Cardinal Point Capital Management ULC Has $9.96 Million Stock Holdings in Rogers Communication, Inc. $RCI

Key Points

• Cardinal Point Capital Management ULC increased its stake in Rogers Communication by 2.7% in Q2, owning approximately 336,263 shares valued at $9.96 million.
• Rogers Communication announced a quarterly dividend of $0.50 per share, marking an increase from the previous $0.37 dividend, with a yield of 5.2%.
• Goldman Sachs boosted its holdings in Rogers Communication by 303.8% in Q1, reflecting significant interest among institutional investors in the company.

Cardinal Point Capital Management ULC lifted its position in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 2.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 336,263 shares of the Wireless communications provider's stock after buying an additional 8,711 shares during the quarter. Cardinal Point Capital Management ULC owned about 0.06% of Rogers Communication worth $9,955,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in RCI. Goldman Sachs Group Inc. increased its position in shares of Rogers Communication by 303.8% during 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 purchasing an additional 4,166,861 shares in the last quarter. Platinum Investment Management Ltd. acquired a new stake in shares of Rogers Communication during the 2nd quarter worth about $77,687,000. Canada Pension Plan Investment Board increased its position in shares of Rogers Communication by 373.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 2,870,559 shares of the Wireless communications provider's stock worth $76,671,000 after purchasing an additional 2,263,859 shares in the last quarter. Value Partners Investments Inc. increased its position in shares of Rogers Communication by 1,252.8% during the 1st quarter. Value Partners Investments Inc. now owns 2,312,136 shares of the Wireless communications provider's stock worth $61,808,000 after purchasing an additional 2,141,227 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Rogers Communication by 380.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,348,091 shares of the Wireless communications provider's stock worth $62,717,000 after acquiring an additional 1,859,288 shares during the last quarter. Institutional investors and hedge funds own 45.49% of the company's stock.

Rogers Communication Trading Up 3.3%

RCI stock opened at $38.58 on Friday. The company has a market capitalization of $20.84 billion, a PE ratio of 19.19, a price-to-earnings-growth ratio of 3.00 and a beta of 0.78. The company has a debt-to-equity ratio of 2.23, a quick ratio of 1.64 and a current ratio of 1.70. Rogers Communication, Inc. has a 52 week low of $23.18 and a 52 week high of $39.32. The company's 50-day simple moving average is $35.80 and its 200 day simple moving average is $31.14.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last posted its earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.02. The firm had revenue of $3.82 billion during the quarter, compared to analysts' expectations of $5.12 billion. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.16 earnings per share. As a group, sell-side analysts anticipate that Rogers Communication, Inc. will post 3.57 earnings per share for the current year.

Rogers Communication Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 8th will be issued a $0.50 dividend. The ex-dividend date is Monday, December 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.2%. This is an increase from Rogers Communication's previous quarterly dividend of $0.37. Rogers Communication's dividend payout ratio (DPR) is 72.64%.

Analyst Upgrades and Downgrades

RCI has been the topic of a number of research analyst reports. Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a report on Monday. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Barclays increased their price objective on shares of Rogers Communication from $31.00 to $33.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 12th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Rogers Communication in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $33.00.

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.

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