Rogers Communications (NYSE:RCI) Shares Down 2.8%

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B)’s stock price was down 2.8% during trading on Wednesday . The company traded as low as $39.52 and last traded at $39.67. Approximately 98,578 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 718,893 shares. The stock had previously closed at $40.80.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Canaccord Genuity Group downgraded Rogers Communications from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Canaccord Genuity Group reiterated a “hold” rating and set a $57.00 price target (down from $59.00) on shares of Rogers Communications in a report on Thursday, July 25th. Finally, StockNews.com raised shares of Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.50.

Rogers Communications Stock Down 2.0 %

The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.60 and a current ratio of 0.65. The company has a market cap of $21.20 billion, a P/E ratio of 51.01, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67. The business’s fifty day moving average is $39.29 and its two-hundred day moving average is $39.40.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.33. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Rogers Communications had a return on equity of 23.15% and a net margin of 4.28%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.76 EPS. Equities analysts predict that Rogers Communications Inc. will post 3.59 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Monday, September 9th will be given a $0.365 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.65%. Rogers Communications’s dividend payout ratio (DPR) is currently 185.00%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RCI. Intech Investment Management LLC acquired a new stake in shares of Rogers Communications in the first quarter worth approximately $835,000. Barometer Capital Management Inc. acquired a new stake in shares of Rogers Communications in the fourth quarter valued at about $1,092,000. Janney Montgomery Scott LLC purchased a new position in shares of Rogers Communications in the fourth quarter worth about $1,719,000. CIBC Asset Management Inc boosted its position in Rogers Communications by 19.3% during the fourth quarter. CIBC Asset Management Inc now owns 1,532,864 shares of the Wireless communications provider’s stock worth $71,988,000 after acquiring an additional 247,496 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Rogers Communications by 8.6% in the 1st quarter. Russell Investments Group Ltd. now owns 195,754 shares of the Wireless communications provider’s stock valued at $8,040,000 after acquiring an additional 15,454 shares during the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

About Rogers Communications

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.