Zacks Investment Research Downgrades Rogers Communication Inc. (RCI) to Hold

Rogers Communication Inc. (NYSE:RCI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Rogers Communications is the first wireless operator in Canada to offer 3 Internet of Things (IoT) services – End-to-End Incident Management, Farm & Food Monitoring, Level Monitoring, to business enterprises. Rogers’s decision to purchase broadcasting company – Tillsonburg Broadcasting Company Limited bodes well. The company’s newly launched cost-effective, simple and competitive IaaS Cloud services and Rogers Unison (a new mobile solution) have increased its postpaid wireless and internet subscribers. The company has also been focusing on the business enterprise segment. Moreover, the company aims to launch its Internet TV services with 4K picture quality by the end of the year. However, intense wireless and cable TV industry competition, continuous softness in the advertising market and loss of viewers to video streaming service providers remain potent headwinds. Loss incurred from the shutdown of Shomi is another concern.”

A number of other analysts also recently commented on the stock. Bank of America Corp. initiated coverage on shares of Rogers Communication in a research report on Tuesday, July 5th. They set a “neutral” rating on the stock. Canaccord Genuity reiterated a “hold” rating on shares of Rogers Communication in a report on Friday, June 17th. TheStreet upgraded shares of Rogers Communication from a “hold” rating to a “buy” rating in a report on Thursday, July 21st. Scotiabank reiterated an “outperform” rating and issued a $56.00 target price on shares of Rogers Communication in a report on Wednesday, June 15th. Finally, TD Securities reiterated a “buy” rating and issued a $58.00 target price on shares of Rogers Communication in a report on Wednesday, July 6th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Rogers Communication presently has a consensus rating of “Buy” and an average target price of C$50.00.

Analyst Recommendations for Rogers Communication (NYSE:RCI)

Rogers Communication (NYSE:RCI) opened at 41.33 on Thursday. The firm’s 50-day moving average is $42.29 and its 200-day moving average is $40.89. Rogers Communication has a 1-year low of $32.50 and a 1-year high of $45.50. The stock has a market cap of $21.27 billion, a P/E ratio of 20.08 and a beta of 0.87.

Rogers Communication (NYSE:RCI) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. Rogers Communication had a net margin of 10.42% and a return on equity of 24.94%. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same period in the previous year, the firm earned $0.80 EPS. Rogers Communication’s revenue was up 1.5% on a year-over-year basis. On average, analysts forecast that Rogers Communication will post $2.21 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Sunday, September 11th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This is an increase from Rogers Communication’s previous quarterly dividend of $0.37. This represents a $1.92 dividend on an annualized basis and a yield of 4.65%. Rogers Communication’s payout ratio is presently 71.36%.

A number of hedge funds and other institutional investors have recently made changes to their positions in RCI. US Bancorp DE increased its position in shares of Rogers Communication by 10.6% in the second quarter. US Bancorp DE now owns 3,212 shares of the company’s stock worth $129,000 after buying an additional 309 shares during the last quarter. Blue Chip Partners Inc. increased its position in shares of Rogers Communication by 0.9% in the second quarter. Blue Chip Partners Inc. now owns 4,096 shares of the company’s stock worth $165,000 after buying an additional 35 shares during the last quarter. Stifel Financial Corp increased its position in shares of Rogers Communication by 4.3% in the second quarter. Stifel Financial Corp now owns 5,997 shares of the company’s stock worth $244,000 after buying an additional 248 shares during the last quarter. Princeton Alpha Management LP increased its position in shares of Rogers Communication by 33.4% in the second quarter. Princeton Alpha Management LP now owns 6,908 shares of the company’s stock worth $279,000 after buying an additional 1,731 shares during the last quarter. Finally, KCG Holdings Inc. bought a new position in shares of Rogers Communication during the second quarter worth approximately $281,000. 49.28% of the stock is currently owned by hedge funds and other institutional investors.

Rogers Communication Company Profile

Rogers Communications Inc is a communications and media company. The Company provides wireless communications services, and cable television, Internet and telephony services to consumers and businesses. The Company operates through four segments: Wireless, Cable, Business Solutions and Media. Its Wireless segment is engaged in wireless telecommunications operations for Canadian consumers and businesses.

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