Rogers Communication, Inc. (NYSE:RCI) Shares Acquired by Alberta Investment Management Corp

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 raised its position in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 19.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 0.28% of Rogers Communication worth $39,588,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of RCI. FIL Ltd boosted its holdings in Rogers Communication by 7.2% in the fourth quarter. FIL Ltd now owns 33,450,577 shares of the Wireless communications provider's stock valued at $1,028,336,000 after purchasing an additional 2,244,240 shares in the last quarter. Mackenzie Financial Corp boosted its holdings 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 valued at $223,483,000 after purchasing an additional 37,013 shares in the last quarter. Bank of Nova Scotia boosted its holdings in Rogers Communication by 20.6% in the fourth quarter. Bank of Nova Scotia now owns 7,736,202 shares of the Wireless communications provider's stock valued at $237,784,000 after purchasing an additional 1,320,200 shares in the last quarter. Letko Brosseau & Associates Inc. boosted its holdings in Rogers Communication by 13.0% in the first 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 in the last quarter. Finally, Scotia Capital Inc. boosted its holdings in Rogers Communication by 18.3% in the fourth quarter. Scotia Capital Inc. now owns 3,697,645 shares of the Wireless communications provider's stock valued at $113,217,000 after purchasing an additional 572,270 shares in the last quarter. 45.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on RCI shares. Canaccord Genuity Group raised Rogers Communication from a "hold" rating to a "buy" rating in a report on Friday, April 4th. Scotiabank reissued 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 report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $72.00.

Rogers Communication Price Performance

NYSE RCI traded up $0.30 during trading hours on Friday, reaching $33.70. The company's stock had a trading volume of 1,211,417 shares, compared to its average volume of 1,580,831. The stock has a market cap of $18.13 billion, a PE ratio of 16.77, a PEG ratio of 1.82 and a beta of 0.77. Rogers Communication, Inc. has a fifty-two week low of $23.18 and a fifty-two week high of $41.84. The company's 50-day moving average is $30.19 and its two-hundred day moving average is $27.98. 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 issued its quarterly earnings data 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 business had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same period in the prior year, the business earned $1.16 earnings per share. The business's revenue was up 2.4% on a year-over-year basis. Analysts forecast that Rogers Communication, Inc. will post 3.57 EPS for the current year.

Rogers Communication Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 8th will be issued a $0.3672 dividend. The ex-dividend date is Monday, September 8th. 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 4.4%. Rogers Communication's payout ratio is presently 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.