Federation des caisses Desjardins du Quebec Sells 28,824 Shares of Rogers Communication, Inc. $RCI

Key Points

• The Federation des caisses Desjardins du Quebec holds a stock position of $60.76 million in Rogers Communication, Inc., after a 1.3% reduction in shares during the first quarter.
• Rogers Communication has announced a quarterly dividend increase to $0.3672, representing a 4.1% yield, with a payout ratio of 72.64%.
• Analysts have set a consensus price target of $59.00 for Rogers Communication, with varying ratings including three Buy ratings and one Sell rating.

Federation des caisses Desjardins du Quebec trimmed its stake in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 1.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,276,341 shares of the Wireless communications provider's stock after selling 28,824 shares during the period. Federation des caisses Desjardins du Quebec owned about 0.42% of Rogers Communication worth $60,758,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Mackenzie Financial Corp lifted its position in shares of Rogers Communication by 0.4% during the 1st quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider's stock worth $223,483,000 after buying an additional 37,013 shares in the last quarter. Bank of Nova Scotia raised 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 valued at $213,641,000 after acquiring an additional 262,705 shares in the last quarter. Letko Brosseau & Associates Inc. raised 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 valued at $157,143,000 after acquiring an additional 674,807 shares in the last quarter. Scotia Capital Inc. raised 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 valued at $108,542,000 after acquiring an additional 370,490 shares in the last quarter. Finally, Burgundy Asset Management Ltd. raised its holdings in shares of Rogers Communication by 38.6% in the 1st quarter. Burgundy Asset Management Ltd. now owns 3,509,952 shares of the Wireless communications provider's stock valued at $93,828,000 after acquiring an additional 978,348 shares in the last quarter. Institutional investors own 45.49% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on RCI. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Scotiabank reiterated a "sector perform" rating on shares of Rogers Communication in a research report on Tuesday, July 15th. Finally, Barclays raised their target price on Rogers Communication from $31.00 to $33.00 and gave the company an "equal weight" rating in a research note 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $59.00.

Rogers Communication Stock Performance

RCI traded up $0.25 during midday trading on Friday, reaching $35.84. The company had a trading volume of 1,225,759 shares, compared to its average volume of 801,740. The company has a market cap of $19.28 billion, a P/E ratio of 17.83, a P/E/G ratio of 2.32 and a beta of 0.79. 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 business has a 50-day moving average of $33.99 and a two-hundred day moving average of $29.18. 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 quarterly earnings data 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 firm had revenue of $3.82 billion during the quarter, compared to analyst estimates of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%.The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.16 earnings per share. 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 company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 8th will be paid a dividend of $0.3672 per share. The ex-dividend date of this dividend 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 is currently 71.64%.

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.