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

CIBC Asset Management Inc lifted its stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 10.5% during the third quarter, HoldingsChannel.com reports. The firm owned 1,673,110 shares of the Wireless communications provider’s stock after purchasing an additional 159,295 shares during the quarter. CIBC Asset Management Inc’s holdings in Rogers Communications were worth $67,301,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MQS Management LLC bought a new stake in Rogers Communications during the 3rd quarter valued at about $726,000. Aigen Investment Management LP increased its position in shares of Rogers Communications by 29.7% during the third quarter. Aigen Investment Management LP now owns 29,915 shares of the Wireless communications provider’s stock valued at $1,203,000 after acquiring an additional 6,851 shares in the last quarter. Entropy Technologies LP purchased a new position in Rogers Communications in the 3rd quarter worth approximately $314,000. Tacita Capital Inc lifted its position in Rogers Communications by 102.0% in the 3rd quarter. Tacita Capital Inc now owns 7,412 shares of the Wireless communications provider’s stock valued at $298,000 after acquiring an additional 3,742 shares in the last quarter. Finally, Intact Investment Management Inc. boosted its stake in Rogers Communications by 13.1% during the 3rd quarter. Intact Investment Management Inc. now owns 2,255,441 shares of the Wireless communications provider’s stock valued at $90,695,000 after purchasing an additional 261,220 shares during the last quarter. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Analyst Upgrades and Downgrades

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

Rogers Communications Price Performance

NYSE:RCI opened at $36.14 on Friday. The business’s 50-day simple moving average is $38.69 and its two-hundred day simple moving average is $38.68. Rogers Communications Inc. has a 52 week low of $35.17 and a 52 week high of $48.19. The stock has a market cap of $19.26 billion, a PE ratio of 17.63, a P/E/G ratio of 1.11 and a beta of 0.69. The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 3.35.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter last year, the company earned $0.95 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. As a group, analysts forecast that Rogers Communications Inc. will post 3.55 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be issued a $0.3611 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Monday, December 9th. Rogers Communications’s dividend payout ratio (DPR) is presently 72.20%.

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.