Alberta Investment Management Corp Boosts Holdings in Rogers Communication, Inc. (NYSE:RCI)

Key Points

• Alberta Investment Management Corp increased its stake in Rogers Communication by 19.9%, owning approximately 1.48 million shares worth around $39.59 million.
• Rogers Communication announced a quarterly dividend increase to $0.3672, resulting in a 4.4% annualized dividend yield.
• Wall Street analysts maintain a consensus rating of "Hold" on Rogers Communication with a price target of $72.00, with varying ratings from multiple firms.

Alberta Investment Management Corp lifted its position in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 19.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,482,616 shares of the Wireless communications provider's stock after purchasing an additional 246,043 shares during the period. Alberta Investment Management Corp owned about 0.28% of Rogers Communication worth $39,588,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Natixis Advisors LLC grew its position in Rogers Communication by 71.9% in the 1st quarter. Natixis Advisors LLC now owns 28,112 shares of the Wireless communications provider's stock worth $751,000 after purchasing an additional 11,762 shares during the period. Letko Brosseau & Associates Inc. lifted its stake in shares of 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. Mackenzie Financial Corp lifted its holdings in shares of Rogers Communication by 0.4% in the 1st quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider's stock worth $223,483,000 after acquiring an additional 37,013 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Rogers Communication by 8.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 228,459 shares of the Wireless communications provider's stock worth $6,100,000 after purchasing an additional 17,684 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Rogers Communication during the first quarter valued at approximately $244,000. 45.49% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on RCI shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of Rogers Communication in a research note on Wednesday, July 2nd. Scotiabank reiterated a "sector perform" rating on shares of Rogers Communication in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, Rogers Communication presently has an average rating of "Hold" and an average price target of $72.00.

Rogers Communication Trading Down 0.5%

Shares of Rogers Communication stock traded down $0.19 during mid-day trading on Tuesday, hitting $33.86. The stock had a trading volume of 471,239 shares, compared to its average volume of 1,257,167. The firm has a 50-day moving average of $30.35 and a two-hundred day moving average of $28.01. Rogers Communication, Inc. has a 12-month low of $23.18 and a 12-month high of $41.84. The company has a quick ratio of 1.64, a current ratio of 1.70 and a debt-to-equity ratio of 2.23. The firm has a market cap of $18.22 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 1.82 and a beta of 0.77.

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. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. 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 prior year, the business posted $1.16 EPS. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. Sell-side 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. Stockholders of record on Monday, September 8th will be issued a $0.3672 dividend. This represents a $1.47 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Monday, September 8th. This is a positive change from Rogers Communication's previous quarterly dividend of $0.36. Rogers Communication's dividend payout ratio (DPR) is 73.13%.

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.