Rogers Communication (NYSE:RCI) Stock Price Passes Below Fifty Day Moving Average – Here’s What Happened

Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) shares crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $36.84 and traded as low as $35.91. Rogers Communication shares last traded at $36.0450, with a volume of 1,187,588 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RCI. Wall Street Zen downgraded shares of Rogers Communication from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Scotiabank upgraded shares of Rogers Communication from a “hold” rating to an “outperform” rating in a research report on Thursday, April 23rd. TD Cowen restated a “buy” rating on shares of Rogers Communication in a research report on Friday, January 30th. TD Securities downgraded shares of Rogers Communication from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Finally, Barclays restated a “positive” rating and issued a $37.00 price objective on shares of Rogers Communication in a research report on Tuesday, January 27th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $36.00.

Rogers Communication Stock Performance

The company has a debt-to-equity ratio of 1.43, a current ratio of 0.55 and a quick ratio of 0.53. The stock has a market cap of $19.47 billion, a price-to-earnings ratio of 3.80, a P/E/G ratio of 3.19 and a beta of 0.61. The stock’s 50-day moving average is $36.84 and its 200 day moving average is $37.40.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Wednesday, April 22nd. The Wireless communications provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. Rogers Communication had a net margin of 32.00% and a return on equity of 12.11%. The company had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same period last year, the company posted $0.99 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts predict that Rogers Communication, Inc. will post 3.55 earnings per share for the current fiscal year.

Rogers Communication Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Tuesday, June 9th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $2.00 dividend on an annualized basis and a yield of 5.5%. Rogers Communication’s dividend payout ratio (DPR) is 15.51%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its holdings in Rogers Communication by 2.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 9,886,365 shares of the Wireless communications provider’s stock valued at $340,428,000 after buying an additional 282,609 shares in the last quarter. TD Asset Management Inc increased its holdings in Rogers Communication by 2.3% in the fourth quarter. TD Asset Management Inc now owns 8,540,114 shares of the Wireless communications provider’s stock valued at $322,789,000 after buying an additional 195,189 shares in the last quarter. Bank of Nova Scotia increased its holdings in Rogers Communication by 2.3% in the third quarter. Bank of Nova Scotia now owns 8,465,953 shares of the Wireless communications provider’s stock valued at $291,526,000 after buying an additional 186,510 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Rogers Communication by 7.0% in the third quarter. Mackenzie Financial Corp now owns 8,161,532 shares of the Wireless communications provider’s stock valued at $280,904,000 after buying an additional 536,623 shares in the last quarter. Finally, Fiera Capital Corp increased its holdings in Rogers Communication by 8,881.3% in the fourth quarter. Fiera Capital Corp now owns 7,196,876 shares of the Wireless communications provider’s stock valued at $271,751,000 after buying an additional 7,116,744 shares in the last quarter. 45.49% of the stock is owned by hedge funds and other institutional investors.

Rogers Communication Company Profile

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.