1832 Asset Management L.P. Trims Position in Rogers Communication, Inc. $RCI

Key Points

• 1832 Asset Management L.P. has reduced its stake in Rogers Communication, Inc. by 19.7%, now owning approximately 10.9 million shares worth about $291.8 million.
• Rogers Communication has announced an increase in its quarterly dividend to $0.3672, yielding around 4.1%, payable on October 3rd.
• Analyst ratings show that Rogers Communication has a consensus rating of "Hold" with a target price of $59.00, indicating mixed investor sentiment.

1832 Asset Management L.P. decreased its stake in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 19.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,916,269 shares of the Wireless communications provider's stock after selling 2,673,357 shares during the period. 1832 Asset Management L.P. owned about 2.04% of Rogers Communication worth $291,792,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RCI. State of Tennessee Department of Treasury increased its position in shares of Rogers Communication by 0.3% during the fourth quarter. State of Tennessee Department of Treasury now owns 218,308 shares of the Wireless communications provider's stock worth $6,708,000 after buying an additional 720 shares during the period. SBI Securities Co. Ltd. increased its holdings in Rogers Communication by 885.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock worth $25,000 after purchasing an additional 850 shares in the last quarter. JTC Employer Solutions Trustee Ltd boosted its position in shares of Rogers Communication by 1.2% during the first quarter. JTC Employer Solutions Trustee Ltd now owns 102,545 shares of the Wireless communications provider's stock valued at $2,755,000 after buying an additional 1,180 shares during the last quarter. CWM LLC boosted its position in shares of Rogers Communication by 57.4% during the first quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider's stock valued at $100,000 after buying an additional 1,363 shares during the last quarter. Finally, M&T Bank Corp boosted its position in shares of Rogers Communication by 10.3% during the first quarter. M&T Bank Corp now owns 19,739 shares of the Wireless communications provider's stock valued at $527,000 after buying an additional 1,846 shares during the last quarter. 45.49% of the stock is currently owned by institutional investors and hedge funds.

Rogers Communication Price Performance

NYSE RCI traded up $0.59 on Wednesday, hitting $35.84. The stock had a trading volume of 195,565 shares, compared to its average volume of 1,223,882. Rogers Communication, Inc. has a 52-week low of $23.18 and a 52-week high of $41.84. The company has a debt-to-equity ratio of 2.23, a quick ratio of 1.64 and a current ratio of 1.70. The company has a market capitalization of $19.28 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.31 and a beta of 0.77. The firm has a 50-day moving average of $32.83 and a 200-day moving average of $28.75.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last issued its quarterly earnings data on Wednesday, July 23rd. The Wireless communications provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.80 by $0.02. The company had revenue of $3.82 billion during the quarter, compared to analyst estimates of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%.Rogers Communication's revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 earnings per share. Equities analysts expect that Rogers Communication, Inc. will post 3.57 EPS for the current year.

Rogers Communication Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 8th will be issued a $0.3672 dividend. This is a positive change from Rogers Communication's previous quarterly dividend of $0.36. This represents a $1.47 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 8th. Rogers Communication's dividend payout ratio is currently 71.64%.

Wall Street Analysts Forecast Growth

Several analysts have commented on RCI shares. Barclays lifted their price objective on shares of Rogers Communication from $31.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. BMO Capital Markets restated an "outperform" rating on shares of Rogers Communication in a research note on Wednesday, July 2nd. Finally, Scotiabank restated a "sector perform" rating on shares of Rogers Communication in a research note on Tuesday, July 15th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Rogers Communication has a consensus rating of "Hold" and a consensus price target of $59.00.

About Rogers Communication

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.