Rogers Communications (TSE:RCI.B) Sets New 12-Month High – Here’s What Happened

Shares of Rogers Communications Inc. (TSE:RCI.B) (NYSE:RCI) hit a new 52-week high on Monday . The stock traded as high as C$56.25 and last traded at C$56.25, with a volume of 670140 shares traded. The stock had previously closed at C$54.44.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RCI.B. Scotiabank dropped their target price on shares of Rogers Communications from C$58.00 to C$57.75 and set a “sector perform” rating on the stock in a research report on Tuesday, January 20th. Canadian Imperial Bank of Commerce lifted their price objective on Rogers Communications from C$58.00 to C$60.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. Morgan Stanley raised their target price on Rogers Communications from C$46.00 to C$50.00 in a research report on Wednesday, December 10th. TD Securities lifted their price target on Rogers Communications from C$64.00 to C$67.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, Barclays boosted their price target on Rogers Communications from C$46.00 to C$50.00 in a research report on Monday, November 10th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Rogers Communications has a consensus rating of “Moderate Buy” and an average price target of C$57.73.

Rogers Communications Stock Up 3.0%

The business has a fifty day moving average of C$51.28 and a 200 day moving average of C$51.22. The company has a debt-to-equity ratio of 436.50, a current ratio of 0.65 and a quick ratio of 0.58. The stock has a market capitalization of C$30.31 billion, a price-to-earnings ratio of 4.40, a PEG ratio of 0.32 and a beta of 1.07.

About Rogers Communications

Rogers is the largest wireless service provider in Canada, with its more than 10 million subscribers equating to one third of the total Canadian market. Rogers’ wireless business accounted for 60% of the company’s total sales in 2021 and has increasingly provided a bigger portion of total company sales over the last several years. Rogers’ cable segment, which provides about one fourth of total sales, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers’ media unit, which owns and operates various television and radio stations and the Toronto Blue Jays.