Aigen Investment Management LP Acquires 13,347 Shares of Rogers Communication, Inc. (NYSE:RCI)

Key Points

• Aigen Investment Management LP increased its stake in Rogers Communication by 56.3%, acquiring an additional 13,347 shares, bringing its total holdings to 37,045 shares valued at approximately $990,000.
• Rogers Communication recently announced a quarterly dividend of $0.3672 per share, reflecting an increase from its previous $0.36 dividend, resulting in an annualized yield of 4.3%.
• Brokerage ratings for Rogers Communication include an average rating of "Hold" with a target price of $72.00, despite mixed recommendations from analysts regarding buy and sell ratings.

Aigen Investment Management LP raised its holdings in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 56.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,045 shares of the Wireless communications provider's stock after purchasing an additional 13,347 shares during the period. Aigen Investment Management LP's holdings in Rogers Communication were worth $990,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RCI. Mackenzie Financial Corp increased its position in Rogers Communication by 0.4% in the first quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider's stock worth $223,483,000 after buying an additional 37,013 shares during the period. Bank of Nova Scotia grew its position in shares of Rogers Communication by 3.4% during the first quarter. Bank of Nova Scotia now owns 7,998,907 shares of the Wireless communications provider's stock worth $213,641,000 after acquiring an additional 262,705 shares during the last quarter. Letko Brosseau & Associates Inc. lifted its position in Rogers Communication by 13.0% in the 1st quarter. Letko Brosseau & Associates Inc. now owns 5,885,187 shares of the Wireless communications provider's stock valued at $157,143,000 after purchasing an additional 674,807 shares during the last quarter. Scotia Capital Inc. lifted its position in Rogers Communication by 10.0% in the 1st quarter. Scotia Capital Inc. now owns 4,068,135 shares of the Wireless communications provider's stock valued at $108,542,000 after purchasing an additional 370,490 shares during the last quarter. Finally, Intact Investment Management Inc. boosted its stake in Rogers Communication by 55.7% during 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. 45.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the company. Barclays raised their target price on Rogers Communication from $31.00 to $33.00 and gave the company an "equal weight" rating in a research report on Tuesday. Scotiabank reaffirmed a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a research note on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $59.00.

Rogers Communication Stock Performance

Shares of Rogers Communication stock traded up $0.25 during trading on Thursday, reaching $35.07. The company's stock had a trading volume of 985,364 shares, compared to its average volume of 1,252,819. Rogers Communication, Inc. has a one year low of $23.18 and a one year 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 firm has a market cap of $18.87 billion, a price-to-earnings ratio of 17.45, a price-to-earnings-growth ratio of 1.85 and a beta of 0.77. The business's fifty day moving average price is $31.36 and its 200-day moving average price is $28.29.

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

Rogers Communication Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 8th will be paid a $0.3672 dividend. The ex-dividend date is Monday, September 8th. This represents a $1.47 annualized dividend and a dividend yield of 4.2%. This is a boost from Rogers Communication's previous quarterly dividend of $0.36. Rogers Communication's dividend payout ratio is presently 72.64%.

Rogers Communication 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.