Cogeco Communications (TSE:CCA) Sets New 1-Year High – Here’s Why

Shares of Cogeco Communications Inc. (TSE:CCA) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$73.19 and last traded at C$73.10, with a volume of 8225 shares traded. The stock had previously closed at C$72.09.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CCA shares. TD Securities increased their price objective on shares of Cogeco Communications from C$85.00 to C$89.00 in a report on Monday, November 4th. National Bank Financial upgraded Cogeco Communications from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada raised their target price on Cogeco Communications from C$76.00 to C$79.00 in a research note on Thursday, October 10th. National Bankshares raised Cogeco Communications from a “sector perform” rating to an “outperform” rating and raised their target price for the company from C$64.00 to C$80.00 in a research note on Friday, September 20th. Finally, Scotiabank increased their target price on shares of Cogeco Communications from C$73.50 to C$77.50 in a research note on Monday, November 4th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cogeco Communications currently has a consensus rating of “Moderate Buy” and an average price target of C$75.50.

Cogeco Communications Trading Up 0.1 %

The company has a fifty day simple moving average of C$69.81 and a two-hundred day simple moving average of C$62.56. The company has a market capitalization of C$2.17 billion, a P/E ratio of 9.20, a price-to-earnings-growth ratio of 4.77 and a beta of 0.59. The company has a debt-to-equity ratio of 142.88, a current ratio of 0.41 and a quick ratio of 0.49.

Cogeco Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 28th. Investors of record on Thursday, November 28th were issued a dividend of $0.922 per share. This is an increase from Cogeco Communications’s previous quarterly dividend of $0.85. This represents a $3.69 annualized dividend and a dividend yield of 5.11%. The ex-dividend date of this dividend was Thursday, November 14th. Cogeco Communications’s dividend payout ratio is currently 43.62%.

Insiders Place Their Bets

In related news, Director Robin Anne Bienenstock bought 2,156 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was purchased at an average cost of C$69.66 per share, for a total transaction of C$150,189.33. Also, Director Jacques Royer sold 657 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of C$68.86, for a total transaction of C$45,241.02. Following the transaction, the director now owns 1 shares in the company, valued at approximately C$68.86. The trade was a 99.85 % decrease in their position. Company insiders own 0.46% of the company’s stock.

Cogeco Communications Company Profile

Cogeco Communications Inc operates as a telecommunications corporation in Canada and the United States. It operates in two segments, Canadian Telecommunications and American Telecommunications. The company offers Internet, video, and Internet protocol (IP) based telephony services to residential and small business customers through its two-way broadband fiber networks.