Scotiabank Has Pessimistic Outlook of RCI FY2024 Earnings

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Equities researchers at Scotiabank decreased their FY2024 earnings per share (EPS) estimates for shares of Rogers Communications in a note issued to investors on Wednesday, January 8th. Scotiabank analyst M. Yaghi now anticipates that the Wireless communications provider will earn $3.39 per share for the year, down from their previous estimate of $3.44. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. Scotiabank also issued estimates for Rogers Communications’ FY2025 earnings at $3.22 EPS.

Several other brokerages also recently issued reports on RCI. BMO Capital Markets increased their price objective on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, September 19th. Morgan Stanley began coverage on Rogers Communications in a report on Monday, December 16th. They set an “underweight” rating for the company. Finally, TD Securities lifted their price target on Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rogers Communications has a consensus rating of “Hold” and a consensus target price of $61.75.

Rogers Communications Price Performance

Rogers Communications stock opened at $28.97 on Friday. The firm has a market capitalization of $15.48 billion, a P/E ratio of 14.13, a PEG ratio of 1.06 and a beta of 0.69. The business has a 50-day moving average of $33.62 and a 200-day moving average of $37.00. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. Rogers Communications has a 1 year low of $28.95 and a 1 year high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings data 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. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The firm had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the previous year, the business posted $0.95 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year.

Rogers Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Monday, December 9th were given a $0.3611 dividend. This represents a $1.44 annualized dividend and a yield of 4.99%. The ex-dividend date was Monday, December 9th. Rogers Communications’s dividend payout ratio (DPR) is currently 71.71%.

Institutional Investors Weigh In On Rogers Communications

Several institutional investors and hedge funds have recently made changes to their positions in RCI. Cromwell Holdings LLC acquired a new position in Rogers Communications in the third quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. boosted its stake in Rogers Communications by 110.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after acquiring an additional 522 shares in the last quarter. Grove Bank & Trust grew its holdings in Rogers Communications by 41.0% in the third quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock worth $42,000 after purchasing an additional 302 shares during the period. Acadian Asset Management LLC bought a new stake in Rogers Communications in the second quarter valued at $55,000. Finally, Nexus Investment Management ULC acquired a new position in shares of Rogers Communications during the third quarter valued at about $203,000. 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.