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

Cogeco Communications Inc. (TSE:CCA)’s share price passed above its 50-day moving average during trading on Thursday. The stock has a 50-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 trading hands.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CCA shares. Scotiabank cut their price objective on shares of Cogeco Communications from C$68.00 to C$64.50 and set a “sector perform” rating on the stock in a report on Tuesday, October 20th. TD reduced their price objective on shares of Cogeco Communications from C$83.00 to C$81.00 and set a “buy” rating for the company in a research report on Friday, October 30th. Canadian Imperial Bank of Commerce lowered their target price on shares of Cogeco Communications from C$71.00 to C$65.00 and set a “neutral” rating for the company in a report on Thursday, October 8th. Royal Bank Of Canada dropped their target price on shares of Cogeco Communications from C$74.00 to C$70.00 and set a “sector perform” rating on the stock in a research report on Friday, July 10th. Finally, Desjardins dropped their target price on shares of Cogeco Communications from C$64.00 to C$53.00 and set a “hold” rating on the stock in a research report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of C$65.55.

Cogeco Communications Price Performance

The firm has a market capitalization of C$2.33 billion, a PE ratio of -2.11, a P/E/G ratio of 4.77 and a beta of 0.95. The company has a current ratio of 0.59, a quick ratio of 0.49 and a debt-to-equity ratio of 229.76. The company has a fifty day moving average price of C$54.87 and a two-hundred 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 earnings per share (EPS) for the quarter. The firm had revenue of C$695.49 million for the quarter. Cogeco Communications had a negative return on equity of 43.35% and a negative net margin of 39.55%. Sell-side analysts forecast that Cogeco Communications Inc. will post 8.49 earnings per share for the current year.

Cogeco Communications Increases Dividend

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