State Street Corp Purchases 661 Shares of Rogers Communications Inc. (NYSE:RCI)

State Street Corp boosted its holdings in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 0.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 136,766 shares of the Wireless communications provider’s stock after buying an additional 661 shares during the period. State Street Corp’s holdings in Rogers Communications were worth $5,550,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Cromwell Holdings LLC bought a new position in Rogers Communications in the third quarter valued at $31,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of 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 valued at $37,000 after purchasing an additional 522 shares during the last quarter. Grove Bank & Trust grew its holdings in shares of Rogers Communications by 41.0% during the 3rd quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock valued at $42,000 after purchasing an additional 302 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Rogers Communications in the 2nd quarter valued at about $55,000. Finally, Nexus Investment Management ULC bought a new position in shares of Rogers Communications in the third quarter worth approximately $203,000. Institutional investors own 45.49% of the company’s stock.

Analysts Set New Price Targets

RCI has been the subject of a number of recent analyst reports. TD Securities upped their price target 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 initiated coverage on Rogers Communications in a research report on Monday, December 16th. They set an “underweight” rating for the company. 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 report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $61.75.

Rogers Communications Trading Down 0.9 %

RCI opened at $30.36 on Friday. The business has a 50 day moving average of $35.03 and a 200-day moving average of $37.51. The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 3.35. The stock has a market cap of $16.23 billion, a PE ratio of 14.81, a PEG ratio of 1.06 and a beta of 0.67. Rogers Communications Inc. has a 52 week low of $30.06 and a 52 week high of $48.19.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.35. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. The company had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same period last year, the company posted $0.95 EPS. Rogers Communications’s revenue was up .7% on a year-over-year basis. Equities research analysts predict that Rogers Communications Inc. will post 3.56 earnings per share 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 paid a $0.3611 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.76%. Rogers Communications’s dividend payout ratio is currently 71.71%.

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.