Rogers Communication, Inc. $RCI Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. has significantly reduced its stake in Rogers Communication by 61.9% during the first quarter, now holding 391,386 shares worth approximately $10.45 million.
• Rogers Communication recently reported earnings of $0.82 per share, exceeding analysts' expectations, along with a revenue of $3.82 billion, which was below the anticipated $5.12 billion.
• The company has announced an increase in its quarterly dividend to $0.3672 per share, representing an annual yield of 4.2%.

Citigroup Inc. cut its holdings in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 61.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 391,386 shares of the Wireless communications provider's stock after selling 634,624 shares during the period. Citigroup Inc. owned about 0.07% of Rogers Communication worth $10,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mackenzie Financial Corp increased its holdings in Rogers Communication by 0.4% in the first quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider's stock valued at $223,483,000 after buying an additional 37,013 shares in the last quarter. Bank of Nova Scotia increased its holdings in Rogers Communication by 3.4% in the first quarter. Bank of Nova Scotia now owns 7,998,907 shares of the Wireless communications provider's stock valued at $213,641,000 after buying an additional 262,705 shares in the last quarter. Letko Brosseau & Associates Inc. increased its holdings in Rogers Communication by 13.0% in the first quarter. Letko Brosseau & Associates Inc. now owns 5,885,187 shares of the Wireless communications provider's stock valued at $157,143,000 after buying an additional 674,807 shares in the last quarter. Scotia Capital Inc. increased its holdings in Rogers Communication by 10.0% in the first quarter. Scotia Capital Inc. now owns 4,068,135 shares of the Wireless communications provider's stock valued at $108,542,000 after buying an additional 370,490 shares in the last quarter. Finally, Intact Investment Management Inc. increased its holdings in Rogers Communication by 55.7% in the first quarter. Intact Investment Management Inc. now owns 2,913,921 shares of the Wireless communications provider's stock valued at $77,827,000 after buying an additional 1,042,690 shares in the last quarter. Hedge funds and other institutional investors own 45.49% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on RCI shares. Scotiabank reaffirmed 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 report on Wednesday, July 2nd. Finally, Barclays lifted their price objective on shares of Rogers Communication from $31.00 to $33.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. Three equities research 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. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $59.00.

Rogers Communication Price Performance

Shares of RCI stock traded up $0.2950 on Wednesday, reaching $35.5250. 278,196 shares of the company were exchanged, compared to its average volume of 1,239,588. The company has a market cap of $19.11 billion, a price-to-earnings ratio of 17.67, a P/E/G ratio of 2.29 and a beta of 0.77. The business has a 50-day moving average price of $32.04 and a 200 day moving average price of $28.47. 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 1 year low of $23.18 and a 1 year high of $41.84.

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 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.02. The business 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 company's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.16 earnings per share. Equities research analysts forecast that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The firm 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 dividend of $0.3672 per share. The ex-dividend date is Monday, September 8th. This is a boost from Rogers Communication's previous quarterly dividend of $0.36. This represents a $1.47 dividend on an annualized basis and a yield of 4.1%. Rogers Communication's dividend payout ratio (DPR) is presently 72.64%.

Rogers Communication 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.