Goldman Sachs Group Inc. Acquires 4,166,861 Shares of Rogers Communication, Inc. $RCI

Key Points

• Goldman Sachs significantly increased its holdings in Rogers Communication by 303.8% in the 1st quarter, owning 5,538,620 shares valued at approximately $148.05 million.
• Multiple hedge funds, including Canada Pension Plan Investment Board, have also increased stakes in Rogers Communication, indicating robust institutional interest in the stock.
• Rogers Communication recently boosted its quarterly dividend to $0.3672, representing an annualized yield of 4.1%, with a payout ratio of 71.64%.

Goldman Sachs Group Inc. increased its position in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 303.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,538,620 shares of the Wireless communications provider's stock after acquiring an additional 4,166,861 shares during the quarter. Goldman Sachs Group Inc. owned about 1.03% of Rogers Communication worth $148,047,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. SBI Securities Co. Ltd. grew its stake in shares of Rogers Communication by 885.4% in the first quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock worth $25,000 after acquiring an additional 850 shares during the last quarter. Versant Capital Management Inc bought a new stake in Rogers Communication in the 1st quarter valued at $79,000. CWM LLC grew its position in Rogers Communication by 57.4% in the 1st quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider's stock worth $100,000 after purchasing an additional 1,363 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rogers Communication by 48.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,231 shares of the Wireless communications provider's stock worth $113,000 after purchasing an additional 1,389 shares during the period. Finally, TD Private Client Wealth LLC raised its position in shares of Rogers Communication by 263.1% during the first quarter. TD Private Client Wealth LLC now owns 5,131 shares of the Wireless communications provider's stock valued at $137,000 after buying an additional 3,718 shares during the last quarter. 45.49% of the stock is owned by institutional investors.

Rogers Communication Stock Up 0.6%

NYSE RCI traded up $0.21 during trading hours on Wednesday, reaching $36.01. 84,317 shares of the company's stock were exchanged, compared to its average volume of 1,195,083. The company has a debt-to-equity ratio of 2.23, a quick ratio of 1.64 and a current ratio of 1.70. The company has a market capitalization of $19.37 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79. The company's 50-day moving average is $34.59 and its two-hundred day moving average is $29.56. Rogers Communication, Inc. has a one year low of $23.18 and a one year high of $40.92.

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, beating the consensus estimate of $0.80 by $0.02. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. The company had revenue of $3.82 billion during the quarter, compared to analysts' expectations of $5.12 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. The business's quarterly revenue was up 2.4% compared to the same quarter last year. On average, analysts forecast that Rogers Communication, Inc. will post 3.57 EPS 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. Stockholders of record on Monday, September 8th will be issued a $0.3672 dividend. This represents a $1.47 dividend on an annualized basis and a dividend yield of 4.1%. This is a positive change from Rogers Communication's previous quarterly dividend of $0.36. The ex-dividend date is Monday, September 8th. Rogers Communication's dividend payout ratio is presently 71.64%.

Analyst Ratings Changes

Several brokerages have recently weighed in on RCI. Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. BMO Capital Markets reiterated an "outperform" rating on shares of Rogers Communication in a research note on Wednesday, July 2nd. Finally, Barclays upped their price target on shares of Rogers Communication from $31.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Rogers Communication currently has a consensus rating of "Hold" and an average price target of $59.00.

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.