Canada Pension Plan Investment Board Has $76.67 Million Holdings in Rogers Communication, Inc. $RCI

Key Points

• The Canada Pension Plan Investment Board increased its stake in Rogers Communication, Inc. by 373.1%, acquiring over 2.2 million shares in the first quarter, bringing its total ownership to approximately $76.67 million.
• Rogers Communication declared a quarterly dividend of $0.3672 per share, an increase from the previous $0.36, with an annualized yield of 4.1%.
• Analysts have mixed ratings for Rogers Communication, with a consensus price target of $59.00 and recent upgrades from Barclays, reflecting a cautious but optimistic outlook for the stock.

Canada Pension Plan Investment Board boosted its stake in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 373.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,870,559 shares of the Wireless communications provider's stock after purchasing an additional 2,263,859 shares during the quarter. Canada Pension Plan Investment Board owned 0.54% of Rogers Communication worth $76,671,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Gamco Investors INC. ET AL raised its stake in shares of Rogers Communication by 12.2% in the 1st quarter. Gamco Investors INC. ET AL now owns 452,127 shares of the Wireless communications provider's stock valued at $12,085,000 after buying an additional 49,125 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Rogers Communication in the 1st quarter valued at $575,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Rogers Communication by 48.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,231 shares of the Wireless communications provider's stock valued at $113,000 after buying an additional 1,389 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Rogers Communication by 26.6% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 212,645 shares of the Wireless communications provider's stock valued at $5,680,000 after buying an additional 44,627 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Rogers Communication in the 1st quarter valued at $1,112,000. Institutional investors and hedge funds own 45.49% of the company's stock.

Rogers Communication Price Performance

NYSE:RCI traded down $0.07 during mid-day trading on Thursday, reaching $35.62. 1,086,790 shares of the company were exchanged, compared to its average volume of 809,311. Rogers Communication, Inc. has a 12 month low of $23.18 and a 12 month high of $41.84. The company has a fifty day moving average of $33.86 and a 200 day moving average of $29.12. 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 stock has a market cap of $19.16 billion, a PE ratio of 17.72, a PEG ratio of 2.32 and a beta of 0.79.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last released its earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.02. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. The company had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same period in the prior year, the company posted $1.16 EPS. The company's revenue was up 2.4% compared to the same quarter last year. On average, research analysts anticipate that Rogers Communication, Inc. will post 3.57 EPS for the current fiscal 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 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 is Monday, September 8th. This is a boost 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 brokerages have recently issued reports on RCI. Scotiabank restated a "sector perform" rating on shares of Rogers Communication in a research note on Tuesday, July 15th. Barclays increased their target price on shares of Rogers Communication from $31.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Rogers Communication in a research report on Wednesday, July 2nd. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently 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.