Rogers Communication, Inc. (RCI) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) from a buy rating to a hold rating in a research note published on Wednesday morning.

According to Zacks, “Rogers Communications posted mixed third-quarter 2017 financial results, with the bottom line beating the Zacks Consensus Estimate while the top line missed the same. The company’s wireless and cable segment has been doing well with huge wireless and high-speed internet subscriber gain. We are bullish about the company’s wireless growth from the roll out of lower block spectrum and offering of Internet of Things as a service to business enterprises. Over the past three months, the stock price grew 3.0% beating the industry's loss of 11.7%. The company has maintained its position as the largest integrated-telecom operator in Canada. On the other hand, the company operates in an intensely competitive wireless and cable TV industry. Also, continuous softness in the advertising market, declining cash flow and loss of viewers to video streaming service providers remain potent headwinds.”

A number of other equities analysts have also recently issued reports on the stock. TheStreet upgraded shares of Rogers Communication from a c+ rating to a b rating in a research report on Thursday, October 19th. Barclays PLC boosted their price objective on shares of Rogers Communication from $56.00 to $58.00 and gave the company an equal weight rating in a research report on Friday, October 20th. Morgan Stanley boosted their price target on shares of Rogers Communication from $63.00 to $67.00 and gave the company an equal weight rating in a research report on Friday, August 25th. Finally, BidaskClub upgraded shares of Rogers Communication from a buy rating to a strong-buy rating in a research report on Sunday, July 16th. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $61.00.

Rogers Communication (NYSE RCI) traded up $0.05 during mid-day trading on Wednesday, hitting $52.55. 162,700 shares of the company’s stock were exchanged, compared to its average volume of 328,726. Rogers Communication has a 12-month low of $37.03 and a 12-month high of $54.24. The stock has a market capitalization of $27,053.27, a PE ratio of 20.77, a price-to-earnings-growth ratio of 3.86 and a beta of 0.93. The company has a debt-to-equity ratio of 2.01, a current ratio of 0.41 and a quick ratio of 0.38.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings data on Thursday, October 19th. The Wireless communications provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.19). Rogers Communication had a net margin of 9.20% and a return on equity of 30.40%. The firm had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. Rogers Communication’s revenue was up 2.5% compared to the same quarter last year. research analysts expect that Rogers Communication will post 2.72 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Monday, December 11th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, December 8th. Rogers Communication’s dividend payout ratio is currently 81.48%.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of Rogers Communication by 21.2% during the second quarter. FMR LLC now owns 33,392,433 shares of the Wireless communications provider’s stock valued at $1,577,180,000 after buying an additional 5,832,908 shares during the period. TD Asset Management Inc. increased its position in shares of Rogers Communication by 1.0% during the second quarter. TD Asset Management Inc. now owns 14,477,457 shares of the Wireless communications provider’s stock valued at $682,694,000 after buying an additional 142,103 shares during the period. Vanguard Group Inc. boosted its stake in Rogers Communication by 3.3% during the second quarter. Vanguard Group Inc. now owns 8,055,432 shares of the Wireless communications provider’s stock worth $380,297,000 after acquiring an additional 256,309 shares in the last quarter. Mawer Investment Management Ltd. boosted its stake in Rogers Communication by 1.3% during the second quarter. Mawer Investment Management Ltd. now owns 6,123,108 shares of the Wireless communications provider’s stock worth $289,302,000 after acquiring an additional 77,172 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in Rogers Communication by 2.2% during the third quarter. Great West Life Assurance Co. Can now owns 4,816,024 shares of the Wireless communications provider’s stock worth $247,773,000 after acquiring an additional 103,687 shares in the last quarter. Institutional investors own 47.62% of the company’s stock.

About Rogers Communication

Rogers Communications Inc is a communications and media company. The Company provides wireless communications services, and cable television, Internet, information technology (IT) and telephony services to consumers and businesses. Its segments include Wireless, Cable, Business Solutions and Media. The Wireless segment is engaged in wireless telecommunications operations for Canadian consumers and businesses.

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