Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Rogers Communication, Inc. (NYSE:RCI)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its position in Rogers Communication by 380.4%, now owning over 2.3 million shares valued at approximately $62.7 million.
• Rogers Communication has announced a quarterly dividend of $0.3672, increasing from the previous $0.36, with a yield of 4.3%.
• The company reported a net income of $0.82 per share for the last quarter, exceeding analyst expectations, although its revenue of $3.82 billion fell short of forecasts.

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 380.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,348,091 shares of the Wireless communications provider's stock after acquiring an additional 1,859,288 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.44% of Rogers Communication worth $62,717,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. SBI Securities Co. Ltd. grew its holdings in Rogers Communication by 885.4% during the first 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. Versant Capital Management Inc bought a new stake in Rogers Communication during the first quarter valued at about $79,000. CWM LLC grew its holdings in Rogers Communication by 57.4% during the first quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider's stock valued at $100,000 after purchasing an additional 1,363 shares during the period. TD Private Client Wealth LLC grew its holdings in Rogers Communication by 263.1% during the first quarter. TD Private Client Wealth LLC now owns 5,131 shares of the Wireless communications provider's stock valued at $137,000 after purchasing an additional 3,718 shares during the period. Finally, ASR Vermogensbeheer N.V. bought a new stake in Rogers Communication during the first quarter valued at about $236,000. Hedge funds and other institutional investors own 45.49% of the company's stock.

Rogers Communication Price Performance

Shares of NYSE RCI traded up $0.70 during mid-day trading on Wednesday, reaching $34.84. The company's stock had a trading volume of 599,090 shares, compared to its average volume of 1,251,571. The firm has a market capitalization of $18.74 billion, a PE ratio of 17.32, a P/E/G ratio of 1.83 and a beta of 0.77. The company has a debt-to-equity ratio of 2.23, a current ratio of 1.70 and a quick ratio of 1.64. The stock has a fifty day moving average of $31.20 and a two-hundred day moving average of $28.24. Rogers Communication, Inc. has a 52 week low of $23.18 and a 52 week high of $41.84.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last posted its earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.02. The company 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 firm's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.16 earnings per share. As a group, sell-side analysts anticipate that Rogers Communication, Inc. will post 3.57 EPS for the current fiscal year.

Rogers Communication Increases Dividend

The company 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 $0.3672 dividend. This is an increase 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 is Monday, September 8th. Rogers Communication's dividend payout ratio (DPR) is presently 72.64%.

Analyst Ratings Changes

Several research firms have issued reports on RCI. Barclays boosted their price target on Rogers Communication from $31.00 to $33.00 and gave the company an "equal weight" rating in a report on Tuesday. 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, Rogers Communication has a consensus rating of "Hold" and an average price target of $59.00.

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.