Rogers Communications (NYSE:RCI) Downgraded to Neutral Rating by Bank of America

Bank of America downgraded shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a buy rating to a neutral rating in a research report released on Tuesday, Marketbeat reports.

A number of other brokerages have also recently weighed in on RCI. BMO Capital Markets lifted their price target on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. Morgan Stanley initiated coverage on shares of Rogers Communications in a research report on Monday, December 16th. They set an “underweight” rating for the company. Finally, TD Securities lifted their price target on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $61.75.

Rogers Communications Price Performance

Rogers Communications stock opened at $28.54 on Tuesday. Rogers Communications has a 12-month low of $27.63 and a 12-month high of $48.19. The stock has a market cap of $15.25 billion, a P/E ratio of 13.92, a PEG ratio of 1.06 and a beta of 0.69. The company has a 50-day moving average price of $33.30 and a 200 day moving average price of $36.88. 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 (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, beating analysts’ consensus estimates of $1.07 by $0.35. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The business had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same period last year, the business earned $0.95 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. Sell-side analysts anticipate that Rogers Communications will post 3.56 earnings per share for the current year.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Monday, December 9th were paid a $0.3611 dividend. This represents a $1.44 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend was Monday, December 9th. Rogers Communications’s payout ratio is 68.78%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RCI. Acadian Asset Management LLC purchased a new position in shares of Rogers Communications in the second quarter valued at approximately $55,000. American Century Companies Inc. lifted its stake in Rogers Communications by 9.7% in the second quarter. American Century Companies Inc. now owns 68,679 shares of the Wireless communications provider’s stock worth $2,540,000 after acquiring an additional 6,099 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Rogers Communications by 1.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,521,446 shares of the Wireless communications provider’s stock worth $56,071,000 after acquiring an additional 21,060 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Rogers Communications by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 604,138 shares of the Wireless communications provider’s stock worth $22,341,000 after acquiring an additional 33,930 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new position in Rogers Communications in the second quarter worth approximately $867,000. Hedge funds and other institutional investors 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.