CIBC Asset Management Inc Has $55.96 Million Holdings in Rogers Communications Inc. (NYSE:RCI)

CIBC Asset Management Inc decreased its stake in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 2.0% during the second quarter, HoldingsChannel.com reports. The fund owned 1,513,815 shares of the Wireless communications provider’s stock after selling 31,364 shares during the period. CIBC Asset Management Inc’s holdings in Rogers Communications were worth $55,956,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RCI. Ridgewood Investments LLC acquired a new position in Rogers Communications during the second quarter valued at approximately $37,000. Headlands Technologies LLC acquired a new position in Rogers Communications in the 1st quarter valued at $42,000. CWM LLC raised its holdings in Rogers Communications by 342.3% in the 2nd quarter. CWM LLC now owns 1,809 shares of the Wireless communications provider’s stock worth $67,000 after acquiring an additional 1,400 shares during the period. EverSource Wealth Advisors LLC lifted its position in Rogers Communications by 106.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,445 shares of the Wireless communications provider’s stock worth $68,000 after acquiring an additional 745 shares during the last quarter. Finally, Gulf International Bank UK Ltd lifted its position in Rogers Communications by 13.4% during the 1st quarter. Gulf International Bank UK Ltd now owns 2,720 shares of the Wireless communications provider’s stock worth $111,000 after acquiring an additional 322 shares during the last quarter. 45.49% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on RCI shares. StockNews.com upgraded Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $57.00 price target (down from $59.00) on shares of Rogers Communications in a research report on Thursday, July 25th. Finally, Canaccord Genuity Group cut Rogers Communications from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.50.

Rogers Communications Stock Performance

Shares of RCI traded down $0.13 during trading hours on Monday, reaching $40.55. 393,800 shares of the company traded hands, compared to its average volume of 720,175. Rogers Communications Inc. has a 1-year low of $35.55 and a 1-year high of $48.19. The stock has a market cap of $21.61 billion, a P/E ratio of 50.69, a price-to-earnings-growth ratio of 1.06 and a beta of 0.68. The stock’s fifty day moving average is $38.40 and its 200 day moving average is $39.79. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.60 and a current ratio of 0.65.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, beating the consensus estimate of $0.83 by $0.33. Rogers Communications had a return on equity of 23.15% and a net margin of 4.28%. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm posted $0.76 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts anticipate that Rogers Communications Inc. will post 3.59 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Monday, September 9th will be given a $0.365 dividend. The ex-dividend date is Monday, September 9th. This represents a $1.46 annualized dividend and a yield of 3.60%. Rogers Communications’s dividend payout ratio (DPR) is currently 183.75%.

Rogers Communications Profile

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.