Lorne Steinberg Wealth Management Inc. Purchases 1,964 Shares of Rogers Communication, Inc. $RCI

Lorne Steinberg Wealth Management Inc. lifted its stake in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 122,961 shares of the Wireless communications provider’s stock after purchasing an additional 1,964 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Rogers Communication were worth $3,650,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of RCI. Goldman Sachs Group Inc. grew its holdings in shares of Rogers Communication by 303.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,538,620 shares of the Wireless communications provider’s stock worth $148,047,000 after purchasing an additional 4,166,861 shares in the last quarter. Platinum Investment Management Ltd. acquired a new stake in shares of Rogers Communication during the 2nd quarter worth $77,687,000. Canada Pension Plan Investment Board grew its holdings in shares of Rogers Communication by 373.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 2,870,559 shares of the Wireless communications provider’s stock worth $76,671,000 after purchasing an additional 2,263,859 shares in the last quarter. Value Partners Investments Inc. grew its holdings in shares of Rogers Communication by 1,252.8% during the 1st quarter. Value Partners Investments Inc. now owns 2,312,136 shares of the Wireless communications provider’s stock worth $61,808,000 after purchasing an additional 2,141,227 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Rogers Communication by 380.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,348,091 shares of the Wireless communications provider’s stock worth $62,717,000 after purchasing an additional 1,859,288 shares in the last quarter. 45.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RCI. BMO Capital Markets reissued an “outperform” rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Scotiabank reissued a “sector perform” rating on shares of Rogers Communication in a report on Tuesday, July 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rogers Communication in a research note on Wednesday, October 8th. Finally, Barclays raised their price objective on Rogers Communication from $31.00 to $33.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $33.00.

Rogers Communication Stock Performance

NYSE:RCI opened at $37.28 on Monday. The stock’s 50-day simple moving average is $35.57 and its 200 day simple moving average is $30.89. Rogers Communication, Inc. has a twelve month low of $23.18 and a twelve month high of $39.33. The firm has a market capitalization of $20.14 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 2.99 and a beta of 0.78. The company has a quick ratio of 1.64, a current ratio of 1.70 and a debt-to-equity ratio of 2.23.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.02. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%.The firm had revenue of $3.82 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same period last year, the firm posted $1.16 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts anticipate that Rogers Communication, Inc. will post 3.57 EPS for the current fiscal year.

Rogers Communication Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 8th were paid a dividend of $0.3672 per share. The ex-dividend date of this dividend was Monday, September 8th. This is a positive change from Rogers Communication’s previous quarterly dividend of $0.36. This represents a $1.47 dividend on an annualized basis and a dividend yield of 3.9%. Rogers Communication’s payout ratio is 72.64%.

About Rogers Communication

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.