Barclays Forecasts Strong Price Appreciation for Rogers Communication (NYSE:RCI) Stock

Rogers Communication (NYSE:RCI) (TSE:RCI.B) had its target price lifted by investment analysts at Barclays from $33.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the Wireless communications provider’s stock. Barclays‘s price target suggests a potential downside of 4.59% from the stock’s current price.

Several other research firms have also commented on RCI. Scotiabank reaffirmed a “sector perform” rating on shares of Rogers Communication in a report on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Rogers Communication in a research note on Wednesday, October 8th. Finally, Cowen reiterated a “buy” rating on shares of Rogers Communication in a research report on Friday, October 24th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $36.00.

Rogers Communication Stock Up 0.8%

Shares of RCI stock traded up $0.30 during trading hours on Monday, reaching $37.73. 435,265 shares of the company’s stock were exchanged, compared to its average volume of 1,193,061. Rogers Communication has a fifty-two week low of $23.18 and a fifty-two week high of $40.26. The stock’s 50 day moving average is $36.50 and its 200-day moving average is $32.35. The company has a current ratio of 0.62, a quick ratio of 0.59 and a debt-to-equity ratio of 1.55. The company has a market cap of $20.38 billion, a price-to-earnings ratio of 4.20, a P/E/G ratio of 3.29 and a beta of 0.81.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Thursday, October 23rd. The Wireless communications provider reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.07. Rogers Communication had a return on equity of 17.14% and a net margin of 32.49%.The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $5.33 billion. During the same period in the previous year, the business earned $1.42 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts predict that Rogers Communication will post 3.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rogers Communication

Institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its holdings in shares of Rogers Communication by 303.8% in the first quarter. Goldman Sachs Group Inc. now owns 5,538,620 shares of the Wireless communications provider’s stock valued at $148,047,000 after purchasing an additional 4,166,861 shares during the last quarter. Picton Mahoney Asset Management purchased a new stake in Rogers Communication in the 2nd quarter valued at $78,714,000. Platinum Investment Management Ltd. acquired a new stake in shares of Rogers Communication in the 2nd quarter worth $77,687,000. Canada Pension Plan Investment Board increased its stake in shares of Rogers Communication by 373.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,870,559 shares of the Wireless communications provider’s stock worth $76,671,000 after acquiring an additional 2,263,859 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Rogers Communication by 380.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,348,091 shares of the Wireless communications provider’s stock worth $62,717,000 after acquiring an additional 1,859,288 shares during the period. Institutional investors and hedge funds own 45.49% of the company’s stock.

About Rogers Communication

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.