Rogers Communications (NYSE:RCI) Cut to Neutral at Bank of America

Bank of America cut shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a buy rating to a neutral rating in a research note released on Tuesday, Marketbeat reports.

A number of other brokerages have also recently commented on RCI. TD Securities lifted their target price on shares of Rogers Communications from $73.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Morgan Stanley began coverage on shares of Rogers Communications in a research note on Monday, December 16th. They issued an “underweight” rating on the stock. Finally, BMO Capital Markets boosted their price objective on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $61.75.

Rogers Communications Stock Down 2.8 %

Shares of NYSE:RCI opened at $28.54 on Tuesday. The company has a market capitalization of $15.25 billion, a PE ratio of 13.92, a P/E/G ratio of 1.06 and a beta of 0.69. 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 has a twelve month low of $27.63 and a twelve month high of $48.19. The firm has a 50 day simple moving average of $33.30 and a 200-day simple moving average of $36.88.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings data on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.35. The business had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 EPS. On average, equities analysts predict that Rogers Communications will post 3.56 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Monday, December 9th were paid a dividend of $0.3611 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.06%. Rogers Communications’s dividend payout ratio (DPR) is presently 68.78%.

Hedge Funds Weigh In On Rogers Communications

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cromwell Holdings LLC acquired a new position in shares of Rogers Communications during the 3rd quarter worth $31,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Rogers Communications by 110.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after buying an additional 522 shares in the last quarter. Grove Bank & Trust boosted its position in shares of Rogers Communications by 41.0% in the 3rd quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock worth $42,000 after buying an additional 302 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Rogers Communications in the 2nd quarter worth about $55,000. Finally, Nexus Investment Management ULC purchased a new stake in shares of Rogers Communications in the 3rd quarter worth about $203,000. 45.49% of the stock is owned by institutional investors and hedge funds.

Rogers Communications Company 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.