Gabelli Funds LLC Boosts Position in Rogers Communication, Inc. $RCI

Key Points

• Gabelli Funds LLC increased its stake in Rogers Communication by 10.5% in the first quarter, adding 142,650 shares to bring its total holding to 1,495,950 shares worth about $57.5 million.
• Rogers reported better-than-expected quarterly results, posting EPS of $0.83 versus estimates of $0.80 and revenue of $3.95 billion versus $3.91 billion expected. Revenue rose 7.6% year over year.
• The company declared a quarterly dividend of $0.50 per share, equal to an annualized yield of 6.1%, while analysts currently hold a consensus rating of “Hold” with a $36 target price.

Gabelli Funds LLC lifted its stake in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 10.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,495,950 shares of the Wireless communications provider's stock after buying an additional 142,650 shares during the period. Gabelli Funds LLC owned approximately 0.28% of Rogers Communication worth $57,519,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fiera Capital Corp grew its position in shares of Rogers Communication by 8,881.3% during the fourth quarter. Fiera Capital Corp now owns 7,196,876 shares of the Wireless communications provider's stock worth $271,751,000 after buying an additional 7,116,744 shares in the last quarter. Morgan Stanley grew its position in shares of Rogers Communication by 138.0% during the fourth quarter. Morgan Stanley now owns 5,080,341 shares of the Wireless communications provider's stock worth $191,681,000 after acquiring an additional 2,945,885 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Rogers Communication by 67.8% during the third quarter. Bank of America Corp DE now owns 4,866,999 shares of the Wireless communications provider's stock valued at $167,765,000 after buying an additional 1,966,476 shares during the last quarter. Caisse de depot et placement du Quebec bought a new stake in Rogers Communication during the 3rd quarter valued at $47,082,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Rogers Communication by 98.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,025,580 shares of the Wireless communications provider's stock worth $77,871,000 after purchasing an additional 1,004,963 shares during the period. Hedge funds and other institutional investors own 45.49% of the company's stock.

Rogers Communication Trading Up 0.3%

Shares of NYSE RCI opened at $32.76 on Friday. The company has a market cap of $17.70 billion, a PE ratio of 3.96, a P/E/G ratio of 4.07 and a beta of 0.64. Rogers Communication, Inc. has a 1-year low of $31.38 and a 1-year high of $41.14. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 1.54. The company has a 50-day moving average of $35.59 and a two-hundred day moving average of $36.57.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last posted its quarterly earnings results on Wednesday, July 22nd. The Wireless communications provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.03. The business had revenue of $3.95 billion for the quarter, compared to analysts' expectations of $3.91 billion. Rogers Communication had a return on equity of 11.56% and a net margin of 27.54%.The firm's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.14 earnings per share. As a group, equities analysts expect that Rogers Communication, Inc. will post 3.27 earnings per share for the current fiscal year.

Rogers Communication Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 8th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $2.00 dividend on an annualized basis and a yield of 6.1%. Rogers Communication's dividend payout ratio is presently 15.30%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Raymond James Financial started coverage on shares of Rogers Communication in a report on Wednesday, July 15th. They issued an "outperform" rating for the company. Weiss Ratings cut Rogers Communication from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday. Wall Street Zen downgraded shares of Rogers Communication from a "hold" rating to a "sell" rating in a research note on Saturday. Barclays cut their price objective on shares of Rogers Communication from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 16th. Finally, TD Securities reaffirmed a "buy" rating on shares of Rogers Communication in a research report on Thursday. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Rogers Communication presently has a consensus rating of "Hold" and a consensus target price of $36.00.

Rogers Communication Profile

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.

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