CIBC Issues Positive Forecast for Rogers Communications (TSE:RCI.B) Stock Price

Rogers Communications (TSE:RCI.B) (NYSE:RCI) had its target price upped by CIBC from C$55.00 to C$58.00 in a report issued on Friday,BayStreet.CA reports.

RCI.B has been the topic of several other research reports. TD Securities lifted their target price on shares of Rogers Communications from C$57.00 to C$58.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. National Bankshares set a C$59.00 target price on shares of Rogers Communications and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Scotiabank lifted their target price on shares of Rogers Communications from C$51.50 to C$54.26 and gave the stock a “sector perform” rating in a research note on Monday, September 8th. Canaccord Genuity Group lifted their target price on shares of Rogers Communications from C$52.00 to C$55.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Rogers Communications from C$55.00 to C$59.00 in a research note on Friday, July 25th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$54.94.

Rogers Communications Price Performance

Rogers Communications stock opened at C$52.20 on Friday. The company’s fifty day moving average price is C$49.32 and its 200 day moving average price is C$42.59. Rogers Communications has a 1 year low of C$32.42 and a 1 year high of C$54.45. The stock has a market capitalization of C$28.09 billion, a P/E ratio of 18.71, a P/E/G ratio of 0.32 and a beta of 0.98. The company has a debt-to-equity ratio of 436.50, a quick ratio of 0.58 and a current ratio of 0.65.

Rogers Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Friday, October 3rd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $2.00 annualized dividend and a dividend yield of 3.8%. Rogers Communications’s payout ratio is presently 71.68%.

About Rogers Communications

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years.