Caitong International Asset Management Co. Ltd Invests $200,000 in Rogers Communication, Inc. (NYSE:RCI)

Key Points

• Caitong International Asset Management has purchased 7,497 shares of Rogers Communication, equating to an investment of approximately $200,000.
• Rogers Communication has announced a quarterly dividend of $0.3672 per share, representing an annual yield of 4.2%.
• Wall Street analysts have given Rogers Communication a mixed rating with three buy ratings, three hold ratings, and one sell rating, along with an average price target of $59.00.

Caitong International Asset Management Co. Ltd bought a new position in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 7,497 shares of the Wireless communications provider's stock, valued at approximately $200,000.

Several other hedge funds also recently made changes to their positions in the company. Mackenzie Financial Corp grew its position in shares of Rogers Communication by 0.4% in the 1st quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider's stock worth $223,483,000 after acquiring an additional 37,013 shares in the last quarter. Bank of Nova Scotia lifted its holdings in shares of Rogers Communication by 3.4% in the 1st quarter. Bank of Nova Scotia now owns 7,998,907 shares of the Wireless communications provider's stock worth $213,641,000 after purchasing an additional 262,705 shares during the last quarter. Letko Brosseau & Associates Inc. lifted its holdings in shares of Rogers Communication by 13.0% in the 1st quarter. Letko Brosseau & Associates Inc. now owns 5,885,187 shares of the Wireless communications provider's stock worth $157,143,000 after purchasing an additional 674,807 shares during the last quarter. Scotia Capital Inc. lifted its holdings in shares of Rogers Communication by 10.0% in the 1st quarter. Scotia Capital Inc. now owns 4,068,135 shares of the Wireless communications provider's stock worth $108,542,000 after purchasing an additional 370,490 shares during the last quarter. Finally, Intact Investment Management Inc. lifted its holdings in shares of Rogers Communication by 55.7% in the 1st quarter. Intact Investment Management Inc. now owns 2,913,921 shares of the Wireless communications provider's stock worth $77,827,000 after purchasing an additional 1,042,690 shares during the last quarter. Institutional investors and hedge funds own 45.49% of the company's stock.

Rogers Communication Stock Performance

Rogers Communication stock traded up $0.28 during mid-day trading on Friday, hitting $35.34. 1,007,886 shares of the company's stock traded hands, compared to its average volume of 1,328,114. The firm has a 50 day moving average price of $31.71 and a 200 day moving average price of $28.37. The company has a quick ratio of 1.64, a current ratio of 1.70 and a debt-to-equity ratio of 2.23. The company has a market cap of $19.01 billion, a PE ratio of 17.58, a price-to-earnings-growth ratio of 1.91 and a beta of 0.77. Rogers Communication, Inc. has a one year low of $23.18 and a one year high of $41.84.

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 for the quarter, beating the consensus estimate of $0.80 by $0.02. The firm had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%. The firm's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 EPS. On average, equities analysts forecast that Rogers Communication, Inc. will post 3.57 EPS for the current year.

Rogers Communication Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 8th will be paid a dividend of $0.3672 per share. This represents a $1.47 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 8th. This is an increase from Rogers Communication's previous quarterly dividend of $0.36. Rogers Communication's dividend payout ratio (DPR) is presently 72.64%.

Analysts Set New Price Targets

Several brokerages recently issued reports on RCI. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Barclays raised their price target on Rogers Communication from $31.00 to $33.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Rogers Communication has a consensus rating of "Hold" and an average target price 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.