Cormark Brokers Cut Earnings Estimates for Rogers Communications Inc. (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Equities research analysts at Cormark lowered their FY2024 earnings estimates for Rogers Communications in a research report issued to clients and investors on Monday, April 15th. Cormark analyst D. Mcfadgen now expects that the Wireless communications provider will earn $3.97 per share for the year, down from their prior forecast of $4.05. The consensus estimate for Rogers Communications’ current full-year earnings is $3.60 per share.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last announced its quarterly earnings results on Thursday, February 1st. The Wireless communications provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.99 billion. Rogers Communications had a return on equity of 22.17% and a net margin of 4.38%.

Several other research analysts have also weighed in on the stock. StockNews.com lowered shares of Rogers Communications from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. Barclays cut their target price on Rogers Communications from $52.00 to $46.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. According to data from MarketBeat, Rogers Communications has an average rating of “Moderate Buy” and an average price target of $46.00.

Rogers Communications Price Performance

Shares of RCI stock opened at $37.89 on Wednesday. The firm has a market capitalization of $20.03 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 1.62 and a beta of 0.59. The company has a current ratio of 0.89, a quick ratio of 0.84 and a debt-to-equity ratio of 3.81. The firm’s 50 day moving average is $42.63 and its 200-day moving average is $43.11. Rogers Communications has a 1 year low of $36.55 and a 1 year high of $50.00.

Rogers Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 3rd. Stockholders of record on Monday, March 11th were given a $0.3742 dividend. The ex-dividend date of this dividend was Friday, March 8th. This is a boost from Rogers Communications’s previous quarterly dividend of $0.36. This represents a $1.50 annualized dividend and a dividend yield of 3.95%. Rogers Communications’s payout ratio is presently 122.50%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Orion Portfolio Solutions LLC increased its stake in shares of Rogers Communications by 317.7% in the third quarter. Orion Portfolio Solutions LLC now owns 33,877 shares of the Wireless communications provider’s stock valued at $1,301,000 after buying an additional 25,766 shares during the period. Qube Research & Technologies Ltd grew its holdings in Rogers Communications by 101.8% during the third quarter. Qube Research & Technologies Ltd now owns 131,276 shares of the Wireless communications provider’s stock worth $5,040,000 after buying an additional 66,231 shares in the last quarter. Invesco Ltd. lifted its position in shares of Rogers Communications by 13.7% during the third quarter. Invesco Ltd. now owns 200,294 shares of the Wireless communications provider’s stock valued at $7,689,000 after purchasing an additional 24,178 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Rogers Communications by 32.0% in the 3rd quarter. Canada Pension Plan Investment Board now owns 2,101,225 shares of the Wireless communications provider’s stock worth $81,049,000 after buying an additional 508,900 shares during the last quarter. Finally, Scotia Capital Inc. grew its stake in Rogers Communications by 9.3% in the 3rd quarter. Scotia Capital Inc. now owns 2,625,594 shares of the Wireless communications provider’s stock valued at $100,617,000 after purchasing an additional 224,293 shares during the period. 45.49% of the stock is currently owned by institutional investors and hedge funds.

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.