Burgundy Asset Management Ltd. Boosts Stock Position 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. increased its holdings in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 38.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,509,952 shares of the Wireless communications provider's stock after purchasing an additional 978,348 shares during the period. Burgundy Asset Management Ltd. owned approximately 0.65% of Rogers Communication worth $93,828,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Polar Asset Management Partners Inc. grew its stake in Rogers Communication by 239.5% during the fourth quarter. Polar Asset Management Partners Inc. now owns 42,500 shares of the Wireless communications provider's stock worth $1,306,000 after purchasing an additional 29,982 shares during the period. Public Employees Retirement System of Ohio grew its stake in Rogers Communication by 280.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 241,730 shares of the Wireless communications provider's stock valued at $7,428,000 after acquiring an additional 178,145 shares during the period. Gotham Asset Management LLC grew its stake in Rogers Communication by 210.8% in the fourth quarter. Gotham Asset Management LLC now owns 30,718 shares of the Wireless communications provider's stock valued at $944,000 after acquiring an additional 20,833 shares during the period. A&I Financial Services LLC grew its stake in Rogers Communication by 66.0% in the first quarter. A&I Financial Services LLC now owns 19,637 shares of the Wireless communications provider's stock valued at $525,000 after acquiring an additional 7,810 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in Rogers Communication by 3.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 455,687 shares of the Wireless communications provider's stock valued at $12,306,000 after acquiring an additional 14,606 shares during the period. Institutional investors and hedge funds own 45.49% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RCI. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a research note on Wednesday, July 2nd. Barclays raised their price objective 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 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.com, Rogers Communication presently has an average rating of "Hold" and a consensus price target of $59.00.

Rogers Communication Stock Up 0.4%

Shares of NYSE:RCI traded up $0.1350 during mid-day trading on Friday, hitting $35.7350. 243,888 shares of the company traded hands, compared to its average volume of 1,233,165. The stock has a market cap of $19.23 billion, a P/E ratio of 17.79, a P/E/G ratio of 2.30 and a beta of 0.77. The company has a current ratio of 1.70, a quick ratio of 1.64 and a debt-to-equity ratio of 2.23. Rogers Communication, Inc. has a 12-month low of $23.18 and a 12-month high of $41.84. The stock has a 50-day moving average price of $32.36 and a two-hundred day moving average price of $28.57.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last announced its earnings results 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. The company had revenue of $3.82 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 earnings per share. On average, equities research analysts forecast that Rogers Communication, Inc. will post 3.57 earnings per share 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 given a dividend of $0.3672 per share. 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. This represents a $1.47 annualized dividend and a dividend yield of 4.1%. Rogers Communication's payout ratio is presently 72.64%.

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.