JPMorgan Chase & Co. Lowers Rogers Communications (NYSE:RCI) to Underweight

JPMorgan Chase & Co. cut shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a neutral rating to an underweight rating in a report released on Monday morning, BenzingaRatingsTable reports.

A number of other research analysts also recently issued reports on the stock. Royal Bank of Canada reissued a hold rating on shares of Rogers Communications in a research report on Monday, April 22nd. Scotiabank downgraded shares of Rogers Communications from a sector outperform rating to a sector perform rating in a research report on Monday, April 22nd. Desjardins raised shares of Rogers Communications from a hold rating to a buy rating in a research report on Wednesday, May 1st. Howard Weil downgraded shares of Rogers Communications from a sector outperform rating to a sector perform rating in a research report on Monday, April 22nd. Finally, Echelon Wealth Partners downgraded shares of Rogers Communications from a buy rating to a hold rating in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $54.68.

Shares of Rogers Communications stock opened at $53.93 on Monday. The company has a current ratio of 0.67, a quick ratio of 0.60 and a debt-to-equity ratio of 1.77. The firm’s fifty day moving average is $53.11. The stock has a market cap of $27.67 billion, a P/E ratio of 16.10, a P/E/G ratio of 3.16 and a beta of 0.55. Rogers Communications has a 12-month low of $48.67 and a 12-month high of $55.93.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings data on Thursday, April 18th. The Wireless communications provider reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.06. The business had revenue of $3.59 billion for the quarter, compared to the consensus estimate of $3.72 billion. Rogers Communications had a net margin of 13.47% and a return on equity of 27.28%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.93 EPS. As a group, sell-side analysts expect that Rogers Communications will post 3.4 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be issued a dividend of $0.3732 per share. This represents a $1.49 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Friday, September 6th. Rogers Communications’s dividend payout ratio (DPR) is presently 44.18%.

Several hedge funds have recently made changes to their positions in the company. Gulf International Bank UK Ltd boosted its holdings in shares of Rogers Communications by 3.7% during the 1st quarter. Gulf International Bank UK Ltd now owns 7,057 shares of the Wireless communications provider’s stock valued at $379,000 after buying an additional 250 shares in the last quarter. Investors Research Corp boosted its holdings in shares of Rogers Communications by 1.4% during the 2nd quarter. Investors Research Corp now owns 18,300 shares of the Wireless communications provider’s stock valued at $979,000 after buying an additional 250 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Rogers Communications by 4.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,484 shares of the Wireless communications provider’s stock valued at $486,000 after buying an additional 369 shares in the last quarter. Wetherby Asset Management Inc. boosted its holdings in shares of Rogers Communications by 7.9% during the 1st quarter. Wetherby Asset Management Inc. now owns 5,946 shares of the Wireless communications provider’s stock valued at $320,000 after buying an additional 434 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Rogers Communications by 26.5% during the 1st quarter. Quadrant Capital Group LLC now owns 2,163 shares of the Wireless communications provider’s stock valued at $111,000 after buying an additional 453 shares in the last quarter. Hedge funds and other institutional investors own 44.05% 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 Wireless segment offers wireless voice and data communication services to individual consumers, businesses, governments, and other telecommunications service providers; postpaid and prepaid wireless services under the Rogers, Fido, and chatr brands; and wireless devices, services, and applications to consumers and businesses.

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