Mackenzie Financial Corp Cuts Stock Position in Rogers Communications Inc. (NYSE:RCI)

Mackenzie Financial Corp cut its stake in shares of Rogers Communications Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 16.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,331,824 shares of the Wireless communications provider's stock after selling 1,590,602 shares during the quarter. Mackenzie Financial Corp owned approximately 1.56% of Rogers Communications worth $255,861,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its stake in Rogers Communications by 123.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,727,400 shares of the Wireless communications provider's stock worth $206,565,000 after purchasing an additional 3,717,487 shares during the period. FIL Ltd raised its holdings in Rogers Communications by 7.2% during the 4th quarter. FIL Ltd now owns 33,450,577 shares of the Wireless communications provider's stock valued at $1,028,336,000 after buying an additional 2,244,240 shares during the period. Bank of Nova Scotia raised its holdings in Rogers Communications by 20.6% during the 4th quarter. Bank of Nova Scotia now owns 7,736,202 shares of the Wireless communications provider's stock valued at $237,784,000 after buying an additional 1,320,200 shares during the period. Letko Brosseau & Associates Inc. increased its stake in Rogers Communications by 23.5% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 5,210,380 shares of the Wireless communications provider's stock worth $160,094,000 after purchasing an additional 992,780 shares during the period. Finally, Hillsdale Investment Management Inc. increased its stake in Rogers Communications by 5,526.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 591,944 shares of the Wireless communications provider's stock worth $18,177,000 after purchasing an additional 581,424 shares during the period. 45.49% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on RCI. Scotiabank lowered Rogers Communications from a "sector outperform" rating to a "sector perform" rating in a research note on Tuesday, April 1st. Canaccord Genuity Group raised shares of Rogers Communications from a "hold" rating to a "buy" rating in a research report on Friday, April 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Rogers Communications presently has an average rating of "Hold" and an average price target of $67.00.

Rogers Communications Stock Performance

Shares of RCI stock traded up $0.46 during trading hours on Tuesday, hitting $26.55. The company's stock had a trading volume of 1,146,919 shares, compared to its average volume of 1,013,456. The stock has a market cap of $14.23 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.43 and a beta of 0.73. Rogers Communications Inc. has a 12-month low of $23.18 and a 12-month high of $41.84. The company has a 50 day moving average of $25.65 and a 200 day moving average of $28.87. The company has a current ratio of 0.66, a quick ratio of 0.61 and a debt-to-equity ratio of 3.67.

Rogers Communications (NYSE:RCI - Get Free Report) TSE: RCI.B last posted its quarterly earnings results on Wednesday, April 23rd. The Wireless communications provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.02). The business had revenue of $3.46 billion during the quarter, compared to analysts' expectations of $4.96 billion. Rogers Communications had a net margin of 8.40% and a return on equity of 25.19%. Rogers Communications's revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.99 earnings per share. On average, sell-side analysts forecast that Rogers Communications Inc. will post 3.57 EPS for the current fiscal year.

Rogers Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Monday, June 9th will be issued a $0.3611 dividend. The ex-dividend date of this dividend is Monday, June 9th. This is an increase from Rogers Communications's previous quarterly dividend of $0.35. This represents a $1.44 dividend on an annualized basis and a yield of 5.44%. Rogers Communications's payout ratio is presently 59.66%.

Rogers Communications 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.