1832 Asset Management L.P. Sells 2,673,357 Shares of 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 position in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 19.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,916,269 shares of the Wireless communications provider's stock after selling 2,673,357 shares during the quarter. 1832 Asset Management L.P. owned approximately 2.04% of Rogers Communication worth $291,792,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of RCI. Value Partners Investments Inc. lifted its stake in shares of Rogers Communication by 1,252.8% in the 1st quarter. Value Partners Investments Inc. now owns 2,312,136 shares of the Wireless communications provider's stock valued at $61,808,000 after purchasing an additional 2,141,227 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Rogers Communication by 380.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,348,091 shares of the Wireless communications provider's stock valued at $62,717,000 after purchasing an additional 1,859,288 shares during the period. Intact Investment Management Inc. lifted its stake in shares of Rogers Communication by 55.7% in the 1st quarter. Intact Investment Management Inc. now owns 2,913,921 shares of the Wireless communications provider's stock valued at $77,827,000 after purchasing an additional 1,042,690 shares during the period. Letko Brosseau & Associates Inc. lifted its stake in shares of Rogers Communication by 23.5% in the 4th quarter. Letko Brosseau & Associates Inc. now owns 5,210,380 shares of the Wireless communications provider's stock valued at $160,094,000 after purchasing an additional 992,780 shares during the period. Finally, Burgundy Asset Management Ltd. increased its position in shares of Rogers Communication by 38.6% in the 1st quarter. Burgundy Asset Management Ltd. now owns 3,509,952 shares of the Wireless communications provider's stock valued at $93,828,000 after buying an additional 978,348 shares in the last quarter. Institutional investors and hedge funds own 45.49% of the company's stock.

Analysts Set New Price Targets

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

Rogers Communication Stock Performance

NYSE:RCI traded down $0.1450 during mid-day trading on Monday, hitting $35.4950. The stock had a trading volume of 615,791 shares, compared to its average volume of 1,232,602. Rogers Communication, Inc. has a twelve month low of $23.18 and a twelve month high of $41.84. The stock has a market cap of $19.10 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 2.32 and a beta of 0.77. The company's 50 day simple moving average is $32.52 and its 200 day simple moving average is $28.64. The company has a debt-to-equity ratio of 2.23, a quick ratio of 1.64 and a current ratio of 1.70.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last announced its quarterly earnings data on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.02. The business had revenue of $3.82 billion for the quarter, compared to analysts' expectations of $5.12 billion. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the firm posted $1.16 earnings per share. On average, equities research analysts forecast that Rogers Communication, Inc. will post 3.57 earnings per share for the current year.

Rogers Communication Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 8th will be paid a $0.3672 dividend. This represents a $1.47 dividend on an annualized basis and a yield of 4.1%. This is a positive change from Rogers Communication's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, September 8th. Rogers Communication's payout ratio is 72.64%.

Rogers Communication Company 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.