Rogers Communications (NYSE:RCI) Price Target Raised to $74.00

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its target price raised by TD Securities from $73.00 to $74.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the Wireless communications provider’s stock.

Several other brokerages have also commented on RCI. Canaccord Genuity Group lowered shares of Rogers Communications from a buy rating to a hold rating in a report on Thursday, July 25th. BMO Capital Markets increased their target price on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an outperform rating in a report on Thursday. StockNews.com upgraded shares of Rogers Communications from a sell rating to a hold rating in a report on Thursday, July 11th. Finally, Canaccord Genuity Group reiterated a hold rating and set a $57.00 target price (down from $59.00) on shares of Rogers Communications in a report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Rogers Communications currently has an average rating of Moderate Buy and a consensus price target of $61.75.

Rogers Communications Stock Performance

Shares of RCI stock opened at $40.36 on Thursday. The firm’s 50 day moving average price is $39.47 and its 200-day moving average price is $39.35. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.60 and a current ratio of 0.65. Rogers Communications has a one year low of $35.55 and a one year high of $48.19. The firm has a market cap of $21.39 billion, a P/E ratio of 50.45, a P/E/G ratio of 1.06 and a beta of 0.67.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings data on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, topping the consensus estimate of $0.83 by $0.33. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business posted $0.76 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, equities research analysts predict that Rogers Communications will post 3.59 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 9th will be issued a $0.365 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.62%. Rogers Communications’s payout ratio is 185.00%.

Institutional Investors Weigh In On Rogers Communications

A number of hedge funds and other institutional investors have recently modified their holdings of RCI. Dimensional Fund Advisors LP raised its holdings in shares of Rogers Communications by 7.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 567,126 shares of the Wireless communications provider’s stock valued at $26,547,000 after purchasing an additional 37,026 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Rogers Communications by 17.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 6,962 shares of the Wireless communications provider’s stock valued at $326,000 after purchasing an additional 1,056 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Rogers Communications in the 4th quarter valued at $1,719,000. Clearbridge Investments LLC acquired a new stake in shares of Rogers Communications in the 4th quarter valued at $846,000. Finally, Assetmark Inc. raised its holdings in shares of Rogers Communications by 1.8% in the 4th quarter. Assetmark Inc. now owns 18,891 shares of the Wireless communications provider’s stock valued at $884,000 after purchasing an additional 331 shares in the last quarter. 45.49% of the stock is currently owned by institutional investors and hedge funds.

Rogers Communications Company Profile

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.