Rogers Communications (NYSE:RCI) Upgraded 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 research report report published on Tuesday morning, The Fly reports.

A number of other research firms have also recently commented on RCI. Royal Bank of Canada upped their price objective on Rogers Communications from C$75.00 to C$77.00 in a research report on Thursday, April 21st. TD Securities reduced their price objective on Rogers Communications from C$87.00 to C$80.00 in a research report on Monday, May 9th. Scotiabank upped their price objective on Rogers Communications from C$87.00 to C$89.00 in a research report on Thursday, April 21st. JPMorgan Chase & Co. upped their price objective on Rogers Communications from C$78.00 to C$90.00 in a research report on Thursday, April 21st. Finally, BMO Capital Markets upped their price objective on Rogers Communications from C$76.00 to C$80.00 in a research report on Thursday, April 21st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rogers Communications has an average rating of Moderate Buy and a consensus price target of $79.33.

Shares of NYSE:RCI opened at $47.36 on Tuesday. The company has a market cap of $23.91 billion, a P/E ratio of 19.10, a PEG ratio of 2.60 and a beta of 0.48. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.39 and a quick ratio of 2.32. Rogers Communications has a 1 year low of $44.19 and a 1 year high of $64.55. The stock’s fifty day moving average price is $51.59 and its 200-day moving average price is $51.36.

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

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

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Rogers Communications by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 11,396,833 shares of the Wireless communications provider’s stock worth $646,770,000 after buying an additional 238,829 shares in the last quarter. 1832 Asset Management L.P. raised its stake in shares of Rogers Communications by 8.8% in the first quarter. 1832 Asset Management L.P. now owns 9,826,574 shares of the Wireless communications provider’s stock valued at $549,325,000 after acquiring an additional 798,106 shares in the last quarter. CIBC World Markets Inc. increased its holdings in Rogers Communications by 5.1% in the fourth quarter. CIBC World Markets Inc. now owns 4,282,077 shares of the Wireless communications provider’s stock valued at $203,955,000 after buying an additional 207,585 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Rogers Communications by 34.1% in the first quarter. The Manufacturers Life Insurance Company now owns 4,151,634 shares of the Wireless communications provider’s stock valued at $235,368,000 after buying an additional 1,055,658 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. grew its holdings in shares of Rogers Communications by 14.6% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 3,848,566 shares of the Wireless communications provider’s stock worth $183,509,000 after purchasing an additional 491,690 shares during the last quarter. Institutional investors own 41.73% of the company’s stock.

About Rogers Communications (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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