Cogeco Communications (TSE:CCA) Shares Break Above 50-Day Moving Average – Here’s What Happened

Cogeco Communications Inc. (TSE:CCA)’s stock price crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of C$54.87 and traded as high as C$56.12. Cogeco Communications shares last traded at C$55.53, with a volume of 424,292 shares traded.

Wall Street Analyst Weigh In

CCA has been the topic of a number of recent research reports. TD dropped their price objective on shares of Cogeco Communications from C$83.00 to C$81.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Royal Bank Of Canada reduced their target price on shares of Cogeco Communications from C$74.00 to C$70.00 and set a “sector perform” rating for the company in a report on Friday, July 10th. National Bank Financial decreased their target price on shares of Cogeco Communications from C$69.00 to C$53.00 and set a “sector perform” rating for the company in a research note on Friday, October 30th. Canaccord Genuity Group lowered their price target on Cogeco Communications from C$68.00 to C$61.00 and set a “buy” rating on the stock in a report on Friday, October 30th. Finally, Canadian Imperial Bank of Commerce lowered their price target on Cogeco Communications from C$71.00 to C$65.00 and set a “neutral” rating on the stock in a report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of C$65.55.

Cogeco Communications Stock Performance

The firm has a market cap of C$2.33 billion, a price-to-earnings ratio of -2.11, a price-to-earnings-growth ratio of 4.77 and a beta of 0.95. The company has a quick ratio of 0.49, a current ratio of 0.59 and a debt-to-equity ratio of 229.76. The stock has a fifty day moving average price of C$54.87 and a 200-day moving average price of C$63.02.

Cogeco Communications (TSE:CCA) last released its quarterly earnings results on Thursday, October 29th. The company reported C$2.05 EPS for the quarter. Cogeco Communications had a negative return on equity of 43.35% and a negative net margin of 39.55%. The business had revenue of C$695.49 million during the quarter. On average, analysts expect that Cogeco Communications Inc. will post 8.49 earnings per share for the current fiscal year.

Cogeco Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Wednesday, November 25th will be paid a $1.0070 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $4.03 annualized dividend and a yield of 7.3%. This is an increase from Cogeco Communications’s previous quarterly dividend of $0.9870. Cogeco Communications’s dividend payout ratio is presently -15.02%.

About Cogeco Communications

Cogeco Communications Inc is a leading telecommunications provider committed to bringing people together through powerful communications and entertainment experiences. We provide world-class Internet, wireless, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. Our services are marketed under the Cogeco and oxio brands in Canada, and under the Breezeline brand in the U.S. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future.