Morgan Stanley Boosts Rogers Communication, Inc. (RCI) Price Target to $67.00
Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) had its target price raised by Morgan Stanley from $63.00 to $67.00 in a research report report published on Friday morning. Morgan Stanley currently has an equal weight rating on the Wireless communications provider’s stock.
RCI has been the topic of several other research reports. BidaskClub upgraded Rogers Communication from a hold rating to a buy rating in a report on Thursday, June 15th. Zacks Investment Research downgraded Rogers Communication from a hold rating to a sell rating in a report on Tuesday, June 20th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $56.43.
Shares of Rogers Communication (NYSE:RCI) opened at 51.81 on Friday. The company has a market cap of $26.67 billion, a PE ratio of 32.73 and a beta of 0.86. Rogers Communication has a 12-month low of $37.03 and a 12-month high of $53.07. The company has a 50-day moving average of $50.80 and a 200 day moving average of $46.46.
Rogers Communication (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings data on Thursday, July 20th. The Wireless communications provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.03. The firm had revenue of $3.59 billion for the quarter, compared to the consensus estimate of $3.59 billion. Rogers Communication had a return on equity of 28.90% and a net margin of 7.42%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 EPS. On average, equities research analysts expect that Rogers Communication will post $2.74 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 15th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.92 annualized dividend and a yield of 3.71%. Rogers Communication’s payout ratio is 95.95%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in Rogers Communication by 55.8% in the first quarter. Assenagon Asset Management S.A. now owns 32,036 shares of the Wireless communications provider’s stock valued at $1,412,000 after buying an additional 11,468 shares during the last quarter. Comerica Bank boosted its position in Rogers Communication by 1.3% in the first quarter. Comerica Bank now owns 23,199 shares of the Wireless communications provider’s stock valued at $1,068,000 after buying an additional 299 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Rogers Communication by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 463,582 shares of the Wireless communications provider’s stock valued at $20,499,000 after buying an additional 3,856 shares during the last quarter. US Bancorp DE boosted its position in Rogers Communication by 8.8% in the first quarter. US Bancorp DE now owns 3,429 shares of the Wireless communications provider’s stock valued at $152,000 after buying an additional 278 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its position in Rogers Communication by 20.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 189,285 shares of the Wireless communications provider’s stock valued at $8,352,000 after buying an additional 32,366 shares during the last quarter. 47.55% of the stock is owned by hedge funds and other institutional investors.
Rogers Communication Company Profile
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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