BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Boosts Stake in Rogers Communication, Inc. $RCI

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp has increased its stake in Rogers Communication, Inc. by 26.6%, now holding a total of 212,645 shares valued at approximately $5.68 million.
• Rogers Communication recently declared a quarterly dividend of $0.3672 per share, representing a boost from the previous dividend and yielding 4.1%.
• Analysts have mixed ratings on Rogers Communication, with an average price target of $59.00, indicating potential for future growth despite a current "Hold" rating.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 26.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 212,645 shares of the Wireless communications provider's stock after purchasing an additional 44,627 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Rogers Communication were worth $5,680,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. lifted its stake in shares of Rogers Communication by 885.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock valued at $25,000 after acquiring an additional 850 shares during the last quarter. Versant Capital Management Inc bought a new stake in shares of Rogers Communication in the 1st quarter valued at about $79,000. CWM LLC lifted its stake in shares of Rogers Communication by 57.4% in the 1st quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider's stock valued at $100,000 after acquiring an additional 1,363 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Rogers Communication by 263.1% in the 1st quarter. TD Private Client Wealth LLC now owns 5,131 shares of the Wireless communications provider's stock valued at $137,000 after acquiring an additional 3,718 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Rogers Communication in the 1st quarter valued at about $200,000. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communication Trading Up 0.4%

RCI traded up $0.16 during midday trading on Friday, reaching $35.86. 598,167 shares of the company's stock traded hands, compared to its average volume of 903,402. The firm has a fifty day moving average of $33.32 and a two-hundred day moving average of $28.93. The stock has a market capitalization of $19.29 billion, a price-to-earnings ratio of 17.84, a P/E/G ratio of 2.33 and a beta of 0.79. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.70 and a quick ratio of 1.64. Rogers Communication, Inc. has a 52 week low of $23.18 and a 52 week high of $41.84.

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

Rogers Communication Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 8th will be given a dividend of $0.3672 per share. This represents a $1.47 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend 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 is currently 72.64%.

Wall Street Analysts Forecast Growth

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

About Rogers Communication

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.