Rogers Communications (NYSE:RCI) Lowered to Neutral Rating by Bank of America

Bank of America lowered shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a buy rating to a neutral rating in a research report released on Tuesday, Marketbeat.com reports.

RCI has been the topic of several other research reports. TD Securities boosted their price target on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Morgan Stanley initiated coverage on Rogers Communications in a report on Monday, December 16th. They issued an “underweight” rating on the stock. Finally, BMO Capital Markets lifted their price target on Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Stock Performance

Shares of RCI opened at $28.45 on Tuesday. Rogers Communications has a 1 year low of $27.63 and a 1 year high of $48.19. The stock has a market capitalization of $15.21 billion, a P/E ratio of 13.88, a P/E/G ratio of 0.91 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 company’s fifty day moving average is $33.14 and its two-hundred day moving average is $36.82.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.07 by $0.35. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The business had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same period last year, the firm earned $0.95 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, sell-side analysts predict that Rogers Communications will post 3.52 earnings per share for the current year.

Rogers Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Monday, December 9th were paid a dividend of $0.3611 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.08%. The ex-dividend date of this dividend was Monday, December 9th. Rogers Communications’s dividend payout ratio is currently 68.78%.

Institutional Investors Weigh In On Rogers Communications

Institutional investors have recently bought and sold shares of the stock. Crossmark Global Holdings Inc. boosted its holdings in shares of Rogers Communications by 1.6% in the 4th quarter. Crossmark Global Holdings Inc. now owns 23,563 shares of the Wireless communications provider’s stock valued at $725,000 after purchasing an additional 379 shares during the last quarter. Monarch Capital Management Inc. raised its position in shares of Rogers Communications by 25.2% in the 4th quarter. Monarch Capital Management Inc. now owns 49,013 shares of the Wireless communications provider’s stock worth $1,515,000 after buying an additional 9,875 shares during the period. Canoe Financial LP boosted its holdings in Rogers Communications by 14.7% in the fourth quarter. Canoe Financial LP now owns 1,299,311 shares of the Wireless communications provider’s stock valued at $39,916,000 after acquiring an additional 166,224 shares during the last quarter. Avanza Fonder AB purchased a new stake in Rogers Communications during the fourth quarter valued at about $718,000. Finally, Dixon Mitchell Investment Counsel Inc. grew its position in Rogers Communications by 1.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 154,928 shares of the Wireless communications provider’s stock valued at $4,814,000 after acquiring an additional 2,886 shares during the period. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

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.