Rogers Communications (NYSE:RCI) Raised to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a hold rating to a buy rating in a research report sent to investors on Friday morning, MarketBeat.com reports.

RCI has been the subject of several other reports. Bank of America downgraded shares of Rogers Communications from a “buy” rating to a “neutral” rating in a report on Tuesday, January 14th. Morgan Stanley began coverage on shares of Rogers Communications in a report on Monday, December 16th. They set an “underweight” rating for the company. Barclays reiterated an “equal weight” rating on shares of Rogers Communications in a research note on Tuesday, January 21st. Finally, Scotiabank cut Rogers Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $61.75.

Rogers Communications Price Performance

Shares of NYSE:RCI opened at $25.85 on Friday. The stock has a market capitalization of $13.86 billion, a P/E ratio of 11.14, a P/E/G ratio of 1.43 and a beta of 0.67. The business has a 50-day moving average of $27.72 and a two-hundred day moving average of $32.32. Rogers Communications has a fifty-two week low of $24.76 and a fifty-two week high of $41.84. The company has a debt-to-equity ratio of 3.67, a current ratio of 0.66 and a quick ratio of 0.61.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, January 30th. The Wireless communications provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.07. Rogers Communications had a return on equity of 25.19% and a net margin of 8.40%. On average, equities research analysts predict that Rogers Communications will post 3.57 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Monday, March 10th were issued a $0.347 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.39 annualized dividend and a yield of 5.37%. Rogers Communications’s dividend payout ratio (DPR) is 59.48%.

Institutional Trading of Rogers Communications

A number of hedge funds have recently modified their holdings of RCI. Charles Schwab Investment Management Inc. lifted its position in Rogers Communications by 106.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 133,760 shares of the Wireless communications provider’s stock worth $5,383,000 after purchasing an additional 68,971 shares during the period. Avanza Fonder AB acquired a new position in shares of Rogers Communications in the 4th quarter valued at $718,000. Northwest & Ethical Investments L.P. lifted its holdings in shares of Rogers Communications by 180.9% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 344,131 shares of the Wireless communications provider’s stock worth $10,560,000 after acquiring an additional 221,628 shares during the period. Louisbourg Investments Inc. lifted its holdings in shares of Rogers Communications by 18.9% during the 4th quarter. Louisbourg Investments Inc. now owns 246,470 shares of the Wireless communications provider’s stock worth $7,573,000 after acquiring an additional 39,156 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in shares of Rogers Communications by 107.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 37,436 shares of the Wireless communications provider’s stock valued at $1,505,000 after acquiring an additional 19,378 shares in the last quarter. Institutional investors own 45.49% of the company’s stock.

Rogers Communications Company Profile

Rogers Communications Inc operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.