TD Asset Management Inc Reduces Position in Rogers Communication, Inc. (NYSE:RCI)

Key Points

• TD Asset Management Inc reduced its holdings in Rogers Communication, Inc. by 22.7%, selling 1,907,184 shares during the first quarter, which leaves them owning approximately 6.48 million shares worth around $173 million.
• Multiple institutional investors, including FIL Ltd and Bank of Nova Scotia, have recently increased their stakes in Rogers Communication, reflecting a strong interest from hedge funds with 45.49% of the stock owned by such entities.
• Rogers Communication has declared a quarterly dividend of $0.3672, which shows a positive increase from the previous quarter, representing an annualized yield of 4.28% at a dividend payout ratio of approximately 62.66%.

TD Asset Management Inc reduced its stake in Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 22.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,478,389 shares of the Wireless communications provider's stock after selling 1,907,184 shares during the period. TD Asset Management Inc owned 1.21% of Rogers Communication worth $172,982,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RCI. SBI Securities Co. Ltd. grew its holdings in Rogers Communication by 885.4% in the first quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock worth $25,000 after purchasing an additional 850 shares during the period. Versant Capital Management Inc purchased a new stake in Rogers Communication in the first quarter worth about $79,000. CWM LLC grew its holdings in Rogers Communication by 57.4% in 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 during the period. TD Private Client Wealth LLC grew its holdings in Rogers Communication by 263.1% in the first quarter. TD Private Client Wealth LLC now owns 5,131 shares of the Wireless communications provider's stock worth $137,000 after purchasing an additional 3,718 shares during the period. Finally, Headlands Technologies LLC grew its holdings in Rogers Communication by 274.2% in the fourth quarter. Headlands Technologies LLC now owns 5,306 shares of the Wireless communications provider's stock worth $163,000 after purchasing an additional 3,888 shares during the period. 45.49% of the stock is owned by institutional investors.

Rogers Communication Stock Down 0.7%

Shares of NYSE:RCI traded down $0.23 during trading on Wednesday, reaching $33.46. 399,149 shares of the stock traded hands, compared to its average volume of 1,256,006. The stock has a 50-day moving average of $29.75 and a two-hundred day moving average of $27.88. Rogers Communication, Inc. has a 52-week low of $23.18 and a 52-week high of $41.84. The company has a debt-to-equity ratio of 2.23, a quick ratio of 1.64 and a current ratio of 1.70. The stock has a market cap of $18.00 billion, a P/E ratio of 16.65, a price-to-earnings-growth ratio of 1.83 and a beta of 0.76.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last posted 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. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. The firm had revenue of $3.82 billion for the quarter, compared to analysts' expectations of $5.12 billion. During the same quarter in the prior year, the company posted $1.16 earnings per share. The business's revenue for the quarter was up 2.4% on a year-over-year basis. As a group, sell-side analysts expect that Rogers Communication, Inc. will post 3.57 earnings per share for the current fiscal year.

Rogers Communication Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 8th will be issued a dividend of $0.3672 per share. This is a boost from Rogers Communication's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, September 8th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 4.39%. Rogers Communication's dividend payout ratio is presently 73.13%.

Analysts Set New Price Targets

RCI has been the topic of a number of recent research reports. Scotiabank restated a "sector perform" rating on shares of Rogers Communication in a report on Tuesday, July 15th. BMO Capital Markets restated an "outperform" rating on shares of Rogers Communication in a report on Wednesday, July 2nd. Finally, Canaccord Genuity Group upgraded shares of Rogers Communication from a "hold" rating to a "buy" rating in a report on Friday, April 4th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $72.00.

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.