Rogers Communications (NYSE:RCI) Sets New 12-Month Low at $40.79

Rogers Communications Inc. (NYSE:RCIGet Rating) (TSE:RCI.B)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $40.79 and last traded at $41.31, with a volume of 12452 shares changing hands. The stock had previously closed at $41.04.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RCI shares. Royal Bank of Canada reduced their price objective on shares of Rogers Communications from C$75.00 to C$73.00 in a research note on Thursday, July 28th. BMO Capital Markets lowered their target price on shares of Rogers Communications from C$75.00 to C$72.00 in a research note on Monday, July 11th. Desjardins lowered their target price on shares of Rogers Communications from C$80.00 to C$79.00 in a research note on Friday, July 29th. TD Securities decreased their price objective on shares of Rogers Communications from C$83.00 to C$81.00 in a research note on Wednesday, September 7th. Finally, CIBC decreased their price objective on shares of Rogers Communications from C$77.00 to C$75.00 in a research note on Friday, September 2nd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Rogers Communications currently has a consensus rating of “Moderate Buy” and an average target price of $74.65.

Rogers Communications Trading Up 1.2 %

The business’s 50 day moving average price is $44.31 and its 200-day moving average price is $49.40. The company has a current ratio of 2.49, a quick ratio of 2.43 and a debt-to-equity ratio of 2.85. The company has a market cap of $20.92 billion, a price-to-earnings ratio of 16.00, a PEG ratio of 2.35 and a beta of 0.45.

Rogers Communications (NYSE:RCIGet Rating) (TSE:RCI.B) last issued its earnings results on Wednesday, July 27th. The Wireless communications provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.64 by $0.03. The company had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $2.94 billion. Rogers Communications had a net margin of 11.26% and a return on equity of 18.10%. On average, equities analysts anticipate that Rogers Communications Inc. will post 2.88 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be issued a dividend of $0.3884 per share. The ex-dividend date is Thursday, September 8th. This represents a $1.55 annualized dividend and a yield of 3.75%. Rogers Communications’s payout ratio is 58.69%.

Institutional Trading of Rogers Communications

Several institutional investors have recently made changes to their positions in RCI. Vanguard Group Inc. boosted its position in Rogers Communications by 2.1% during the first quarter. Vanguard Group Inc. now owns 11,396,833 shares of the Wireless communications provider’s stock worth $646,770,000 after purchasing an additional 238,829 shares during the period. 1832 Asset Management L.P. raised its stake in Rogers Communications by 8.8% in the first quarter. 1832 Asset Management L.P. now owns 9,826,574 shares of the Wireless communications provider’s stock valued at $549,325,000 after purchasing an additional 798,106 shares in the last quarter. FMR LLC raised its stake in Rogers Communications by 19.1% in the second quarter. FMR LLC now owns 7,914,046 shares of the Wireless communications provider’s stock valued at $379,225,000 after purchasing an additional 1,271,206 shares in the last quarter. Bank of Nova Scotia raised its stake in Rogers Communications by 8.8% in the second quarter. Bank of Nova Scotia now owns 7,046,637 shares of the Wireless communications provider’s stock valued at $337,807,000 after purchasing an additional 568,343 shares in the last quarter. Finally, CIBC World Markets Inc. grew its position in Rogers Communications by 5.1% during the fourth quarter. CIBC World Markets Inc. now owns 4,282,077 shares of the Wireless communications provider’s stock valued at $203,955,000 after acquiring an additional 207,585 shares during the last quarter. Institutional investors own 44.35% of the company’s stock.

About Rogers Communications

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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 and accessory financing, wireless home phone, device protection, e-mail, global voice and data roaming, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device delivery services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands to approximately 11.3 million subscribers.

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