Rogers Communication (NYSE:RCI) Price Target Raised to $33.00 at Barclays

Key Points

• Barclays has raised the price target for Rogers Communication from $31.00 to $33.00, maintaining an "equal weight" rating, indicating a potential downside of 3.75% from current prices.
• Rogers Communication's quarterly earnings exceeded expectations, reporting $0.82 earnings per share against a consensus estimate of $0.80, while its revenue of $3.82 billion fell short of expectations of $5.12 billion.
• Institutional investors hold approximately 45.49% of Rogers Communication's stock, with significant recent increases in holdings from several hedge funds.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B had its price objective lifted by investment analysts at Barclays from $31.00 to $33.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the Wireless communications provider's stock. Barclays's price target would suggest a potential downside of 3.75% from the company's current price.

Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets reissued an "outperform" rating on shares of Rogers Communication in a research report on Wednesday, July 2nd. Scotiabank reissued a "sector perform" rating on shares of Rogers Communication in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Rogers Communication has a consensus rating of "Hold" and a consensus target price of $59.00.

Rogers Communication Stock Performance

Shares of Rogers Communication stock opened at $34.28 on Tuesday. The stock's 50-day moving average is $31.06 and its 200-day moving average is $28.20. Rogers Communication has a one year low of $23.18 and a one year high of $41.84. The firm has a market cap of $18.45 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.84 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.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last issued its quarterly earnings results on Wednesday, July 23rd. The Wireless communications provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.02. Rogers Communication had a net margin of 7.33% and a return on equity of 21.59%. The company had revenue of $3.82 billion during the quarter, compared to analysts' expectations of $5.12 billion. During the same period last year, the business earned $1.16 EPS. The business's quarterly revenue was up 2.4% on a year-over-year basis. Equities analysts predict that Rogers Communication will post 3.57 earnings per share for the current fiscal year.

Institutional Trading of Rogers Communication

A number of hedge funds have recently made changes to their positions in RCI. SBI Securities Co. Ltd. increased its holdings in shares of Rogers Communication by 885.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider's stock worth $25,000 after acquiring an additional 850 shares during the last quarter. Versant Capital Management Inc acquired a new position in shares of Rogers Communication in the first quarter valued at $79,000. Parallel Advisors LLC raised its position in shares of Rogers Communication by 176.9% in the second quarter. Parallel Advisors LLC now owns 2,891 shares of the Wireless communications provider's stock valued at $86,000 after purchasing an additional 1,847 shares during the period. CWM LLC lifted its stake in shares of Rogers Communication by 57.4% during the 1st quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider's stock worth $100,000 after buying an additional 1,363 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Rogers Communication by 48.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,231 shares of the Wireless communications provider's stock worth $113,000 after buying an additional 1,389 shares during the period. 45.49% of the stock is owned by institutional investors and hedge funds.

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.

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