Rogers Communications (NYSE:RCI) Lifted to “Buy” at Desjardins

Desjardins upgraded shares of Rogers Communications (NYSE:RCI) (TSE:RCI.B) from a hold rating to a buy rating in a report issued on Friday, Marketbeat.com reports. Desjardins also issued estimates for Rogers Communications’ Q4 2023 earnings at $0.71 EPS and FY2023 earnings at $3.15 EPS.

RCI has been the topic of a number of other reports. Royal Bank of Canada upgraded Rogers Communications from a sector perform rating to an outperform rating in a research note on Friday, September 15th. StockNews.com initiated coverage on Rogers Communications in a report on Thursday, October 5th. They set a sell rating on the stock. Finally, TheStreet lowered Rogers Communications from a b rating to a c+ rating in a report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, Rogers Communications presently has an average rating of Moderate Buy and an average price target of $75.69.

Rogers Communications Stock Down 0.2 %

Rogers Communications stock opened at $41.25 on Friday. Rogers Communications has a 1-year low of $36.55 and a 1-year high of $50.16. The company has a debt-to-equity ratio of 3.32, a current ratio of 0.65 and a quick ratio of 0.60. The stock has a market cap of $21.80 billion, a PE ratio of 27.87, a P/E/G ratio of 1.28 and a beta of 0.54. The stock’s fifty day moving average is $39.23 and its two-hundred day moving average is $42.70.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 8th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Thursday, December 7th. Rogers Communications’s payout ratio is 97.30%.

Hedge Funds Weigh In On Rogers Communications

Hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in shares of Rogers Communications during the second quarter worth about $27,000. EverSource Wealth Advisors LLC grew its holdings in shares of Rogers Communications by 62.8% during the third quarter. EverSource Wealth Advisors LLC now owns 700 shares of the Wireless communications provider’s stock worth $27,000 after buying an additional 270 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in shares of Rogers Communications during the third quarter worth about $29,000. Fifth Third Bancorp grew its holdings in shares of Rogers Communications by 1,059.4% during the first quarter. Fifth Third Bancorp now owns 800 shares of the Wireless communications provider’s stock worth $37,000 after buying an additional 731 shares during the last quarter. Finally, ING Groep NV purchased a new position in shares of Rogers Communications during the first quarter worth about $50,000. Hedge funds and other institutional investors own 44.25% of the company’s stock.

Rogers Communications Company Profile

Rogers Communications Inc operates as a communications and media company in North America. 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 services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.