Brokers Set Expectations for RCI FY2024 Earnings

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Analysts at National Bank Financial lifted their FY2024 earnings estimates for shares of Rogers Communications in a research note issued to investors on Thursday, October 24th. National Bank Financial analyst A. Shine now forecasts that the Wireless communications provider will post earnings per share of $3.51 for the year, up from their previous estimate of $3.49. The consensus estimate for Rogers Communications’ current full-year earnings is $3.56 per share. National Bank Financial also issued estimates for Rogers Communications’ FY2025 earnings at $3.75 EPS.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.35. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The business had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the prior year, the company posted $0.95 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year.

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

Rogers Communications Stock Performance

Rogers Communications stock opened at $37.30 on Monday. The firm’s fifty day moving average price is $39.68 and its 200-day moving average price is $38.85. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.60 and a current ratio of 0.65. The stock has a market cap of $19.77 billion, a P/E ratio of 46.63, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67. Rogers Communications has a fifty-two week low of $35.55 and a fifty-two week high of $48.19.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Toronto Dominion Bank raised its holdings in shares of Rogers Communications by 53.9% during the second quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider’s stock valued at $233,099,000 after purchasing an additional 2,206,690 shares during the last quarter. National Bank of Canada FI grew its position in Rogers Communications by 37.5% during the first quarter. National Bank of Canada FI now owns 5,570,690 shares of the Wireless communications provider’s stock valued at $220,193,000 after buying an additional 1,519,894 shares during the period. Mackenzie Financial Corp grew its position in Rogers Communications by 10.2% during the second quarter. Mackenzie Financial Corp now owns 10,563,054 shares of the Wireless communications provider’s stock valued at $390,738,000 after buying an additional 974,937 shares during the period. Burgundy Asset Management Ltd. grew its position in Rogers Communications by 31.2% during the second quarter. Burgundy Asset Management Ltd. now owns 2,536,482 shares of the Wireless communications provider’s stock valued at $93,772,000 after buying an additional 603,876 shares during the period. Finally, Intact Investment Management Inc. grew its position in Rogers Communications by 33.8% during the second quarter. Intact Investment Management Inc. now owns 1,994,221 shares of the Wireless communications provider’s stock valued at $73,752,000 after buying an additional 503,550 shares during the period. 45.49% of the stock is owned by hedge funds and other institutional investors.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be issued a $0.3611 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.44 annualized dividend and a yield of 3.87%. Rogers Communications’s dividend payout ratio (DPR) is presently 183.75%.

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.