Rogers Communications Inc. (NYSE:RCI) Stake Lowered by Forsta AP Fonden

Forsta AP Fonden trimmed its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 15.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,100 shares of the Wireless communications provider’s stock after selling 10,200 shares during the period. Forsta AP Fonden’s holdings in Rogers Communications were worth $2,075,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of RCI. FIL Ltd increased its stake in shares of Rogers Communications by 13.7% during the 4th quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock worth $1,709,377,000 after purchasing an additional 4,405,888 shares during the last quarter. TD Asset Management Inc increased its position in Rogers Communications by 27.3% during the fourth quarter. TD Asset Management Inc now owns 11,074,702 shares of the Wireless communications provider’s stock worth $520,980,000 after buying an additional 2,372,306 shares during the last quarter. National Bank of Canada FI raised its holdings in Rogers Communications by 37.5% during the first quarter. National Bank of Canada FI now owns 5,570,690 shares of the Wireless communications provider’s stock valued at $220,193,000 after buying an additional 1,519,894 shares in the last quarter. 1832 Asset Management L.P. lifted its position in shares of Rogers Communications by 10.2% in the fourth quarter. 1832 Asset Management L.P. now owns 12,707,709 shares of the Wireless communications provider’s stock worth $594,848,000 after buying an additional 1,177,264 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Rogers Communications by 22.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,544,016 shares of the Wireless communications provider’s stock worth $165,895,000 after acquiring an additional 660,486 shares in the last quarter. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communications Stock Up 0.6 %

Shares of NYSE RCI opened at $40.91 on Tuesday. Rogers Communications Inc. has a 12-month low of $35.55 and a 12-month high of $48.19. The firm’s 50-day simple moving average is $39.20 and its 200 day simple moving average is $39.43. The company has a market cap of $21.68 billion, a price-to-earnings ratio of 51.14, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.58.

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

Rogers Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 9th will be issued a $0.365 dividend. This represents a $1.46 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Monday, September 9th. Rogers Communications’s dividend payout ratio (DPR) is presently 185.00%.

Wall Street Analysts Forecast Growth

RCI has been the topic of a number of recent analyst reports. StockNews.com raised Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Canaccord Genuity Group cut shares of Rogers Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Finally, Canaccord Genuity Group reiterated a “hold” rating and issued a $57.00 target price (down from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $51.50.

Rogers Communications 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.