Canoe Financial LP Decreases Stake in Rogers Communication, Inc. (NYSE:RCI)

Canoe Financial LP lowered its position in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 83.2% in the first quarter, Holdings Channel reports. The firm owned 218,649 shares of the Wireless communications provider’s stock after selling 1,080,662 shares during the period. Canoe Financial LP’s holdings in Rogers Communication were worth $5,840,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Lindbrook Capital LLC grew its holdings in shares of Rogers Communication by 95.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,526 shares of the Wireless communications provider’s stock worth $47,000 after purchasing an additional 744 shares during the period. Jones Financial Companies Lllp boosted its holdings in Rogers Communication by 141.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,796 shares of the Wireless communications provider’s stock worth $55,000 after acquiring an additional 1,052 shares during the period. Versant Capital Management Inc purchased a new position in Rogers Communication in the 1st quarter worth approximately $79,000. Headlands Technologies LLC boosted its holdings in Rogers Communication by 274.2% in the 4th quarter. Headlands Technologies LLC now owns 5,306 shares of the Wireless communications provider’s stock worth $163,000 after acquiring an additional 3,888 shares during the period. Finally, Prudential PLC boosted its holdings in Rogers Communication by 21.6% in the 4th quarter. Prudential PLC now owns 8,734 shares of the Wireless communications provider’s stock worth $268,000 after acquiring an additional 1,552 shares during the period. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Wall Street Analyst Weigh In

RCI has been the subject of a number of analyst reports. Canaccord Genuity Group upgraded Rogers Communication from a “hold” rating to a “buy” rating in a report on Friday, April 4th. Scotiabank cut Rogers Communication from a “sector outperform” rating to a “sector perform” rating in a report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $67.00.

Rogers Communication Stock Performance

Shares of RCI opened at $27.78 on Friday. The business’s 50 day moving average is $26.12 and its two-hundred day moving average is $27.84. Rogers Communication, Inc. has a 52-week low of $23.18 and a 52-week high of $41.84. The firm has a market cap of $14.89 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 1.52 and a beta of 0.73. The company has a quick ratio of 0.94, a current ratio of 1.00 and a debt-to-equity ratio of 3.97.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Wednesday, April 23rd. The Wireless communications provider reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.02). Rogers Communication had a net margin of 8.53% and a return on equity of 25.28%. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $4.96 billion. During the same period in the previous year, the company earned $0.99 earnings per share. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. Analysts forecast that Rogers Communication, Inc. will post 3.57 EPS for the current fiscal year.

Rogers Communication Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 9th will be given a $0.3611 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.20%. This is a positive change from Rogers Communication’s previous quarterly dividend of $0.35. The ex-dividend date is Monday, June 9th. Rogers Communication’s dividend payout ratio is presently 62.66%.

Rogers Communication 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.