Cogeco Communications (TSE:CCA) Share Price Crosses Above 50 Day Moving Average – Here’s What Happened

Cogeco Communications Inc. (TSE:CCA)’s share price passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of C$54.87 and traded as high as C$56.12. Cogeco Communications shares last traded at C$55.53, with a volume of 424,292 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Canaccord Genuity Group dropped their target price on shares of Cogeco Communications from C$68.00 to C$61.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Desjardins decreased their price target on shares of Cogeco Communications from C$64.00 to C$53.00 and set a “hold” rating for the company in a research note on Friday, October 30th. National Bank Financial decreased their price target on shares of Cogeco Communications from C$69.00 to C$53.00 and set a “sector perform” rating for the company in a research note on Friday, October 30th. TD lowered their price target on Cogeco Communications from C$83.00 to C$81.00 and set a “buy” rating for the company in a report on Friday, October 30th. Finally, Scotiabank dropped their price objective on Cogeco Communications from C$68.00 to C$64.50 and set a “sector perform” rating on the stock in a research note on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of C$65.55.

Cogeco Communications Trading Down 0.6%

The stock’s 50 day moving average is C$54.76 and its two-hundred day moving average is C$62.94. The company has a market capitalization of C$2.32 billion, a PE ratio of -2.10, a price-to-earnings-growth ratio of 4.77 and a beta of 0.95. The company has a quick ratio of 0.49, a current ratio of 0.59 and a debt-to-equity ratio of 229.76.

Cogeco Communications (TSE:CCA) last issued its earnings results on Thursday, October 29th. The company reported C$2.05 earnings per share (EPS) for the quarter. Cogeco Communications had a negative net margin of 39.55% and a negative return on equity of 43.35%. The company had revenue of C$695.49 million for the quarter. As a group, sell-side analysts predict that Cogeco Communications Inc. will post 8.49 EPS for the current fiscal year.

Cogeco Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Wednesday, November 25th will be issued a dividend of $1.0070 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This is a positive change from Cogeco Communications’s previous quarterly dividend of $0.9870. This represents a $4.03 annualized dividend and a yield of 7.3%. Cogeco Communications’s dividend payout ratio is -15.02%.

Cogeco Communications Company Profile

Cogeco Communications Inc is a leading telecommunications provider committed to bringing people together through powerful communications and entertainment experiences. We provide world-class Internet, wireless, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. Our services are marketed under the Cogeco and oxio brands in Canada, and under the Breezeline brand in the U.S. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future.