Millennium Management LLC Purchases 309,753 Shares of Rogers Communication, Inc. $RCI

Key Points

• Millennium Management LLC has increased its stake in Rogers Communication by 40.6%, now owning 1,073,487 shares valued at approximately $28.7 million.
• Rogers Communication's latest quarterly earnings reported an EPS of $0.82, exceeding analyst expectations, with revenues of $3.82 billion.
• The company announced a quarterly dividend increase to $0.3672, reflecting an annual yield of 4.1%.

Millennium Management LLC raised its holdings in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 40.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,073,487 shares of the Wireless communications provider's stock after acquiring an additional 309,753 shares during the period. Millennium Management LLC owned approximately 0.20% of Rogers Communication worth $28,696,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Amundi raised its holdings in shares of Rogers Communication by 7.4% in the 1st quarter. Amundi now owns 625,767 shares of the Wireless communications provider's stock valued at $16,314,000 after acquiring an additional 42,976 shares in the last quarter. Graham Capital Management L.P. raised its holdings in shares of Rogers Communication by 194.6% in the 1st quarter. Graham Capital Management L.P. now owns 148,469 shares of the Wireless communications provider's stock valued at $3,969,000 after acquiring an additional 98,074 shares in the last quarter. Twin Tree Management LP raised its holdings in shares of Rogers Communication by 49,273.1% in the 1st quarter. Twin Tree Management LP now owns 268,096 shares of the Wireless communications provider's stock valued at $7,166,000 after acquiring an additional 267,553 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Rogers Communication by 373.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,870,559 shares of the Wireless communications provider's stock valued at $76,671,000 after acquiring an additional 2,263,859 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in shares of Rogers Communication by 12.2% in the 1st quarter. Gamco Investors INC. ET AL now owns 452,127 shares of the Wireless communications provider's stock valued at $12,085,000 after acquiring an additional 49,125 shares in the last quarter. Hedge funds and other institutional investors own 45.49% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Barclays raised their price objective on Rogers Communication from $31.00 to $33.00 and gave the company an "equal weight" rating in a report on Tuesday, August 12th. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Finally, Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $59.00.

Rogers Communication Stock Up 0.5%

Rogers Communication stock traded up $0.20 during mid-day trading on Wednesday, hitting $36.00. The company had a trading volume of 84,317 shares, compared to its average volume of 1,195,083. The company has a current ratio of 1.70, a quick ratio of 1.64 and a debt-to-equity ratio of 2.23. The stock's 50 day moving average price is $34.59 and its two-hundred day moving average price is $29.56. Rogers Communication, Inc. has a 12 month low of $23.18 and a 12 month high of $40.92. The company has a market capitalization of $19.37 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last announced its quarterly earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.02. The firm had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $5.12 billion. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%.The company's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.16 earnings per share. As a group, sell-side analysts anticipate that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The firm also recently announced 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 4.1%. 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 (DPR) is presently 71.64%.

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.