Canoe Financial LP Buys 166,224 Shares of Rogers Communications Inc. (NYSE:RCI)

Canoe Financial LP increased its stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 14.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,299,311 shares of the Wireless communications provider’s stock after acquiring an additional 166,224 shares during the quarter. Canoe Financial LP’s holdings in Rogers Communications were worth $39,916,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of Rogers Communications in the 2nd quarter valued at $55,000. American Century Companies Inc. grew its holdings in Rogers Communications by 9.7% during the 2nd quarter. American Century Companies Inc. now owns 68,679 shares of the Wireless communications provider’s stock worth $2,540,000 after acquiring an additional 6,099 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Rogers Communications by 1.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,521,446 shares of the Wireless communications provider’s stock worth $56,071,000 after acquiring an additional 21,060 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Rogers Communications by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 604,138 shares of the Wireless communications provider’s stock worth $22,341,000 after acquiring an additional 33,930 shares in the last quarter. Finally, Seven Eight Capital LP acquired a new position in shares of Rogers Communications in the 2nd quarter valued at about $867,000. Institutional investors and hedge funds own 45.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RCI shares. Morgan Stanley started coverage on Rogers Communications in a report on Monday, December 16th. They issued an “underweight” rating for the company. Bank of America downgraded shares of Rogers Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $61.75.

Rogers Communications Stock Performance

Shares of RCI stock opened at $28.19 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35. The firm has a fifty day simple moving average of $32.97 and a two-hundred day simple moving average of $36.76. Rogers Communications Inc. has a 12 month low of $27.63 and a 12 month high of $48.19. The firm has a market capitalization of $15.07 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 0.91 and a beta of 0.69.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.07 by $0.35. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The company had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $3.79 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Analysts forecast that Rogers Communications Inc. will post 3.52 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Monday, December 9th were given a dividend of $0.3611 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $1.44 annualized dividend and a dividend yield of 5.12%. Rogers Communications’s payout ratio is 68.78%.

Rogers Communications 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.