Lorne Steinberg Wealth Management Inc. Increases Stake in Rogers Communications Inc. (NYSE:RCI)

Lorne Steinberg Wealth Management Inc. boosted its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 8.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 90,959 shares of the Wireless communications provider’s stock after purchasing an additional 7,103 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Rogers Communications were worth $3,363,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RCI. Cerity Partners LLC boosted its holdings in shares of Rogers Communications by 37.7% during the 4th quarter. Cerity Partners LLC now owns 7,969 shares of the Wireless communications provider’s stock valued at $373,000 after acquiring an additional 2,182 shares during the last quarter. Beverly Hills Private Wealth LLC purchased a new stake in shares of Rogers Communications during the 4th quarter valued at about $255,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Rogers Communications by 2.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,274,064 shares of the Wireless communications provider’s stock valued at $59,935,000 after acquiring an additional 36,496 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Rogers Communications by 120.8% during the 4th quarter. Lindbrook Capital LLC now owns 912 shares of the Wireless communications provider’s stock valued at $43,000 after acquiring an additional 499 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Rogers Communications by 26.3% during the 4th quarter. Signaturefd LLC now owns 6,024 shares of the Wireless communications provider’s stock valued at $282,000 after acquiring an additional 1,253 shares during the last quarter. 45.49% of the stock is owned by hedge funds and other institutional investors.

Rogers Communications Price Performance

Shares of RCI stock traded up $0.06 on Friday, reaching $39.54. The company’s stock had a trading volume of 465,506 shares, compared to its average volume of 728,222. The stock’s fifty day simple moving average is $37.88 and its 200-day simple moving average is $40.33. Rogers Communications Inc. has a 1 year low of $35.55 and a 1 year high of $48.19. The company has a current ratio of 0.65, a quick ratio of 0.60 and a debt-to-equity ratio of 3.58. The company has a market capitalization of $20.95 billion, a price-to-earnings ratio of 49.48, a price-to-earnings-growth ratio of 1.00 and a beta of 0.68.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.33. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the firm posted $0.76 earnings per share. Rogers Communications’s revenue for the quarter was up .9% compared to the same quarter last year. Analysts forecast that Rogers Communications Inc. will post 3.58 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 9th will be issued a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend is Monday, September 9th. Rogers Communications’s dividend payout ratio (DPR) is presently 180.00%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RCI. Canaccord Genuity Group reiterated a “hold” rating and issued a $57.00 price objective (down previously from $59.00) on shares of Rogers Communications in a research note on Thursday, July 25th. Canaccord Genuity Group cut shares of Rogers Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded shares of Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Rogers Communications currently has an average rating of “Moderate Buy” and a consensus price target of $51.50.

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.