Toronto Dominion Bank Sells 2,165,620 Shares of Rogers Communications Inc. (NYSE:RCI)

Toronto Dominion Bank lessened its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 34.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,137,751 shares of the Wireless communications provider’s stock after selling 2,165,620 shares during the quarter. Toronto Dominion Bank’s holdings in Rogers Communications were worth $166,379,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in RCI. Geode Capital Management LLC grew its holdings in Rogers Communications by 10.6% during the third quarter. Geode Capital Management LLC now owns 1,633,981 shares of the Wireless communications provider’s stock valued at $66,176,000 after purchasing an additional 156,217 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Rogers Communications in the third quarter valued at about $2,559,000. Y Intercept Hong Kong Ltd bought a new position in shares of Rogers Communications in the third quarter worth about $206,000. Orion Portfolio Solutions LLC grew its position in shares of Rogers Communications by 97.5% during the third quarter. Orion Portfolio Solutions LLC now owns 57,709 shares of the Wireless communications provider’s stock worth $2,320,000 after purchasing an additional 28,496 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in Rogers Communications by 18.6% during the 3rd quarter. National Bank of Canada FI now owns 6,239,553 shares of the Wireless communications provider’s stock valued at $250,886,000 after purchasing an additional 977,924 shares during the period. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Rogers Communications Price Performance

RCI stock opened at $34.53 on Wednesday. The firm has a market capitalization of $18.46 billion, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 1.09 and a beta of 0.67. The company has a fifty day simple moving average of $36.96 and a two-hundred day simple moving average of $38.25. Rogers Communications Inc. has a 52 week low of $34.28 and a 52 week high of $48.19. The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 3.35.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.35. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The firm had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the previous year, the company earned $0.95 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Analysts anticipate that Rogers Communications Inc. will post 3.56 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 9th will be issued a dividend of $0.3611 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Monday, December 9th. Rogers Communications’s payout ratio is currently 72.20%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RCI shares. TD Securities increased their price objective on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, September 19th. BMO Capital Markets boosted their price target on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, September 19th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Rogers Communications has a consensus rating of “Moderate Buy” and an average price target of $61.75.

About Rogers Communications

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.