Rogers Communication (NYSE:RCI) Stock Price Crosses Below 50 Day Moving Average – Here’s What Happened

Shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $33.08 and traded as low as $32.89. Rogers Communication shares last traded at $32.9950, with a volume of 1,028,086 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RCI. Barclays reduced their price target on Rogers Communication from $36.00 to $35.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 13th. Raymond James Financial initiated coverage on shares of Rogers Communication in a report on Wednesday, July 15th. They issued an “outperform” rating for the company. TD Securities reiterated a “buy” rating on shares of Rogers Communication in a research report on Thursday, July 23rd. Scotiabank reiterated an “outperform” rating on shares of Rogers Communication in a research report on Tuesday, October 20th. Finally, Wall Street Zen raised shares of Rogers Communication from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rogers Communication presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Rogers Communication Price Performance

The firm has a market cap of $17.82 billion, a price-to-earnings ratio of 27.52, a P/E/G ratio of 3.87 and a beta of 0.66. The business’s 50-day simple moving average is $33.08 and its two-hundred day simple moving average is $35.57. The company has a current ratio of 0.67, a quick ratio of 0.64 and a debt-to-equity ratio of 1.65.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings results on Friday, October 23rd. The Wireless communications provider reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.08. Rogers Communication had a net margin of 4.11% and a return on equity of 11.51%. The firm had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter in the previous year, the company earned $1.37 EPS. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, research analysts expect that Rogers Communication, Inc. will post 3.56 EPS for the current fiscal year.

Rogers Communication Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 5th. Investors of record on Tuesday, December 8th will be paid a dividend of C$0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date of this dividend is Tuesday, December 8th. Rogers Communication’s dividend payout ratio (DPR) is currently 120.00%.

Institutional Trading of Rogers Communication

A number of institutional investors have recently bought and sold shares of the company. Allworth Financial LP raised its position in shares of Rogers Communication by 80.0% in the 3rd quarter. Allworth Financial LP now owns 952 shares of the Wireless communications provider’s stock worth $31,000 after acquiring an additional 423 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Rogers Communication by 224.7% in the 3rd quarter. IFP Advisors Inc now owns 1,445 shares of the Wireless communications provider’s stock valued at $45,000 after purchasing an additional 1,000 shares during the period. Mather Group LLC. acquired a new position in shares of Rogers Communication in the 3rd quarter valued at about $75,000. Fortitude Family Office LLC acquired a new position in shares of Rogers Communication in the 3rd quarter valued at about $76,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Rogers Communication by 15.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,107 shares of the Wireless communications provider’s stock valued at $119,000 after purchasing an additional 418 shares in the last quarter. Institutional investors own 45.49% of the company’s stock.

Rogers Communication Company Profile

Rogers Communications Inc. is a Canadian communications and media company headquartered in Toronto. Founded by Ted Rogers in 1960, the company serves consumers and businesses across Canada. Its telecommunications operations provide wireless voice and data services, internet access, cable television and home phone services. Rogers offers wireless services through brands including Rogers, Fido and Chatr. The company also operates media businesses, including Sportsnet, Citytv, OMNI Television and radio stations.