Bank of New York Mellon Corp Acquires 100,162 Shares of Rogers Communication, Inc. $RCI

Key Points

• Bank of New York Mellon increased its Rogers Communications stake by 30.7% in the first quarter, adding 100,162 shares to own 426,113 shares valued at approximately $16.4 million. Institutional investors hold 45.49% of the company.
• Analyst sentiment remains mixed, with five Buy ratings, three Holds and one Sell; the overall consensus is Hold with a $36.00 target price. Shares opened at $34.11, down 2.0%.
• Rogers exceeded quarterly expectations, reporting $0.83 EPS and $3.95 billion in revenue, up 7.6% year over year. The company also declared a quarterly dividend of $0.50, representing a 5.9% annualized yield.

Bank of New York Mellon Corp increased its holdings in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 30.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 426,113 shares of the Wireless communications provider's stock after acquiring an additional 100,162 shares during the quarter. Bank of New York Mellon Corp owned about 0.08% of Rogers Communication worth $16,384,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Manchester Capital Management LLC bought a new stake in shares of Rogers Communication during the fourth quarter worth approximately $26,000. Farther Finance Advisors LLC grew its holdings in shares of Rogers Communication by 107.4% during the 4th quarter. Farther Finance Advisors LLC now owns 786 shares of the Wireless communications provider's stock worth $30,000 after purchasing an additional 407 shares in the last quarter. Headlands Technologies LLC increased its holdings in Rogers Communication by 143.2% in the 2nd quarter. Headlands Technologies LLC now owns 1,661 shares of the Wireless communications provider's stock valued at $49,000 after buying an additional 978 shares during the period. Advisory Services Network LLC bought a new position in Rogers Communication in the third quarter valued at approximately $63,000. Finally, Danske Bank A S acquired a new position in shares of Rogers Communication during the 3rd quarter worth $64,000. Institutional investors own 45.49% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RCI. Weiss Ratings lowered shares of Rogers Communication from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, July 23rd. TD Securities reaffirmed a "buy" rating on shares of Rogers Communication in a research note on Thursday, July 23rd. Barclays lowered their price target on shares of Rogers Communication from $37.00 to $36.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. Wall Street Zen cut Rogers Communication from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. Finally, Desjardins reissued a "hold" rating on shares of Rogers Communication in a report on Thursday, April 23rd. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $36.00.

Rogers Communication Trading Down 2.0%

Shares of RCI stock opened at $34.11 on Friday. The company has a market cap of $18.43 billion, a P/E ratio of 4.12, a PEG ratio of 4.34 and a beta of 0.64. The stock has a 50 day simple moving average of $35.45 and a two-hundred day simple moving average of $36.49. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.51 and a current ratio of 0.55. Rogers Communication, Inc. has a fifty-two week low of $31.38 and a fifty-two week high of $41.14.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last issued its quarterly earnings results on Wednesday, July 22nd. The Wireless communications provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.03. Rogers Communication had a return on equity of 11.56% and a net margin of 27.54%.The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.91 billion. During the same period in the previous year, the firm earned $1.14 earnings per share. The company's revenue was up 7.6% compared to the same quarter last year. Research analysts forecast that Rogers Communication, Inc. will post 3.27 earnings per share for the current year.

Rogers Communication Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 8th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend is Tuesday, September 8th. Rogers Communication's payout ratio is 17.51%.

Rogers Communication Profile

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.

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