Lorne Steinberg Wealth Management Inc. Buys 30,802 Shares of Rogers Communication, Inc. $RCI

Key Points

• Lorne Steinberg Wealth Management raised its stake in Rogers by 23.8%, acquiring 30,802 shares to hold 160,009 shares worth about $6.05 million at the quarter end.
• Institutional ownership is high (45.49%), with large managers like Arrowstreet, Bank of Nova Scotia, TD Asset Management, Mackenzie and Bank of America all materially increasing their Rogers positions recently.
• Rogers reported quarterly EPS of $1.08 (beating estimates by $0.10), pays a quarterly dividend of $0.50 (annualized $2.00, ~6.0% yield), and carries an average analyst rating of "Hold" with a $36 consensus price target.

Lorne Steinberg Wealth Management Inc. grew its stake in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 23.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,009 shares of the Wireless communications provider's stock after purchasing an additional 30,802 shares during the quarter. Lorne Steinberg Wealth Management Inc.'s holdings in Rogers Communication were worth $6,048,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership increased its position in shares of Rogers Communication by 2.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,886,365 shares of the Wireless communications provider's stock valued at $340,428,000 after buying an additional 282,609 shares during the period. Bank of Nova Scotia lifted its holdings in Rogers Communication by 2.3% in the third quarter. Bank of Nova Scotia now owns 8,465,953 shares of the Wireless communications provider's stock worth $291,526,000 after buying an additional 186,510 shares during the period. TD Asset Management Inc boosted its position in Rogers Communication by 18.0% during the 3rd quarter. TD Asset Management Inc now owns 8,344,925 shares of the Wireless communications provider's stock valued at $287,340,000 after acquiring an additional 1,272,065 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Rogers Communication by 7.0% during the 3rd quarter. Mackenzie Financial Corp now owns 8,161,532 shares of the Wireless communications provider's stock worth $280,904,000 after acquiring an additional 536,623 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of Rogers Communication by 67.8% during the 3rd quarter. Bank of America Corp DE now owns 4,866,999 shares of the Wireless communications provider's stock worth $167,765,000 after acquiring an additional 1,966,476 shares during the period. 45.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Weiss Ratings restated a "hold (c+)" rating on shares of Rogers Communication in a research note on Friday, December 26th. Barclays reaffirmed a "positive" rating and issued a $37.00 price target on shares of Rogers Communication in a research note on Tuesday, January 27th. TD Securities downgraded Rogers Communication from a "buy" rating to a "hold" rating in a report on Thursday, April 2nd. TD Cowen reissued a "buy" rating on shares of Rogers Communication in a research report on Friday, January 30th. Finally, Scotiabank restated a "sector perform" rating on shares of Rogers Communication in a report on Monday, January 12th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rogers Communication currently has an average rating of "Hold" and a consensus price target of $36.00.

Rogers Communication Price Performance

RCI stock opened at $33.26 on Friday. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.57 and a current ratio of 0.61. The firm has a 50 day moving average price of $37.67 and a 200-day moving average price of $37.42. Rogers Communication, Inc. has a 52-week low of $24.67 and a 52-week high of $41.14. The firm has a market capitalization of $17.97 billion, a price-to-earnings ratio of 3.60, a PEG ratio of 5.91 and a beta of 0.72.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last posted its quarterly earnings results on Thursday, January 29th. The Wireless communications provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.10. The company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $5.94 billion. Rogers Communication had a return on equity of 14.22% and a net margin of 32.29%.The firm's quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 EPS. Equities research analysts forecast that Rogers Communication, Inc. will post 3.57 EPS for the current fiscal year.

Rogers Communication Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 2nd. Stockholders of record on Tuesday, March 10th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend was Tuesday, March 10th. Rogers Communication's dividend payout ratio is currently 15.78%.

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.

Want to see what other hedge funds are holding RCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.