Cogeco Communications (TSE:CCA) Share Price Passes Below 200-Day Moving Average - What's Next?

Key Points

• Cogeco Communications' share price dropped below its 200-day moving average, closing at C$64.17 after trading as low as C$63.80.
• Several analysts have downgraded the stock, with National Bank Financial changing its rating from "strong-buy" to "hold", while the average price target is now C$75.67.
• The company announced a quarterly dividend of $0.922, resulting in an annualized dividend yield of 5.7%.

Cogeco Communications Inc. (TSE:CCA - Get Free Report)'s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$66.48 and traded as low as C$63.80. Cogeco Communications shares last traded at C$64.17, with a volume of 49,918 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. National Bank Financial cut Cogeco Communications from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. Desjardins lifted their target price on Cogeco Communications from C$72.00 to C$74.00 in a research note on Thursday, July 10th. National Bankshares downgraded Cogeco Communications from an "outperform" rating to a "sector perform" rating and dropped their price target for the stock from C$80.00 to C$69.00 in a research note on Tuesday, August 12th. BMO Capital Markets cut their price objective on shares of Cogeco Communications from C$80.00 to C$75.00 in a report on Thursday, July 17th. Finally, Scotiabank reduced their price objective on shares of Cogeco Communications from C$75.50 to C$75.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 17th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of C$75.67.

Cogeco Communications Stock Performance

The company has a market capitalization of C$2.70 billion, a P/E ratio of 8.31, a price-to-earnings-growth ratio of 4.77 and a beta of 0.52. The business has a 50 day moving average of C$63.93 and a 200 day moving average of C$66.48. The company has a quick ratio of 0.49, a current ratio of 0.37 and a debt-to-equity ratio of 159.35.

Cogeco Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 12th. Investors of record on Tuesday, August 12th were issued a $0.922 dividend. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $3.69 dividend on an annualized basis and a dividend yield of 5.7%. Cogeco Communications's dividend payout ratio (DPR) is 46.89%.

About Cogeco Communications

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.

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