Rogers Communications Inc. Forecasted to Post Q3 2024 Earnings of $0.97 Per Share (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Equities researchers at National Bank Financial issued their Q3 2024 earnings per share (EPS) estimates for Rogers Communications in a report issued on Monday, September 30th. National Bank Financial analyst A. Shine forecasts that the Wireless communications provider will post earnings of $0.97 per share for the quarter. The consensus estimate for Rogers Communications’ current full-year earnings is $3.57 per share. National Bank Financial also issued estimates for Rogers Communications’ FY2024 earnings at $3.49 EPS.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.33. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.14 billion. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the firm posted $0.76 earnings per share.

Several other research analysts have also weighed in on RCI. Canaccord Genuity Group lowered Rogers Communications from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. TD Securities increased their price target on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. StockNews.com raised Rogers Communications from a “sell” rating to a “hold” rating in a research report on Thursday, July 11th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $57.00 target price (down previously from $59.00) on shares of Rogers Communications in a research report on Thursday, July 25th. Finally, BMO Capital Markets lifted their price target on shares of Rogers Communications from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.75.

Rogers Communications Stock Down 0.8 %

Shares of RCI opened at $38.84 on Thursday. Rogers Communications has a 52-week low of $35.55 and a 52-week high of $48.19. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.58. The stock has a fifty day simple moving average of $39.90 and a two-hundred day simple moving average of $39.14. The company has a market capitalization of $20.58 billion, a PE ratio of 48.54, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Stockholders of record on Monday, September 9th were paid a $0.365 dividend. This represents a $1.46 annualized dividend and a dividend yield of 3.76%. The ex-dividend date was Monday, September 9th. Rogers Communications’s payout ratio is 185.00%.

Hedge Funds Weigh In On Rogers Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ridgewood Investments LLC acquired a new position in shares of Rogers Communications during the second quarter worth about $37,000. Northwestern Mutual Wealth Management Co. grew its holdings in Rogers Communications by 110.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after acquiring an additional 522 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Rogers Communications in the 1st quarter valued at approximately $42,000. Acadian Asset Management LLC purchased a new stake in shares of Rogers Communications in the 2nd quarter valued at approximately $55,000. Finally, CWM LLC raised its holdings in shares of Rogers Communications by 342.3% in the 2nd quarter. CWM LLC now owns 1,809 shares of the Wireless communications provider’s stock valued at $67,000 after purchasing an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 45.49% of the company’s stock.

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.