CIBC Asset Management Inc Sells 472,386 Shares of Rogers Communication, Inc. $RCI

CIBC Asset Management Inc trimmed its stake in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 22.5% in the fourth quarter, HoldingsChannel reports. The firm owned 1,629,690 shares of the Wireless communications provider’s stock after selling 472,386 shares during the quarter. CIBC Asset Management Inc’s holdings in Rogers Communication were worth $61,553,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its position in Rogers Communication by 6.0% during the third quarter. Van ECK Associates Corp now owns 5,889 shares of the Wireless communications provider’s stock worth $203,000 after purchasing an additional 334 shares during the period. Farther Finance Advisors LLC boosted its position in Rogers Communication by 107.4% during the fourth quarter. Farther Finance Advisors LLC now owns 786 shares of the Wireless communications provider’s stock worth $30,000 after purchasing an additional 407 shares during the period. Gold Investment Management Ltd. boosted its position in Rogers Communication by 1.7% during the fourth quarter. Gold Investment Management Ltd. now owns 29,721 shares of the Wireless communications provider’s stock worth $1,122,000 after purchasing an additional 488 shares during the period. Public Sector Pension Investment Board boosted its position in Rogers Communication by 1.8% during the second quarter. Public Sector Pension Investment Board now owns 37,181 shares of the Wireless communications provider’s stock worth $1,101,000 after purchasing an additional 640 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Rogers Communication by 52.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,981 shares of the Wireless communications provider’s stock worth $59,000 after purchasing an additional 683 shares during the period. 45.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. TD Securities cut shares of Rogers Communication from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Scotiabank raised shares of Rogers Communication from a “hold” rating to an “outperform” rating in a research report on Thursday, April 23rd. Finally, Desjardins reissued a “hold” rating on shares of Rogers Communication in a research report on Thursday, April 23rd. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Rogers Communication currently has a consensus rating of “Hold” and an average target price of $36.00.

Rogers Communication Trading Down 1.0%

Shares of Rogers Communication stock opened at $37.82 on Thursday. The firm has a 50-day moving average of $36.09 and a 200-day moving average of $37.23. The stock has a market cap of $20.43 billion, a PE ratio of 3.99, a PEG ratio of 3.36 and a beta of 0.62. Rogers Communication, Inc. has a 52-week low of $26.30 and a 52-week high of $41.14. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.55.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Wednesday, April 22nd. The Wireless communications provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. The company had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $5.44 billion. Rogers Communication had a net margin of 32.00% and a return on equity of 12.11%. Rogers Communication’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.99 earnings per share. As a group, sell-side analysts forecast that Rogers Communication, Inc. will post 3.55 EPS for the current year.

Rogers Communication Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Stockholders of record on Tuesday, June 9th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Tuesday, June 9th. Rogers Communication’s payout ratio is presently 15.51%.

Rogers Communication Company Profile

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.