Envestnet Asset Management Inc. Sells 1,334 Shares of Rogers Communications Inc. (NYSE:RCI)

Envestnet Asset Management Inc. decreased its stake in shares of Rogers Communications Inc. (NYSE:RCIGet Rating) (TSE:RCI.B) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 47,944 shares of the Wireless communications provider’s stock after selling 1,334 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Rogers Communications were worth $2,297,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Assetmark Inc. increased its holdings in shares of Rogers Communications by 111.6% during the 2nd quarter. Assetmark Inc. now owns 15,911 shares of the Wireless communications provider’s stock worth $762,000 after purchasing an additional 8,393 shares during the period. Jennison Associates LLC boosted its position in shares of Rogers Communications by 71.3% during the 2nd quarter. Jennison Associates LLC now owns 383,413 shares of the Wireless communications provider’s stock valued at $18,365,000 after acquiring an additional 159,579 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Rogers Communications by 8.9% during the 2nd quarter. Avantax Advisory Services Inc. now owns 4,576 shares of the Wireless communications provider’s stock valued at $219,000 after acquiring an additional 374 shares in the last quarter. Tobam boosted its position in shares of Rogers Communications by 16.2% during the 2nd quarter. Tobam now owns 313,652 shares of the Wireless communications provider’s stock valued at $15,002,000 after acquiring an additional 43,651 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Rogers Communications by 33.3% during the 2nd quarter. Parallel Advisors LLC now owns 1,108 shares of the Wireless communications provider’s stock valued at $53,000 after acquiring an additional 277 shares in the last quarter. Institutional investors own 44.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RCI. Scotiabank lifted their target price on shares of Rogers Communications from C$69.50 to C$71.00 in a research report on Thursday, November 10th. JPMorgan Chase & Co. decreased their target price on shares of Rogers Communications from C$90.00 to C$80.00 in a research report on Monday, July 25th. StockNews.com assumed coverage on shares of Rogers Communications in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. CIBC reduced their price target on shares of Rogers Communications from C$77.00 to C$75.00 in a research report on Friday, September 2nd. Finally, National Bank Financial reduced their price target on shares of Rogers Communications from C$77.00 to C$75.00 in a research report on Thursday, September 29th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $74.22.

Rogers Communications Price Performance

Shares of RCI stock opened at $43.97 on Friday. Rogers Communications Inc. has a 1 year low of $36.23 and a 1 year high of $64.55. The firm’s 50 day moving average is $40.55 and its 200-day moving average is $45.01. The firm has a market capitalization of $22.20 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 1.90 and a beta of 0.50. The company has a current ratio of 2.39, a quick ratio of 2.35 and a debt-to-equity ratio of 3.27.

Rogers Communications Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th will be given a dividend of $0.367 per share. The ex-dividend date is Thursday, December 8th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 3.34%. Rogers Communications’s payout ratio is 63.87%.

About Rogers Communications

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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 and accessory financing, wireless home phone, device protection, e-mail, global voice and data roaming, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device delivery services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands to approximately 11.3 million subscribers.

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Institutional Ownership by Quarter for Rogers Communications (NYSE:RCI)

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