Rogers Communications (NYSE:RCI) Price Target Raised to $70.00

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its price target upped by analysts at BMO Capital Markets from $67.00 to $70.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the Wireless communications provider’s stock. BMO Capital Markets’ price target indicates a potential upside of 73.44% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Canaccord Genuity Group downgraded shares of Rogers Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. 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 note on Thursday, July 25th. Finally, StockNews.com raised shares of Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Rogers Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.75.

Rogers Communications Stock Performance

NYSE:RCI opened at $40.36 on Thursday. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.58. The company 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 has a fifty-two week low of $35.55 and a fifty-two week high of $48.19. The firm’s 50 day moving average is $39.47 and its two-hundred day moving average is $39.38.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.33. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.14 billion. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. Rogers Communications’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $0.76 earnings per share. Analysts expect that Rogers Communications will post 3.59 EPS for the current year.

Hedge Funds Weigh In On Rogers Communications

A number of hedge funds have recently made changes to their positions in the business. Ridgewood Investments LLC acquired a new stake in Rogers Communications during the 2nd quarter valued at $37,000. Northwestern Mutual Wealth Management Co. grew its holdings in Rogers Communications by 110.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock valued at $37,000 after purchasing an additional 522 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Rogers Communications during the 1st quarter valued at $42,000. Acadian Asset Management LLC acquired a new stake in Rogers Communications during the 2nd quarter valued at $55,000. Finally, CWM LLC grew its holdings in Rogers Communications by 342.3% during the 2nd quarter. CWM LLC now owns 1,809 shares of the Wireless communications provider’s stock worth $67,000 after acquiring an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 45.49% of the company’s stock.

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.