CIBC Asset Management Inc Buys 159,295 Shares of Rogers Communications Inc. (NYSE:RCI)

CIBC Asset Management Inc raised its stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 10.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,673,110 shares of the Wireless communications provider’s stock after buying an additional 159,295 shares during the period. CIBC Asset Management Inc owned about 0.31% of Rogers Communications worth $67,301,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in RCI. 1832 Asset Management L.P. lifted its position in Rogers Communications by 2.6% in the 2nd quarter. 1832 Asset Management L.P. now owns 11,501,927 shares of the Wireless communications provider’s stock worth $425,341,000 after buying an additional 288,614 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of Rogers Communications by 10.2% during the second quarter. Mackenzie Financial Corp now owns 10,563,054 shares of the Wireless communications provider’s stock worth $390,738,000 after acquiring an additional 974,937 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Rogers Communications by 53.9% in the 2nd quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock worth $233,099,000 after acquiring an additional 2,206,690 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Rogers Communications by 37.5% in the 1st quarter. National Bank of Canada FI now owns 5,570,690 shares of the Wireless communications provider’s stock valued at $220,193,000 after purchasing an additional 1,519,894 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. grew its holdings in shares of Rogers Communications by 1.5% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 4,004,074 shares of the Wireless communications provider’s stock valued at $148,066,000 after purchasing an additional 57,245 shares during the last quarter. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Rogers Communications Trading Up 0.4 %

Shares of RCI opened at $36.14 on Friday. Rogers Communications Inc. has a 1-year low of $35.17 and a 1-year high of $48.19. The firm has a market capitalization of $19.26 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 1.11 and a beta of 0.69. The firm’s 50-day moving average price is $38.69 and its 200-day moving average price is $38.68. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 3.35.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.35. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The firm had revenue of $5.13 billion during the quarter, compared to analyst estimates of $3.79 billion. During the same quarter in the prior year, the company earned $0.95 EPS. The business’s revenue was up .7% compared to the same quarter last year. Sell-side analysts anticipate that Rogers Communications Inc. will post 3.55 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be given a dividend of $0.3611 per share. This represents a $1.44 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Monday, December 9th. Rogers Communications’s dividend payout ratio is currently 72.20%.

Wall Street Analysts Forecast Growth

RCI has been the subject of several analyst reports. Canaccord Genuity Group restated a “hold” rating and set a $57.00 price target (down from $59.00) on shares of Rogers Communications in a research report on Thursday, July 25th. BMO Capital Markets raised their target price on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. Canaccord Genuity Group lowered shares of Rogers Communications from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Finally, TD Securities upped their price target on Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.75.

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.