Connor Clark & Lunn Investment Management Ltd. Increases Holdings in Rogers Communications Inc. (NYSE:RCI)

Connor Clark & Lunn Investment Management Ltd. grew its stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 86.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,610,833 shares of the Wireless communications provider’s stock after purchasing an additional 1,211,482 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rogers Communications were worth $104,965,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RCI. 1832 Asset Management L.P. boosted its stake in Rogers Communications by 2.6% in the 2nd quarter. 1832 Asset Management L.P. now owns 11,501,927 shares of the Wireless communications provider’s stock worth $425,341,000 after purchasing an additional 288,614 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Rogers Communications by 10.2% during the second quarter. Mackenzie Financial Corp now owns 10,563,054 shares of the Wireless communications provider’s stock valued at $390,738,000 after buying an additional 974,937 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Rogers Communications by 53.9% during the second quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock valued at $233,099,000 after acquiring an additional 2,206,690 shares in the last quarter. Letko Brosseau & Associates Inc. increased its position in shares of Rogers Communications by 1.5% during the second quarter. Letko Brosseau & Associates Inc. now owns 4,004,074 shares of the Wireless communications provider’s stock valued at $148,066,000 after acquiring an additional 57,245 shares in the last quarter. Finally, AGF Management Ltd. raised its holdings in Rogers Communications by 5.6% in the 2nd quarter. AGF Management Ltd. now owns 3,651,100 shares of the Wireless communications provider’s stock worth $135,018,000 after acquiring an additional 194,581 shares during the last quarter. 45.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. TD Securities lifted their target price on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Canaccord Genuity Group reissued a “hold” rating and issued a $57.00 target price (down previously from $59.00) on shares of Rogers Communications in a research report on Thursday, July 25th. Canaccord Genuity Group downgraded shares of Rogers Communications from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Finally, BMO Capital Markets lifted their price target on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.75.

Rogers Communications Trading Up 0.2 %

Rogers Communications stock opened at $35.80 on Wednesday. Rogers Communications Inc. has a one year low of $35.17 and a one year high of $48.19. The stock has a market cap of $19.07 billion, a PE ratio of 17.46, a price-to-earnings-growth ratio of 1.11 and a beta of 0.69. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.64 and a current ratio of 0.68. The stock has a 50-day moving average of $38.30 and a two-hundred day moving average of $38.63.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.35. The business had revenue of $5.13 billion during the quarter, compared to analyst estimates of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 earnings per share. On average, research analysts anticipate that Rogers Communications Inc. will post 3.55 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be paid a dividend of $0.3611 per share. The ex-dividend date is Monday, December 9th. This represents a $1.44 annualized dividend and a yield of 4.04%. Rogers Communications’s dividend payout ratio (DPR) is 72.20%.

About Rogers Communications

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.