Rogers Communication (NYSE:RCI) Stock Price Up 10.8% After Strong Earnings

Shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) shot up 10.8% on Wednesday following a better than expected earnings announcement. The stock traded as high as $36.34 and last traded at $36.5550. 530,010 shares changed hands during trading, a decline of 56% from the average session volume of 1,208,317 shares. The stock had previously closed at $32.99.

The Wireless communications provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.01. Rogers Communication had a return on equity of 12.48% and a net margin of 32.00%.The firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $5.44 billion. During the same period in the prior year, the firm earned $0.99 EPS. The firm’s revenue was up 10.2% on a year-over-year basis.

Rogers Communication Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 6th. Investors of record on Tuesday, June 9th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $2.00 dividend on an annualized basis and a yield of 5.4%. Rogers Communication’s dividend payout ratio (DPR) is currently 15.89%.

Analyst Ratings Changes

RCI has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Rogers Communication in a research note on Friday, December 26th. TD Securities downgraded shares of Rogers Communication from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Wall Street Zen downgraded shares of Rogers Communication from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Scotiabank raised shares of Rogers Communication from a “sector perform” rating to an “outperform” rating in a research report on Thursday. Finally, TD Cowen reissued a “buy” rating on shares of Rogers Communication in a research report on Friday, January 30th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Rogers Communication has a consensus rating of “Hold” and an average target price of $36.00.

Hedge Funds Weigh In On Rogers Communication

Hedge funds have recently made changes to their positions in the business. Manchester Capital Management LLC purchased a new stake in Rogers Communication during the 4th quarter worth $26,000. Farther Finance Advisors LLC increased its stake in Rogers Communication by 107.4% during the 4th quarter. Farther Finance Advisors LLC now owns 786 shares of the Wireless communications provider’s stock worth $30,000 after buying an additional 407 shares during the period. Headlands Technologies LLC increased its stake in Rogers Communication by 143.2% during the 2nd quarter. Headlands Technologies LLC now owns 1,661 shares of the Wireless communications provider’s stock worth $49,000 after buying an additional 978 shares during the period. FNY Investment Advisers LLC purchased a new stake in Rogers Communication during the 3rd quarter worth $58,000. Finally, EverSource Wealth Advisors LLC increased its stake in Rogers Communication by 52.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,981 shares of the Wireless communications provider’s stock worth $59,000 after buying an additional 683 shares during the period. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Rogers Communication Price Performance

The stock has a market cap of $20.17 billion, a PE ratio of 3.94, a P/E/G ratio of 6.40 and a beta of 0.72. The company has a current ratio of 0.61, a quick ratio of 0.57 and a debt-to-equity ratio of 1.48. The company’s 50 day moving average is $37.47 and its 200-day moving average is $37.41.

Rogers Communication Company Profile

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.