Rogers Communications (NYSE:RCI) Raised to “Buy” at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Rogers Communications (NYSE:RCIGet Rating) (TSE:RCI.B) from a hold rating to a buy rating in a report released on Tuesday, The Fly reports.

A number of other research firms have also recently issued reports on RCI. StockNews.com assumed coverage on Rogers Communications in a report on Thursday, March 31st. They set a hold rating on the stock. Desjardins increased their price target on Rogers Communications from C$72.00 to C$83.00 in a report on Friday, April 22nd. TD Securities cut their price target on Rogers Communications from C$87.00 to C$80.00 in a report on Monday, May 9th. Scotiabank increased their price target on Rogers Communications from C$87.00 to C$89.00 in a report on Thursday, April 21st. Finally, National Bank Financial increased their target price on Rogers Communications from C$74.00 to C$77.00 in a report on Thursday, March 31st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $79.33.

Rogers Communications stock opened at $47.36 on Tuesday. The business has a 50 day moving average of $51.59 and a 200-day moving average of $51.36. Rogers Communications has a 1 year low of $44.19 and a 1 year high of $64.55. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.39 and a quick ratio of 2.32. The company has a market capitalization of $23.91 billion, a P/E ratio of 19.10, a P/E/G ratio of 2.60 and a beta of 0.48.

Rogers Communications (NYSE:RCIGet Rating) (TSE:RCI.B) last released its earnings results on Wednesday, April 20th. The Wireless communications provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.09. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.63 billion. Rogers Communications had a net margin of 10.73% and a return on equity of 17.67%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.61 EPS. Equities analysts anticipate that Rogers Communications will post 3 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 4th. Shareholders of record on Friday, June 10th will be paid a dividend of $0.396 per share. This represents a $1.58 annualized dividend and a yield of 3.34%. The ex-dividend date is Thursday, June 9th. Rogers Communications’s dividend payout ratio (DPR) is presently 63.71%.

Several institutional investors have recently made changes to their positions in RCI. Norges Bank purchased a new stake in shares of Rogers Communications during the 4th quarter valued at $168,909,000. 1832 Asset Management L.P. increased its holdings in Rogers Communications by 20.4% in the 4th quarter. 1832 Asset Management L.P. now owns 9,028,468 shares of the Wireless communications provider’s stock worth $429,508,000 after acquiring an additional 1,531,445 shares during the last quarter. National Bank of Canada FI purchased a new stake in Rogers Communications in the 4th quarter worth about $67,140,000. The Manufacturers Life Insurance Company increased its holdings in Rogers Communications by 34.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 4,151,634 shares of the Wireless communications provider’s stock worth $235,368,000 after acquiring an additional 1,055,658 shares during the last quarter. Finally, Burgundy Asset Management Ltd. increased its holdings in Rogers Communications by 66.4% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,179,321 shares of the Wireless communications provider’s stock worth $103,534,000 after acquiring an additional 869,617 shares during the last quarter. 41.73% of the stock is owned by hedge funds and other institutional investors.

Rogers Communications Company Profile (Get Rating)

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 and accessory financing, wireless home phone, device protection, e-mail, global voice and data roaming, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device delivery services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands to approximately 11.3 million subscribers.

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