Rogers Communications (NYSE:RCI) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Rogers Communications (NYSE:RCI) (TSE:RCI.B) issued its quarterly earnings results on Wednesday. The Wireless communications provider reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.01, reports. The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Rogers Communications had a return on equity of 21.92% and a net margin of 2.90%.

Rogers Communications Price Performance

Shares of NYSE:RCI traded down $0.08 during trading on Friday, hitting $37.96. 1,265,055 shares of the company were exchanged, compared to its average volume of 925,322. The business’s 50 day moving average is $41.67 and its 200-day moving average is $43.12. The company has a market capitalization of $20.06 billion, a P/E ratio of 47.44, a price-to-earnings-growth ratio of 1.64 and a beta of 0.59. The company has a quick ratio of 0.84, a current ratio of 0.77 and a debt-to-equity ratio of 3.67. Rogers Communications has a 1-year low of $36.55 and a 1-year high of $50.00.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 10th will be paid a dividend of $0.3658 per share. This represents a $1.46 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Monday, June 10th. Rogers Communications’s payout ratio is presently 183.75%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RCI shares. Barclays cut their target price on Rogers Communications from $52.00 to $46.00 and set an “overweight” rating for the company in a research note on Wednesday, April 10th. StockNews.com cut Rogers Communications from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RCI. EverSource Wealth Advisors LLC increased its holdings in shares of Rogers Communications by 62.8% during the third quarter. EverSource Wealth Advisors LLC now owns 700 shares of the Wireless communications provider’s stock worth $27,000 after buying an additional 270 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in shares of Rogers Communications during the third quarter worth $29,000. Fifth Third Bancorp increased its holdings in shares of Rogers Communications by 120.1% during the fourth quarter. Fifth Third Bancorp now owns 658 shares of the Wireless communications provider’s stock worth $31,000 after buying an additional 359 shares in the last quarter. Lindbrook Capital LLC increased its holdings in shares of Rogers Communications by 120.8% during the fourth quarter. Lindbrook Capital LLC now owns 912 shares of the Wireless communications provider’s stock worth $43,000 after buying an additional 499 shares in the last quarter. Finally, CVA Family Office LLC acquired a new position in shares of Rogers Communications during the fourth quarter worth $51,000. 45.49% of the stock is currently 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.