Rogers Communications (NYSE:RCI) Given New $70.00 Price Target at BMO Capital Markets

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its price objective boosted by BMO Capital Markets from $67.00 to $70.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the Wireless communications provider’s stock.

Other equities analysts also recently issued research reports about the stock. Canaccord Genuity Group downgraded shares of Rogers Communications from a buy rating to a hold rating in a report on Thursday, July 25th. StockNews.com raised shares of Rogers Communications from a sell rating to a hold rating in a research note on Thursday, July 11th. Finally, Canaccord Genuity Group reaffirmed a hold rating and set a $57.00 price objective (down previously from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $61.75.

Rogers Communications Stock Performance

Shares of Rogers Communications stock opened at $39.88 on Thursday. Rogers Communications has a 52 week low of $35.55 and a 52 week high of $48.19. The company has a 50 day moving average price of $39.41 and a 200 day moving average price of $39.41. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.58. The firm has a market capitalization of $21.14 billion, a P/E ratio of 49.85, a PEG ratio of 1.06 and a beta of 0.67.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly 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. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company earned $0.76 EPS. Rogers Communications’s quarterly revenue was up .9% on a year-over-year basis. Sell-side analysts expect that Rogers Communications will post 3.59 EPS for the current year.

Rogers Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 9th will be paid 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 yield of 3.66%. Rogers Communications’s dividend payout ratio is currently 185.00%.

Institutional Investors Weigh In On Rogers Communications

A number of institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in Rogers Communications by 110.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock valued at $37,000 after purchasing an additional 522 shares in the last quarter. Ridgewood Investments LLC purchased a new position in Rogers Communications in the 2nd quarter valued at $37,000. Headlands Technologies LLC purchased a new position in Rogers Communications in the 1st quarter valued at $42,000. EverSource Wealth Advisors LLC lifted its holdings in Rogers Communications by 106.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,445 shares of the Wireless communications provider’s stock valued at $68,000 after purchasing an additional 745 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Rogers Communications in the 2nd quarter valued at $55,000. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communications Company Profile

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.