Rogers Communications (NYSE:RCI) (TSE:RCI.B) had its price objective lifted by analysts at Desjardins from $74.00 to $76.00 in a research report issued to clients and investors on Friday, The Fly reports. The firm currently has a "buy" rating on the Wireless communications provider's stock. Desjardins' target price would indicate a potential upside of 55.20% from the company's previous close. Desjardins also issued estimates for Rogers Communications' Q3 2021 earnings at $0.97 EPS, Q4 2021 earnings at $0.90 EPS, FY2021 earnings at $3.13 EPS and FY2022 earnings at $3.50 EPS.
A number of other equities analysts have also weighed in on the stock. Royal Bank of Canada increased their target price on shares of Rogers Communications from $74.00 to $75.00 and gave the stock an "outperform" rating in a research report on Thursday. National Bank Financial reiterated an "outperform" rating on shares of Rogers Communications in a research report on Thursday. JPMorgan Chase & Co. upgraded shares of Rogers Communications from an "underweight" rating to an "overweight" rating in a research report on Friday, January 22nd. Scotiabank raised their price objective on shares of Rogers Communications from $70.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Canaccord Genuity cut their price objective on shares of Rogers Communications from $72.00 to $71.00 and set a "buy" rating for the company in a research report on Thursday. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Rogers Communications currently has an average rating of "Buy" and an average target price of $71.50.
NYSE RCI traded down $0.38 during trading hours on Friday, reaching $48.97. 4,411 shares of the company were exchanged, compared to its average volume of 513,834. Rogers Communications has a 1 year low of $37.84 and a 1 year high of $52.84. The business's 50 day simple moving average is $47.86 and its 200-day simple moving average is $45.87. The company has a quick ratio of 1.00, a current ratio of 1.07 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $24.73 billion, a P/E ratio of 20.75, a P/E/G ratio of 3.46 and a beta of 0.48.
Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings data on Tuesday, April 20th. The Wireless communications provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.25. Rogers Communications had a net margin of 11.38% and a return on equity of 17.61%. The business had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter last year, the company posted $0.71 earnings per share. The firm's quarterly revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rogers Communications will post 2.55 earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. FIL Ltd increased its stake in shares of Rogers Communications by 84.8% in the fourth quarter. FIL Ltd now owns 21,722,485 shares of the Wireless communications provider's stock worth $1,011,293,000 after buying an additional 9,968,026 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Rogers Communications by 9.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 6,199,075 shares of the Wireless communications provider's stock worth $367,357,000 after buying an additional 543,997 shares during the period. Toronto Dominion Bank increased its stake in shares of Rogers Communications by 52.5% in the fourth quarter. Toronto Dominion Bank now owns 4,565,597 shares of the Wireless communications provider's stock worth $197,070,000 after buying an additional 1,572,102 shares during the period. CIBC World Markets Inc. increased its stake in shares of Rogers Communications by 1.5% in the fourth quarter. CIBC World Markets Inc. now owns 3,741,394 shares of the Wireless communications provider's stock worth $174,312,000 after buying an additional 56,393 shares during the period. Finally, Norges Bank bought a new stake in Rogers Communications in the fourth quarter valued at $167,225,000. 53.53% of the stock is currently owned by institutional investors.
About Rogers Communications
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, wireless home phone, device protection, text messaging, e-mail, global voice and data roaming, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device delivery services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands to approximately 10.8 million subscribers.
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