Louisbourg Investments Inc. Acquires 47,157 Shares of Rogers Communication, Inc. $RCI

Key Points

• Louisbourg Investments increased its Rogers Communications position by 35.7% in the third quarter, acquiring 47,157 shares and bringing its total holdings to 179,077 shares valued at approximately $5.53 million.
• Institutional ownership remains significant, with hedge funds and other institutional investors holding 45.49% of Rogers Communications; several major investors also increased or initiated positions.
• Analyst sentiment is generally positive, with six Buy, two Hold, and one Sell rating producing a “Moderate Buy” consensus and an average price target of $35.00. Rogers also exceeded quarterly EPS and revenue expectations, reporting $0.83 EPS and $3.95 billion in revenue.

Louisbourg Investments Inc. boosted its holdings in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 35.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 179,077 shares of the Wireless communications provider's stock after acquiring an additional 47,157 shares during the period. Louisbourg Investments Inc.'s holdings in Rogers Communication were worth $5,531,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of RCI. Nykredit A S purchased a new stake in Rogers Communication in the second quarter worth about $1,847,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Rogers Communication by 277.6% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 317,533 shares of the Wireless communications provider's stock valued at $12,208,000 after purchasing an additional 233,449 shares in the last quarter. Hillsdale Investment Management Inc. increased its stake in shares of Rogers Communication by 4.2% during the first quarter. Hillsdale Investment Management Inc. now owns 991,365 shares of the Wireless communications provider's stock valued at $38,117,000 after purchasing an additional 39,638 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Rogers Communication during the second quarter valued at approximately $1,395,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Rogers Communication by 30.7% during the first quarter. Bank of New York Mellon Corp now owns 426,113 shares of the Wireless communications provider's stock valued at $16,384,000 after purchasing an additional 100,162 shares during the last quarter. 45.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RCI. Desjardins raised Rogers Communication from a "hold" rating to a "buy" rating in a research report on Monday, September 14th. Wall Street Zen downgraded Rogers Communication from a "hold" rating to a "sell" rating in a research note on Saturday, October 3rd. Raymond James Financial started coverage on Rogers Communication in a research report on Wednesday, July 15th. They set an "outperform" rating for the company. Barclays reduced their price objective on Rogers Communication from $36.00 to $35.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 13th. Finally, Scotiabank reiterated an "outperform" rating on shares of Rogers Communication in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $35.00.

Rogers Communication Stock Performance

Shares of RCI stock opened at $32.26 on Wednesday. The company has a market capitalization of $17.42 billion, a price-to-earnings ratio of 3.90, a price-to-earnings-growth ratio of 3.98 and a beta of 0.65. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.51 and a current ratio of 0.55. Rogers Communication, Inc. has a one year low of $29.25 and a one year high of $41.14. The company's 50-day moving average is $34.23 and its 200 day moving average is $34.88.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last issued its earnings results on Wednesday, July 22nd. The Wireless communications provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.03. The business had revenue of $3.95 billion during the quarter, compared to analysts' expectations of $3.91 billion. Rogers Communication had a net margin of 27.54% and a return on equity of 11.56%. The business's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.14 earnings per share. Sell-side analysts expect that Rogers Communication, Inc. will post 3.24 EPS for the current fiscal year.

About Rogers Communication

Rogers Communications Inc is a Canadian communications and media company serving consumers, businesses and public-sector organizations across Canada. Its telecommunications operations provide wireless voice and data services, broadband internet, television, home phone and related connectivity products. The company also offers enterprise networking, cybersecurity, cloud and other information technology services.

Rogers operates a portfolio of media and sports properties, including Sportsnet, Citytv and OMNI Television, along with radio stations, digital platforms and publishing operations.

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