Mackenzie Financial Corp Increases Stock Position in Rogers Communication, Inc. (NYSE:RCI)

Key Points

• Mackenzie Financial Corp acquired an additional 37,013 shares of Rogers Communication, increasing its stake to 8,368,837 shares, valued at approximately $223.5 million.
• Rogers Communication recently announced a quarterly dividend increase to $0.3672 per share, representing a 4.28% dividend yield, payable on October 3rd.
• The company's stock has seen a 52-week range between $23.18 and $41.84, and shares currently opened at $34.32.

Mackenzie Financial Corp increased its position in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 0.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,368,837 shares of the Wireless communications provider's stock after buying an additional 37,013 shares during the quarter. Mackenzie Financial Corp owned 1.56% of Rogers Communication worth $223,483,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Rogers Communication by 8.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 228,459 shares of the Wireless communications provider's stock valued at $6,100,000 after purchasing an additional 17,684 shares during the period. Cetera Investment Advisers purchased a new position in Rogers Communication during the 1st quarter valued at $244,000. Lincluden Management Ltd. increased its position in Rogers Communication by 21.3% during the 1st quarter. Lincluden Management Ltd. now owns 79,507 shares of the Wireless communications provider's stock valued at $2,123,000 after purchasing an additional 13,944 shares during the period. Proficio Capital Partners LLC purchased a new position in Rogers Communication during the 1st quarter valued at $267,000. Finally, SBI Securities Co. Ltd. increased its position in Rogers Communication by 885.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock valued at $25,000 after purchasing an additional 850 shares during the period. 45.49% of the stock is owned by hedge funds and other institutional investors.

Rogers Communication Stock Down 1.0%

Shares of RCI stock traded down $0.36 during mid-day trading on Monday, reaching $33.96. 912,419 shares of the company's stock traded hands, compared to its average volume of 1,764,548. Rogers Communication, Inc. has a 12 month low of $23.18 and a 12 month high of $41.84. The company has a market cap of $18.27 billion, a P/E ratio of 16.90, a P/E/G ratio of 1.85 and a beta of 0.76. The company has a quick ratio of 1.64, a current ratio of 1.70 and a debt-to-equity ratio of 2.23. The company's 50-day moving average price is $29.59 and its 200-day moving average price is $27.84.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last announced its quarterly earnings data on Wednesday, July 23rd. The Wireless communications provider reported $0.82 EPS 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 for the quarter, compared to the consensus estimate of $5.12 billion. During the same period in the prior year, the firm posted $1.16 EPS. Rogers Communication's revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities analysts expect that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 8th will be given a dividend of $0.3672 per share. This represents a $1.47 annualized dividend and a yield of 4.33%. This is an increase from Rogers Communication's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, September 8th. Rogers Communication's dividend payout ratio is 72.64%.

Analysts Set New Price Targets

RCI has been the topic of a number of research analyst reports. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a research report on Wednesday, July 2nd. Canaccord Genuity Group raised shares of Rogers Communication from a "hold" rating to a "buy" rating in a research report on Friday, April 4th. Finally, Scotiabank restated a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Rogers Communication currently has a consensus rating of "Hold" and a consensus target price of $72.00.

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.