Korea Investment CORP Trims Stake in Rogers Communication, Inc. $RCI

Key Points

• Korea Investment CORP has reduced its stake in Rogers Communication, Inc. by 46.5%, selling 74,800 shares during the first quarter, leaving it with 86,145 shares valued at approximately $2.3 million.
• Rogers Communication reported $0.82 earnings per share for the last quarter, exceeding analysts' estimates, with revenues of $3.82 billion, showing a year-over-year increase of 2.4%.
• The company announced a quarterly dividend of $0.3672 per share, which is an increase from the previous dividend, reflecting a 4.1% annual yield.

Korea Investment CORP lowered its position in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 46.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 86,145 shares of the Wireless communications provider's stock after selling 74,800 shares during the quarter. Korea Investment CORP's holdings in Rogers Communication were worth $2,300,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. SBI Securities Co. Ltd. raised its holdings in shares of Rogers Communication by 885.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock worth $25,000 after purchasing an additional 850 shares during the period. JTC Employer Solutions Trustee Ltd raised its holdings in shares of Rogers Communication by 1.2% in the 1st quarter. JTC Employer Solutions Trustee Ltd now owns 102,545 shares of the Wireless communications provider's stock worth $2,755,000 after purchasing an additional 1,180 shares during the period. CWM LLC raised its holdings in shares of 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 period. M&T Bank Corp raised its holdings in shares of Rogers Communication by 10.3% in the 1st quarter. M&T Bank Corp now owns 19,739 shares of the Wireless communications provider's stock worth $527,000 after purchasing an additional 1,846 shares during the period. Finally, Louisbourg Investments Inc. raised its holdings in shares of Rogers Communication by 0.8% in the 1st quarter. Louisbourg Investments Inc. now owns 248,503 shares of the Wireless communications provider's stock worth $6,643,000 after purchasing an additional 2,033 shares during the period. Institutional investors own 45.49% of the company's stock.

Analyst Upgrades and Downgrades

RCI has been the topic of a number of research reports. BMO Capital Markets reaffirmed an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Scotiabank reaffirmed a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. Finally, Barclays lifted their price target 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. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rogers Communication presently has an average rating of "Hold" and an average price target of $59.00.

Rogers Communication Price Performance

Shares of RCI traded up $0.16 during mid-day trading on Friday, reaching $35.86. 598,167 shares of the stock traded hands, compared to its average volume of 934,057. The firm has a fifty day moving average price of $33.32 and a 200 day moving average price of $28.91. The company has a market cap of $19.29 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 2.32 and a beta of 0.77. The company has a current ratio of 1.70, a quick ratio of 1.64 and a debt-to-equity ratio of 2.23. 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 results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 EPS for the quarter, beating 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 net margin of 7.33% and a return on equity of 21.59%. The business's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.16 EPS. As a group, equities research analysts predict that Rogers Communication, Inc. will post 3.57 earnings per share for the current 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 given a dividend of $0.3672 per share. This is an increase from Rogers Communication's previous quarterly dividend of $0.36. The ex-dividend date is Monday, September 8th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 4.1%. Rogers Communication's dividend payout ratio (DPR) is presently 72.64%.

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.