Cogeco Communications (TSE:CCA) Downgraded by National Bank Financial to "Hold"

Key Points

• Cogeco Communications has been downgraded by National Bank Financial from a "strong-buy" to a "hold" rating.
• In addition to the downgrade, several firms have reduced their price targets for Cogeco Communications, with the consensus target now at C$75.67.
• The stock is currently trading at around C$61.88, reflecting a significant distance from its 52-week high of C$75.09.

National Bank Financial lowered shares of Cogeco Communications (TSE:CCA - Free Report) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

A number of other research analysts have also issued reports on CCA. Desjardins boosted their price objective on Cogeco Communications from C$72.00 to C$74.00 in a research report on Thursday, July 10th. Royal Bank Of Canada cut their target price on Cogeco Communications from C$75.00 to C$74.00 in a research note on Thursday, July 17th. BMO Capital Markets cut their target price on Cogeco Communications from C$80.00 to C$75.00 in a research note on Thursday, July 17th. National Bankshares downgraded Cogeco Communications from an "outperform" rating to a "sector perform" rating and cut their target price for the company from C$80.00 to C$69.00 in a research note on Tuesday. Finally, Scotiabank cut their target price on Cogeco Communications from C$75.50 to C$75.00 and set a "sector perform" rating on the stock in a research note on Thursday, July 17th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Cogeco Communications currently has an average rating of "Hold" and an average price target of C$75.67.

Cogeco Communications Stock Performance

TSE:CCA traded up C$0.60 during midday trading on Monday, reaching C$63.37. 40,299 shares of the company traded hands, compared to its average volume of 82,101. Cogeco Communications has a twelve month low of C$59.10 and a twelve month high of C$75.09. The firm has a market capitalization of C$2.66 billion, a price-to-earnings ratio of 7.67, a price-to-earnings-growth ratio of 4.77 and a beta of 0.59. The company has a debt-to-equity ratio of 159.35, a current ratio of 0.37 and a quick ratio of 0.49. The company has a fifty day moving average price of C$67.16 and a 200 day moving average price of C$66.62.

Cogeco Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 12th. Shareholders of record on Tuesday, August 12th were given a $0.922 dividend. This represents a $3.69 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Tuesday, July 29th. Cogeco Communications's dividend payout ratio (DPR) is presently 41.40%.

Cogeco Communications Company Profile

Cogeco Communications Inc is a communication corporation. The company is a cable operator in North America operating in Canada. It provides residential and business customers with internet, video, and telephony services with broadband fibre networks. The reportable segments of the company are Canadian broadband services and American broadband services.