00 to C$57.75 and set a “sector perform” rating on the stock in a research report on Tuesday, January 20th. Finally, Morgan Stanley lifted their price objective on shares of Rogers Communications from C$46.00 to C$50.00 in a report on Wednesday, December 10th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$57.73.

Rogers Communications Stock Performance

The stock has a 50-day moving average price of C$51.28 and a 200 day moving average price of C$51.22. The company has a quick ratio of 0.58, a current ratio of 0.65 and a debt-to-equity ratio of 436.50. The firm has a market capitalization of C$30.31 billion, a price-to-earnings ratio of 4.40, a P/E/G ratio of 0.32 and a beta of 1.07.

About Rogers Communications

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years. Rogers’ cable segment, which provides about one fourth of total sales, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers’ media unit, which owns and operates various television and radio stations and the Toronto Blue Jays.