Goldman Sachs Group Inc. Sells 108,896 Shares of Rogers Communication, Inc. $RCI

Goldman Sachs Group Inc. reduced its stake in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 3.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,387,868 shares of the Wireless communications provider’s stock after selling 108,896 shares during the period. Goldman Sachs Group Inc. owned about 0.63% of Rogers Communication worth $127,824,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RCI. Bank of America Corp DE increased its holdings in Rogers Communication by 67.8% during the 3rd quarter. Bank of America Corp DE now owns 4,866,999 shares of the Wireless communications provider’s stock worth $167,765,000 after purchasing an additional 1,966,476 shares in the last quarter. Caisse de depot et placement du Quebec bought a new stake in Rogers Communication during the 3rd quarter worth approximately $47,082,000. TD Asset Management Inc increased its holdings in Rogers Communication by 18.0% during the 3rd quarter. TD Asset Management Inc now owns 8,344,925 shares of the Wireless communications provider’s stock worth $287,340,000 after purchasing an additional 1,272,065 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Rogers Communication by 390.7% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,021,444 shares of the Wireless communications provider’s stock worth $35,156,000 after purchasing an additional 813,286 shares in the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in Rogers Communication during the 3rd quarter worth approximately $20,881,000. 45.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RCI has been the subject of a number of recent research reports. TD Securities lowered Rogers Communication from a “buy” rating to a “hold” rating in a report on Thursday, April 2nd. Desjardins reaffirmed a “hold” rating on shares of Rogers Communication in a report on Thursday, April 23rd. Finally, Scotiabank raised Rogers Communication from a “hold” rating to an “outperform” rating in a report on Thursday, April 23rd. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Rogers Communication currently has an average rating of “Hold” and an average target price of $36.00.

Rogers Communication Stock Performance

RCI stock opened at $37.79 on Tuesday. The firm has a market cap of $20.42 billion, a PE ratio of 3.99, a P/E/G ratio of 3.31 and a beta of 0.62. The company has a quick ratio of 0.53, a current ratio of 0.55 and a debt-to-equity ratio of 1.43. The business has a 50 day moving average of $36.03 and a 200-day moving average of $37.22. Rogers Communication, Inc. has a 12-month low of $26.30 and a 12-month high of $41.14.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Wednesday, April 22nd. The Wireless communications provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.01. Rogers Communication had a return on equity of 12.11% and a net margin of 32.00%.The company had revenue of $3.94 billion during the quarter, compared to analyst estimates of $5.44 billion. During the same period in the prior year, the company posted $0.99 earnings per share. Rogers Communication’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts expect that Rogers Communication, Inc. will post 3.55 earnings per share for the current year.

Rogers Communication Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Tuesday, June 9th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend is Tuesday, June 9th. Rogers Communication’s dividend payout ratio is 15.51%.

Rogers Communication Company Profile

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.