Purpose Unlimited Inc. Takes Position in Rogers Communication, Inc. $RCI

Purpose Unlimited Inc. bought a new position in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 183,851 shares of the Wireless communications provider’s stock, valued at approximately $6,940,000.

A number of other institutional investors and hedge funds have also bought and sold shares of RCI. Arrowstreet Capital Limited Partnership boosted its holdings in Rogers Communication by 2.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 9,886,365 shares of the Wireless communications provider’s stock valued at $340,428,000 after purchasing an additional 282,609 shares during the period. TD Asset Management Inc raised its position in shares of Rogers Communication by 2.3% during the fourth quarter. TD Asset Management Inc now owns 8,540,114 shares of the Wireless communications provider’s stock valued at $322,789,000 after buying an additional 195,189 shares during the last quarter. Bank of Nova Scotia raised its position in shares of Rogers Communication by 2.3% during the third quarter. Bank of Nova Scotia now owns 8,465,953 shares of the Wireless communications provider’s stock valued at $291,526,000 after buying an additional 186,510 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Rogers Communication by 7.0% in the third quarter. Mackenzie Financial Corp now owns 8,161,532 shares of the Wireless communications provider’s stock valued at $280,904,000 after buying an additional 536,623 shares during the period. Finally, Fiera Capital Corp lifted its stake in shares of Rogers Communication by 8,881.3% in the fourth quarter. Fiera Capital Corp now owns 7,196,876 shares of the Wireless communications provider’s stock valued at $271,751,000 after buying an additional 7,116,744 shares during the period. Institutional investors own 45.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RCI. Desjardins reissued a “hold” rating on shares of Rogers Communication in a research report on Thursday, April 23rd. Scotiabank raised Rogers Communication from a “hold” rating to an “outperform” rating in a report on Thursday, April 23rd. TD Securities downgraded Rogers Communication from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Rogers Communication in a report on Wednesday. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.00.

Rogers Communication Price Performance

NYSE:RCI opened at $37.57 on Friday. The company has a 50-day moving average of $36.40 and a 200-day moving average of $37.20. The company has a market capitalization of $20.30 billion, a price-to-earnings ratio of 3.96, a PEG ratio of 3.30 and a beta of 0.62. Rogers Communication, Inc. has a 52 week low of $27.56 and a 52 week high of $41.14. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.55.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Wednesday, April 22nd. The Wireless communications provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. The business had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $5.44 billion. Rogers Communication had a net margin of 32.00% and a return on equity of 12.11%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. As a group, equities research analysts anticipate that Rogers Communication, Inc. will post 3.55 earnings per share for the current fiscal year.

Rogers Communication Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Tuesday, June 9th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend is Tuesday, June 9th. Rogers Communication’s payout ratio is presently 15.30%.

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.