Rogers Communication (NYSE:RCI) Sets New 52-Week Low - Here's Why

Key Points

• Rogers Communication shares fell to a new 52-week low of $31.22, down 1.4% during trading, despite a consensus analyst rating of “Moderate Buy” and a $36 target price.
• The company’s latest quarterly results exceeded expectations, with EPS of $0.83 versus the $0.80 estimate and revenue of $3.95 billion, up 7.6% year over year. However, EPS declined from $1.14 in the prior-year quarter.
• Rogers announced a quarterly dividend of C$0.50 per share, equivalent to C$2.00 annually and a 6.4% dividend yield; institutional investors own 45.49% of the company’s stock.

Rogers Communication, Inc. (NYSE:RCI - Get Free Report) TSE: RCI.B's share price hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $31.22 and last traded at $31.3350, with a volume of 152070 shares. The stock had previously closed at $31.91.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Rogers Communication from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings upgraded Rogers Communication from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 14th. Barclays decreased their price objective on Rogers Communication from $37.00 to $36.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. Raymond James Financial started coverage on Rogers Communication in a research note on Wednesday, July 15th. They issued an "outperform" rating on the stock. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Rogers Communication in a report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $36.00.

Rogers Communication Trading Down 1.4%

The stock has a market cap of $17.00 billion, a PE ratio of 3.81, a price-to-earnings-growth ratio of 4.00 and a beta of 0.66. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.51 and a current ratio of 0.55. The company has a 50 day moving average of $35.28 and a two-hundred day moving average of $35.82.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last issued its quarterly earnings results on Wednesday, July 22nd. The Wireless communications provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.03. Rogers Communication had a return on equity of 11.56% and a net margin of 27.54%.The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.91 billion. During the same quarter in the prior year, the business posted $1.14 earnings per share. Rogers Communication's revenue for the quarter was up 7.6% on a year-over-year basis. Sell-side analysts anticipate that Rogers Communication, Inc. will post 3.26 earnings per share for the current fiscal year.

Rogers Communication Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 8th will be given a dividend of C$0.50 per share. The ex-dividend date is Tuesday, September 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 6.4%. Rogers Communication's dividend payout ratio (DPR) is 17.39%.

Institutional Investors Weigh In On Rogers Communication

A number of institutional investors have recently added to or reduced their stakes in RCI. EverSource Wealth Advisors LLC raised its position in Rogers Communication by 39.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,689 shares of the Wireless communications provider's stock worth $101,000 after acquiring an additional 761 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of Rogers Communication by 1,314.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,337 shares of the Wireless communications provider's stock valued at $126,000 after purchasing an additional 3,101 shares during the period. Parallel Advisors LLC increased its stake in shares of Rogers Communication by 10.2% during the first quarter. Parallel Advisors LLC now owns 3,377 shares of the Wireless communications provider's stock worth $130,000 after purchasing an additional 312 shares in the last quarter. Oslo Pensjonsforsikring AS purchased a new stake in shares of Rogers Communication during the first quarter worth about $180,000. Finally, Cary Street Partners Financial LLC purchased a new stake in shares of Rogers Communication during the fourth quarter worth about $195,000. Institutional investors and hedge funds own 45.49% of the company's stock.

Rogers Communication Company Profile

Rogers Communications Inc is a Canadian communications and media company headquartered in Toronto, Ontario. Through its wireless and cable businesses, the company provides mobile voice and data services, high-speed internet, television, home phone and related connectivity services to consumers, businesses and public-sector organizations across Canada.

Rogers also operates media and entertainment businesses, including Sportsnet television and digital networks, radio stations and related publishing and digital properties.

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