BMO Capital Markets Increases Rogers Communications (NYSE:RCI) Price Target to $70.00

Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its price objective upped by BMO Capital Markets from $67.00 to $70.00 in a research report sent to investors on Thursday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the Wireless communications provider’s stock.

A number of other brokerages have also weighed in on RCI. StockNews.com upgraded Rogers Communications from a sell rating to a hold rating in a research note on Thursday, July 11th. Canaccord Genuity Group reissued a hold rating and set a $57.00 target price (down previously from $59.00) on shares of Rogers Communications in a research report on Thursday, July 25th. Finally, Canaccord Genuity Group cut shares of Rogers Communications from a buy rating to a hold rating in a report on Thursday, July 25th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Rogers Communications has an average rating of Moderate Buy and an average price target of $61.75.

Rogers Communications Price Performance

Shares of RCI stock opened at $40.36 on Thursday. The company has a market capitalization of $21.39 billion, a P/E ratio of 50.45, a P/E/G ratio of 1.06 and a beta of 0.67. The company’s 50-day simple moving average is $39.47 and its two-hundred day simple moving average is $39.32. Rogers Communications has a one year low of $35.55 and a one year high of $48.19. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.65 and a quick ratio of 0.60.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings data on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.33. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.14 billion. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.76 earnings per share. As a group, equities analysts anticipate that Rogers Communications will post 3.59 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 9th will be issued a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Monday, September 9th. Rogers Communications’s dividend payout ratio is currently 185.00%.

Hedge Funds Weigh In On Rogers Communications

Several large investors have recently modified their holdings of the business. Intech Investment Management LLC acquired a new position in shares of Rogers Communications in the first quarter valued at approximately $835,000. Barometer Capital Management Inc. purchased a new stake in shares of Rogers Communications during the fourth quarter worth $1,092,000. Janney Montgomery Scott LLC acquired a new stake in shares of Rogers Communications in the fourth quarter valued at $1,719,000. CIBC Asset Management Inc raised its stake in shares of Rogers Communications by 19.3% in the fourth quarter. CIBC Asset Management Inc now owns 1,532,864 shares of the Wireless communications provider’s stock valued at $71,988,000 after acquiring an additional 247,496 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Rogers Communications by 8.6% in the first quarter. Russell Investments Group Ltd. now owns 195,754 shares of the Wireless communications provider’s stock valued at $8,040,000 after purchasing an additional 15,454 shares during the period. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communications Company Profile

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.