Cogeco Communications (TSE:CCA) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Cogeco Communications Inc. (TSE:CCA)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$65.06 and traded as high as C$69.13. Cogeco Communications shares last traded at C$68.89, with a volume of 41,429 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CCA shares. National Bank Financial raised Cogeco Communications from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 19th. National Bankshares upgraded Cogeco Communications from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from C$64.00 to C$80.00 in a research note on Friday, September 20th. Scotiabank upped their target price on Cogeco Communications from C$73.50 to C$77.50 in a research report on Monday, November 4th. TD Securities raised their price target on shares of Cogeco Communications from C$85.00 to C$89.00 in a research report on Monday, November 4th. Finally, Canaccord Genuity Group raised shares of Cogeco Communications from a “hold” rating to a “buy” rating and upped their price objective for the company from C$65.00 to C$77.00 in a report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$77.06.

Cogeco Communications Price Performance

The stock has a market capitalization of C$2.07 billion, a PE ratio of 8.79, a P/E/G ratio of 4.77 and a beta of 0.59. The company has a debt-to-equity ratio of 142.88, a current ratio of 0.41 and a quick ratio of 0.49. The stock’s fifty day moving average is C$69.30 and its 200-day moving average is C$65.06.

Cogeco Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 28th. Stockholders of record on Thursday, November 28th were given a dividend of $0.922 per share. The ex-dividend date was Thursday, November 14th. This is a boost from Cogeco Communications’s previous quarterly dividend of $0.85. This represents a $3.69 dividend on an annualized basis and a dividend yield of 5.35%. Cogeco Communications’s dividend payout ratio (DPR) is 43.62%.

Insider Activity at Cogeco Communications

In related news, Director Robin Anne Bienenstock bought 2,156 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were acquired at an average price of C$69.66 per share, for a total transaction of C$150,189.33. Also, Director Jacques Royer sold 657 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of C$68.86, for a total transaction of C$45,241.02. Following the transaction, the director now owns 1 shares of the company’s stock, valued at approximately C$68.86. This trade represents a 99.85 % decrease in their position. 0.46% of the stock is owned by company insiders.

About Cogeco Communications

Cogeco Communications Inc operates as a telecommunications corporation in Canada and the United States. It operates in two segments, Canadian Telecommunications and American Telecommunications. The company offers Internet, video, and Internet protocol (IP) based telephony services to residential and small business customers through its two-way broadband fiber networks.