Canoe Financial LP Increases Holdings in Rogers Communication, Inc. $RCI

Key Points

• Canoe Financial LP significantly increased its holdings in Rogers Communication, Inc. by 550.0% during the second quarter, now owning approximately 1.42 million shares valued at $42.19 million.
• Analysts have mixed opinions on Rogers Communication, with the stock receiving primarily Hold ratings, and a consensus price target of $33.00.
• Rogers Communication recently announced an increase in its quarterly dividend to $0.3672 per share, representing an annual yield of 4.2%.

Canoe Financial LP grew its holdings in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 550.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,421,228 shares of the Wireless communications provider's stock after buying an additional 1,202,579 shares during the period. Canoe Financial LP owned approximately 0.26% of Rogers Communication worth $42,186,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Mn Services Vermogensbeheer B.V. lifted its holdings in shares of Rogers Communication by 5.1% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 132,460 shares of the Wireless communications provider's stock worth $3,921,000 after purchasing an additional 6,400 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Rogers Communication by 176.9% during the 2nd quarter. Parallel Advisors LLC now owns 2,891 shares of the Wireless communications provider's stock valued at $86,000 after purchasing an additional 1,847 shares during the last quarter. Guardian Partners Inc. increased its holdings in Rogers Communication by 8.3% in the 1st quarter. Guardian Partners Inc. now owns 303,510 shares of the Wireless communications provider's stock worth $8,113,000 after acquiring an additional 23,335 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Rogers Communication by 303.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,538,620 shares of the Wireless communications provider's stock worth $148,047,000 after acquiring an additional 4,166,861 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Rogers Communication in the 1st quarter worth about $312,000. 45.49% of the stock is currently owned by institutional investors.

Rogers Communication Stock Performance

Shares of RCI stock traded up $0.24 on Tuesday, hitting $35.29. The company had a trading volume of 179,676 shares, compared to its average volume of 1,190,364. The firm has a market cap of $18.98 billion, a P/E ratio of 17.57, a price-to-earnings-growth ratio of 2.34 and a beta of 0.79. The company has a 50-day moving average price of $34.78 and a 200-day moving average price of $29.78. The company has a quick ratio of 1.64, a current ratio of 1.70 and a debt-to-equity ratio of 2.23. Rogers Communication, Inc. has a twelve month low of $23.18 and a twelve month high of $40.68.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.02. The company had revenue of $3.82 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 EPS. As a group, equities research analysts predict that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The business 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 $0.3672 dividend. This is a boost from Rogers Communication's previous quarterly dividend of $0.36. The ex-dividend date is Monday, September 8th. This represents a $1.47 annualized dividend and a yield of 4.2%. Rogers Communication's payout ratio is presently 71.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RCI. Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Rogers Communication in a research note on Wednesday, July 2nd. Finally, Barclays lifted their price target on Rogers Communication from $31.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $33.00.

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.