Cogeco Communications Inc. operates as a communications corporation in North America. It operates in two segments, Canadian Broadband Services and American Broadband Services. The company offers Internet, video, and telephony services to residential and business customers through its two-way broadband fiber networks. It provides Internet services using modems, Wi-Fi gateways, and extenders either on a rental basis or as part of the Internet service package; video services on a subscription basis; home phone services using Internet protocol (IP); local and long-distance calling services; broadband Internet services; and IP based telephony services and other network connectivity services delivered over fiber optic connection to larger businesses. The company serves the primary service units, Internet, video, and telephony service customers. It offers cable operator services under the Cogeco Connexion name in Québec and Ontario, and in the United States under the Atlantic Broadband brand. The company was formerly known as Cogeco Cable Inc. and changed its name to Cogeco Communications Inc. in January 2016. Cogeco Communications Inc. was founded in 1972 and is headquartered in Montreal, Canada. Cogeco Communications Inc. operates as a subsidiary of Cogeco Inc.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the company. Royal Bank of Canada cut their price objective on Cogeco Communications from C$127.00 to C$118.00 in a research report on Tuesday, July 12th. Scotiabank cut their price target on Cogeco Communications from C$114.50 to C$112.50 in a report on Friday, July 15th. CIBC cut Cogeco Communications from an "outperform" rating to a "hold" rating and cut their price target for the company from C$126.00 to C$100.00 in a report on Wednesday, June 29th. National Bank Financial cut Cogeco Communications from an "outperform market weight" rating to a "sector perform market weight" rating in a report on Thursday, July 14th. Finally, National Bankshares cut Cogeco Communications from an "outperform" rating to a "sector perform" rating and cut their price target for the company from C$119.00 to C$108.00 in a report on Friday, July 15th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of C$116.06.
Cogeco Communications Price Performance
Shares of CCA Stock traded down C$0.17 during trading hours on Friday, hitting C$83.34. The company had a trading volume of 37,332 shares, compared to its average volume of 87,837. Cogeco Communications has a 12 month low of C$80.30 and a 12 month high of C$119.27. The firm has a market capitalization of C$3.83 billion and a price-to-earnings ratio of 9.42. The firm's fifty day moving average is C$90.09 and its 200 day moving average is C$98.82. The company has a debt-to-equity ratio of 148.86, a quick ratio of 0.53 and a current ratio of 0.56.
Cogeco Communications (TSE:CCA - Get Rating) last released its quarterly earnings data on Wednesday, July 13th. The company reported C$2.16 earnings per share for the quarter, missing the consensus estimate of C$2.29 by C($0.13). The firm had revenue of C$728.12 million during the quarter. On average, sell-side analysts predict that Cogeco Communications will post 9.2599999 EPS for the current fiscal year.
Cogeco Communications Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 10th. Stockholders of record on Wednesday, August 10th will be paid a $0.705 dividend. The ex-dividend date is Tuesday, July 26th. This represents a $2.82 annualized dividend and a dividend yield of 3.38%. Cogeco Communications's dividend payout ratio is currently 31.13%.
Insider Activity
In related news, Director Louis Audet sold 33,900 shares of the stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of C$104.81, for a total transaction of C$3,553,059.00. Following the sale, the director now directly owns 106,868 shares in the company, valued at approximately C$11,200,835.08. In related news, Director Louis Audet sold 33,900 shares of the stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of C$104.81, for a total transaction of C$3,553,059.00. Following the sale, the director now directly owns 106,868 shares in the company, valued at approximately C$11,200,835.08. Also, Director Robin Anne Bienenstock purchased 890 shares of the firm's stock in a transaction that occurred on Friday, July 29th. The shares were acquired at an average price of C$84.00 per share, for a total transaction of C$74,757.33. Following the completion of the transaction, the director now owns 890 shares in the company, valued at C$74,757.33. In the last ninety days, insiders have purchased 158,890 shares of company stock worth $14,374,681.
