Platinum Investment Management Ltd. Invests $77.69 Million in Rogers Communication, Inc. $RCI

Key Points

• Platinum Investment Management Ltd. has invested approximately $77.69 million in Rogers Communication, Inc., acquiring 2,624,304 shares which represents 5.2% of its holdings.
• Rogers Communication recently announced a quarterly dividend increase to $0.3672, yielding around 4.2%, with the payment scheduled for October 3rd.
• The company's recent quarterly earnings report showed an EPS of $0.82, exceeding analysts' expectations, although revenue of $3.82 billion fell short of estimates.

Platinum Investment Management Ltd. bought a new position in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,624,304 shares of the Wireless communications provider's stock, valued at approximately $77,687,000. Rogers Communication comprises 5.2% of Platinum Investment Management Ltd.'s holdings, making the stock its 4th largest holding. Platinum Investment Management Ltd. owned approximately 0.49% of Rogers Communication as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. boosted its stake 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 worth $25,000 after acquiring an additional 850 shares during the last quarter. Parallel Advisors LLC boosted its stake in Rogers Communication by 176.9% during the 2nd quarter. Parallel Advisors LLC now owns 2,891 shares of the Wireless communications provider's stock worth $86,000 after acquiring an additional 1,847 shares during the last quarter. Versant Capital Management Inc bought a new position in shares of Rogers Communication during the first quarter worth $79,000. CWM LLC boosted its position in shares of Rogers Communication by 57.4% during the first quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider's stock worth $100,000 after purchasing an additional 1,363 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Rogers Communication by 48.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 4,231 shares of the Wireless communications provider's stock worth $113,000 after purchasing an additional 1,389 shares in the last quarter. Institutional investors own 45.49% of the company's stock.

Rogers Communication Stock Performance

Shares of Rogers Communication stock opened at $34.81 on Thursday. The firm has a market cap of $18.73 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 2.29 and a beta of 0.78. The stock's 50-day moving average is $34.99 and its 200-day moving average is $30.09. Rogers Communication, Inc. has a one year low of $23.18 and a one year high of $39.36. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.70 and a quick ratio of 1.64.

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 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.02. The company had revenue of $3.82 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company posted $1.16 earnings per share. Equities analysts predict that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 8th will be given a $0.3672 dividend. This is a boost from Rogers Communication's previous quarterly dividend of $0.36. This represents a $1.47 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, September 8th. Rogers Communication's payout ratio is presently 72.64%.

Analyst Ratings Changes

RCI has been the topic of a number of recent analyst reports. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a research report on Wednesday, July 2nd. Scotiabank reiterated a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. Finally, Barclays lifted 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. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Rogers Communication presently has an average rating of "Hold" and a consensus price target of $33.00.

Rogers Communication 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.

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