Rogers Communication (NYSE:RCI) Stock Price Down 4.3% – Here’s Why

Shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) traded down 4.3% during mid-day trading on Friday. The stock traded as low as $29.44 and last traded at $29.6950. 779,518 shares were traded during trading, a decline of 37% from the average session volume of 1,239,826 shares. The stock had previously closed at $31.04.

Analyst Ratings Changes

RCI has been the subject of a number of recent research reports. Raymond James Financial initiated coverage on Rogers Communication in a research report on Wednesday, July 15th. They issued an “outperform” rating for the company. TD Securities reaffirmed a “buy” rating on shares of Rogers Communication in a research note on Thursday, July 23rd. Desjardins upgraded shares of Rogers Communication from a “hold” rating to a “buy” rating in a research report on Monday, September 14th. Weiss Ratings raised Rogers Communication from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 14th. Finally, Scotiabank restated an “outperform” rating on shares of Rogers Communication in a report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Rogers Communication Stock Down 4.3%

The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.51 and a current ratio of 0.55. The stock’s 50-day moving average price is $34.74 and its two-hundred day moving average price is $35.30. The stock has a market capitalization of $16.05 billion, a PE ratio of 3.58, a P/E/G ratio of 3.86 and a beta of 0.65.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings data on Wednesday, July 22nd. The Wireless communications provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.80 by $0.03. Rogers Communication had a net margin of 27.54% and a return on equity of 11.56%. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.91 billion. During the same quarter in the previous year, the firm posted $1.14 earnings per share. Rogers Communication’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, analysts expect that Rogers Communication, Inc. will post 3.24 EPS for the current fiscal year.

Rogers Communication Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Tuesday, September 8th were issued a dividend of C$0.50 per share. The ex-dividend date was Tuesday, September 8th. This represents a $2.00 annualized dividend and a dividend yield of 6.7%. Rogers Communication’s dividend payout ratio (DPR) is presently 17.39%.

Institutional Trading of Rogers Communication

Several institutional investors have recently bought and sold shares of RCI. Versant Capital Management Inc raised its holdings in Rogers Communication by 8.2% in the 3rd quarter. Versant Capital Management Inc now owns 6,326 shares of the Wireless communications provider’s stock worth $195,000 after acquiring an additional 480 shares during the last quarter. Cidel Asset Management Inc. grew its position in Rogers Communication by 49.1% during the second quarter. Cidel Asset Management Inc. now owns 16,693 shares of the Wireless communications provider’s stock valued at $543,000 after buying an additional 5,500 shares during the period. Squarepoint Ops LLC boosted its stake in shares of Rogers Communication by 2.5% during the 2nd quarter. Squarepoint Ops LLC now owns 21,669 shares of the Wireless communications provider’s stock worth $704,000 after acquiring an additional 524 shares during the last quarter. Nykredit A S bought a new stake in shares of Rogers Communication during the 2nd quarter valued at $1,847,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Rogers Communication in the 2nd quarter worth $1,395,000. 45.49% of the stock is owned by hedge funds and other institutional investors.

About Rogers Communication

Rogers Communications Inc is a Canadian communications and media company headquartered in Toronto, Ontario. Founded by Ted Rogers in 1960, the company provides wireless and wireline telecommunications services to consumers, businesses and public-sector organizations across Canada.

Rogers’ telecommunications operations include mobile voice and data services, high-speed internet, cable television, home phone services and related connectivity products. The company also offers business communications, networking, cybersecurity and information technology services through its enterprise operations.

Through Rogers Sports & Media, the company operates television and radio networks, digital media properties and sports-related businesses.