Rogers Communications Inc. (NYSE:RCI) Forecasted to Earn FY2024 Earnings of $3.32 Per Share

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Analysts at Desjardins reduced their FY2024 earnings estimates for shares of Rogers Communications in a research report issued to clients and investors on Thursday, April 25th. Desjardins analyst J. Dubreuil now forecasts that the Wireless communications provider will post earnings of $3.32 per share for the year, down from their previous estimate of $3.60. The consensus estimate for Rogers Communications’ current full-year earnings is $3.53 per share.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings data on Wednesday, April 24th. The Wireless communications provider reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. The firm had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. Rogers Communications had a net margin of 2.90% and a return on equity of 21.92%.

A number of other analysts also recently weighed in on RCI. Barclays cut their price target on shares of Rogers Communications from $52.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th. StockNews.com cut shares of Rogers Communications from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.00.

Rogers Communications Stock Down 1.9 %

Shares of NYSE RCI opened at $37.47 on Monday. The firm has a market capitalization of $19.80 billion, a PE ratio of 46.83, a price-to-earnings-growth ratio of 1.66 and a beta of 0.59. The company has a current ratio of 0.77, a quick ratio of 0.72 and a debt-to-equity ratio of 3.67. Rogers Communications has a 1 year low of $36.55 and a 1 year high of $50.00. The firm’s 50-day moving average is $41.36 and its 200-day moving average is $43.15.

Rogers Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 10th will be paid a $0.3658 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend is Monday, June 10th. Rogers Communications’s dividend payout ratio (DPR) is presently 183.75%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RCI. Fifth Third Bancorp grew its holdings in shares of Rogers Communications by 120.1% during the fourth quarter. Fifth Third Bancorp now owns 658 shares of the Wireless communications provider’s stock worth $31,000 after purchasing an additional 359 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Rogers Communications by 62.8% during the third quarter. EverSource Wealth Advisors LLC now owns 700 shares of the Wireless communications provider’s stock worth $27,000 after purchasing an additional 270 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in shares of Rogers Communications during the third quarter worth about $29,000. Lindbrook Capital LLC grew its holdings in shares of Rogers Communications by 120.8% during the fourth quarter. Lindbrook Capital LLC now owns 912 shares of the Wireless communications provider’s stock worth $43,000 after purchasing an additional 499 shares during the last quarter. Finally, CVA Family Office LLC bought a new stake in Rogers Communications in the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds own 45.49% of the company’s stock.

About Rogers Communications

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.