Zacks Investment Research upgraded shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a hold rating to a buy rating in a report released on Friday morning. They currently have $60.00 price target on the Wireless communications provider’s stock.
According to Zacks, “Rogers Communications’ wireless service growth drove the top line. Growing demand for data and initiatives taken by the company to retain subscribers aided wireless service revenues in fourth-quarter 2018. Additionally, user shift toward higher-priced tiers positively impacted Internet revenues. Moreover, users will have access to higher Internet speeds with Rogers Communications’ DOCSIS technology. Further, the company’s partnership with Ericsson and University of British Columbia (UBC) to quickly bring 5G to its users is expected to drive top-line growth. Notably, its shares have outperformed the industry in the past year. However, Rogers Communications’ competitors continue to give price discounts to their users, which is hurting profitability. Moreover, continued subscriber loss in the television segment does not bode well.”
Several other research firms also recently commented on RCI. Edward Jones downgraded Rogers Communications from a buy rating to a hold rating and set a $52.67 price objective for the company. in a report on Thursday, November 29th. TD Securities cut Rogers Communications to a buy rating in a research report on Wednesday, February 6th. National Bank Financial upgraded Rogers Communications from a sector perform market weight rating to an outperform rating in a research report on Thursday, January 3rd. Macquarie lowered Rogers Communications from an outperform rating to a neutral rating and set a $53.06 price objective on the stock. in a research note on Friday, January 25th. Finally, ValuEngine upgraded Rogers Communications from a hold rating to a buy rating in a report on Monday, February 4th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $54.68.
Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Thursday, January 24th. The Wireless communications provider reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.32. The firm had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.87 billion. Rogers Communications had a net margin of 13.63% and a return on equity of 29.05%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 EPS. As a group, analysts anticipate that Rogers Communications will post 3.55 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Tuesday, March 12th will be paid a dividend of $0.3762 per share. This is a boost from Rogers Communications’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, March 11th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.77%. Rogers Communications’s dividend payout ratio is currently 42.99%.
Several institutional investors and hedge funds have recently modified their holdings of the company. Wetherby Asset Management Inc. grew its position in Rogers Communications by 6.3% during the 4th quarter. Wetherby Asset Management Inc. now owns 5,512 shares of the Wireless communications provider’s stock worth $283,000 after purchasing an additional 327 shares during the period. CLARET ASSET MANAGEMENT Corp increased its holdings in Rogers Communications by 5.0% in the 4th quarter. CLARET ASSET MANAGEMENT Corp now owns 7,082 shares of the Wireless communications provider’s stock valued at $363,000 after purchasing an additional 335 shares during the last quarter. Cigna Investments Inc. New grew its stake in shares of Rogers Communications by 7.7% in the fourth quarter. Cigna Investments Inc. New now owns 5,199 shares of the Wireless communications provider’s stock worth $266,000 after acquiring an additional 373 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its stake in shares of Rogers Communications by 2.3% in the fourth quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 24,349 shares of the Wireless communications provider’s stock worth $1,237,000 after acquiring an additional 557 shares in the last quarter. Finally, Lindbrook Capital LLC purchased a new stake in shares of Rogers Communications during the 4th quarter worth $32,000. Hedge funds and other institutional investors own 44.55% of the company’s stock.
About Rogers Communications
Rogers Communications Inc operates as a communications and media company in Canada. The company's Wireless segment offers wireless telecommunications services to consumers and businesses under the Rogers, Fido, and chatr brands; and wireless devices, services, and applications. This segment distributes its products through independent dealer networks, company-owned retail stores, retail chains and convenience stores, e-commerce sites, call centers and outbound telemarketing, and other distribution channels.
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