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 grew its holdings in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 40.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,073,487 shares of the Wireless communications provider's stock after buying an additional 309,753 shares during the period. Millennium Management LLC owned 0.20% of Rogers Communication worth $28,696,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Mackenzie Financial Corp lifted its position in shares of Rogers Communication by 0.4% in the first quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider's stock valued at $223,483,000 after buying an additional 37,013 shares during the last quarter. Bank of Nova Scotia lifted its holdings in Rogers Communication by 3.4% during the 1st quarter. Bank of Nova Scotia now owns 7,998,907 shares of the Wireless communications provider's stock worth $213,641,000 after purchasing an additional 262,705 shares during the last quarter. Letko Brosseau & Associates Inc. lifted its holdings in Rogers Communication by 13.0% during the 1st quarter. Letko Brosseau & Associates Inc. now owns 5,885,187 shares of the Wireless communications provider's stock worth $157,143,000 after purchasing an additional 674,807 shares during the last quarter. Scotia Capital Inc. lifted its holdings in Rogers Communication by 10.0% during the 1st quarter. Scotia Capital Inc. now owns 4,068,135 shares of the Wireless communications provider's stock worth $108,542,000 after purchasing an additional 370,490 shares during the last quarter. Finally, Burgundy Asset Management Ltd. lifted its holdings in Rogers Communication by 38.6% during the 1st quarter. Burgundy Asset Management Ltd. now owns 3,509,952 shares of the Wireless communications provider's stock worth $93,828,000 after purchasing an additional 978,348 shares during the last quarter. 45.49% of the stock is owned by institutional investors and hedge funds.

Rogers Communication Price Performance

Shares of RCI traded down $0.20 during midday trading on Friday, hitting $35.78. The company's stock had a trading volume of 739,731 shares, compared to its average volume of 811,420. Rogers Communication, Inc. has a one year low of $23.18 and a one year high of $41.20. The company's fifty day simple moving average is $34.44 and its two-hundred day simple moving average is $29.45. 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 stock has a market capitalization of $19.25 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 2.34 and a beta of 0.79.

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

Rogers Communication Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 8th will be paid a $0.3672 dividend. This represents a $1.47 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Monday, September 8th. This is a positive change from Rogers Communication's previous quarterly dividend of $0.36. Rogers Communication's dividend payout ratio is 71.64%.

Wall Street Analysts Forecast Growth

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

About Rogers Communication

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.