BMO Capital Markets Boosts Rogers Communications (NYSE:RCI) Price Target to $70.00

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its price target hoisted by BMO Capital Markets from $67.00 to $70.00 in a research report released on Thursday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the Wireless communications provider’s stock.

Several other research firms have also recently commented on RCI. Canaccord Genuity Group restated a hold rating and set a $57.00 price target (down previously from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. Canaccord Genuity Group cut shares of Rogers Communications from a buy rating to a hold rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded shares of Rogers Communications from a sell rating to a hold rating in a research note on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $61.75.

Rogers Communications Trading Up 1.3 %

NYSE RCI opened at $40.36 on Thursday. Rogers Communications has a 12 month low of $35.55 and a 12 month high of $48.19. The company has a market capitalization of $21.39 billion, a price-to-earnings ratio of 50.45, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.65 and a quick ratio of 0.60. The firm’s fifty day moving average price is $39.47 and its 200 day moving average price is $39.32.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.33. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The business had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the company posted $0.76 EPS. The company’s quarterly revenue was up .9% on a year-over-year basis. On average, sell-side analysts expect that Rogers Communications will post 3.59 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 9th will be issued a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Monday, September 9th. Rogers Communications’s dividend payout ratio is currently 185.00%.

Hedge Funds Weigh In On Rogers Communications

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Intech Investment Management LLC acquired a new position in shares of Rogers Communications during the 1st quarter worth $835,000. Barometer Capital Management Inc. purchased a new stake in shares of Rogers Communications in the fourth quarter valued at about $1,092,000. Janney Montgomery Scott LLC acquired a new stake in shares of Rogers Communications in the fourth quarter valued at approximately $1,719,000. CIBC Asset Management Inc increased its stake in shares of Rogers Communications by 19.3% during the 4th quarter. CIBC Asset Management Inc now owns 1,532,864 shares of the Wireless communications provider’s stock worth $71,988,000 after purchasing an additional 247,496 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Rogers Communications by 8.6% during the 1st quarter. Russell Investments Group Ltd. now owns 195,754 shares of the Wireless communications provider’s stock valued at $8,040,000 after buying an additional 15,454 shares during the last quarter. 45.49% of the stock is owned by institutional investors and hedge funds.

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 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.