Burgundy Asset Management Ltd. Increases Holdings in Rogers Communication, Inc. $RCI

Key Points

• Burgundy Asset Management Ltd. increased its stake in Rogers Communication by 38.6%, now owning 3,509,952 shares valued at approximately $93.83 million.
• Rogers Communication reported earnings of $0.82 per share for the quarter, exceeding analyst expectations of $0.80, but revenue was below expectations at $3.82 billion.
• The company announced a quarterly dividend of $0.3672 per share, a positive increase from the previous dividend, with a yield of 4.2%.

Burgundy Asset Management Ltd. boosted its position in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 38.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,509,952 shares of the Wireless communications provider's stock after buying an additional 978,348 shares during the period. Burgundy Asset Management Ltd. owned 0.65% of Rogers Communication worth $93,828,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in RCI. Advisory Services Network LLC purchased a new stake in shares of Rogers Communication in the fourth quarter valued at approximately $275,000. Raymond James Financial Inc. acquired a new position in Rogers Communication during the fourth quarter worth $608,000. Barclays PLC lifted its stake in Rogers Communication by 15.7% during the fourth quarter. Barclays PLC now owns 170,070 shares of the Wireless communications provider's stock worth $5,228,000 after purchasing an additional 23,043 shares in the last quarter. Guggenheim Capital LLC raised its stake in shares of Rogers Communication by 260.5% in the fourth quarter. Guggenheim Capital LLC now owns 18,336 shares of the Wireless communications provider's stock valued at $563,000 after acquiring an additional 13,250 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Rogers Communication in the fourth quarter valued at $852,000. 45.49% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communication Trading Up 0.0%

RCI traded up $0.0120 during trading on Tuesday, hitting $35.1820. The company's stock had a trading volume of 808,609 shares, compared to its average volume of 1,249,183. The firm's 50 day moving average price is $32.04 and its 200-day moving average price is $28.47. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.70 and a quick ratio of 1.64. The stock has a market cap of $18.93 billion, a PE ratio of 17.50, a PEG ratio of 2.29 and a beta of 0.77. Rogers Communication, Inc. has a twelve month low of $23.18 and a twelve month high of $41.84.

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 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 company had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $5.12 billion. During the same period in the previous year, the firm posted $1.16 EPS. Rogers Communication's revenue was up 2.4% on a year-over-year basis. On average, analysts expect that Rogers Communication, Inc. will post 3.57 earnings per share for the current year.

Rogers Communication Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 8th will be given a dividend of $0.3672 per share. This is a positive change from Rogers Communication's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, September 8th. This represents a $1.47 dividend on an annualized basis and a yield of 4.2%. Rogers Communication's dividend payout ratio is currently 72.64%.

Wall Street Analyst Weigh In

RCI has been the topic of several recent analyst reports. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Barclays raised their price objective on Rogers Communication from $31.00 to $33.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 12th. Finally, Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rogers Communication currently has a consensus rating of "Hold" and a consensus price target of $59.00.

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.