Cogeco Communications (TSE:CCA) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Cogeco Communications Inc. (TSE:CCA) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$65.06 and traded as high as C$69.13. Cogeco Communications shares last traded at C$68.89, with a volume of 41,429 shares.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. National Bankshares raised shares of Cogeco Communications from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from C$64.00 to C$80.00 in a research note on Friday, September 20th. Canaccord Genuity Group raised shares of Cogeco Communications from a “hold” rating to a “buy” rating and lifted their price target for the stock from C$65.00 to C$77.00 in a research note on Monday, November 4th. TD Securities lifted their price target on shares of Cogeco Communications from C$85.00 to C$89.00 in a research note on Monday, November 4th. Royal Bank of Canada lifted their price target on shares of Cogeco Communications from C$76.00 to C$79.00 in a research note on Thursday, October 10th. Finally, Scotiabank lifted their price objective on shares of Cogeco Communications from C$73.50 to C$77.50 in a report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$77.06.

Cogeco Communications Stock Performance

The company has a debt-to-equity ratio of 142.88, a quick ratio of 0.49 and a current ratio of 0.41. The firm has a market cap of C$2.07 billion, a P/E ratio of 8.79, a price-to-earnings-growth ratio of 4.77 and a beta of 0.59. The firm’s fifty day moving average price is C$69.30 and its 200 day moving average price is C$65.06.

Cogeco Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 28th. Stockholders of record on Thursday, November 28th were issued a $0.922 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.69 annualized dividend and a dividend yield of 5.35%. This is a positive change from Cogeco Communications’s previous quarterly dividend of $0.85. Cogeco Communications’s payout ratio is currently 43.62%.

Insider Activity

In other news, Director Robin Anne Bienenstock acquired 2,156 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were purchased at an average price of C$69.66 per share, with a total value of C$150,189.33. Also, Director Jacques Royer sold 657 shares of Cogeco Communications stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of C$68.86, for a total transaction of C$45,241.02. Following the completion of the transaction, the director now directly owns 1 shares in the company, valued at approximately C$68.86. The trade was a 99.85 % decrease in their position. Company insiders own 0.46% of the company’s stock.

About Cogeco Communications

Cogeco Communications Inc operates as a telecommunications corporation in Canada and the United States. It operates in two segments, Canadian Telecommunications and American Telecommunications. The company offers Internet, video, and Internet protocol (IP) based telephony services to residential and small business customers through its two-way broadband fiber networks.