Rogers Communications (NYSE:RCI) Now Covered by Morgan Stanley

Morgan Stanley initiated coverage on shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) in a report issued on Monday morning. The brokerage issued an underweight rating on the Wireless communications provider’s stock.

A number of other equities research analysts have also commented on RCI. BMO Capital Markets upped their target price on Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. TD Securities upped their price objective on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $61.75.

Rogers Communications Stock Performance

RCI opened at $31.90 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. The company has a market cap of $17.05 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.06 and a beta of 0.67. The company’s 50 day moving average is $36.41 and its 200 day moving average is $38.05. Rogers Communications has a 12-month low of $31.89 and a 12-month high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.35. The company had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. Rogers Communications’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 earnings per share. On average, equities research analysts predict that Rogers Communications will post 3.56 EPS for the current year.

Rogers Communications Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be paid a $0.3611 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date of this dividend is Monday, December 9th. Rogers Communications’s dividend payout ratio (DPR) is presently 71.71%.

Hedge Funds Weigh In On Rogers Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cromwell Holdings LLC purchased a new position in shares of Rogers Communications in the 3rd quarter valued at about $31,000. Ridgewood Investments LLC purchased a new position in shares of Rogers Communications in the 2nd quarter valued at about $37,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of 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 buying an additional 522 shares during the period. Grove Bank & Trust boosted its stake in shares of Rogers Communications by 41.0% in the 3rd quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock valued at $42,000 after buying an additional 302 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in shares of Rogers Communications in the 2nd quarter valued at about $55,000. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

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.