Rogers Communications Inc. to Post FY2024 Earnings of $3.32 Per Share, Desjardins Forecasts (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Desjardins reduced their FY2024 EPS estimates for shares of Rogers Communications in a research note issued on Thursday, April 25th. Desjardins analyst J. Dubreuil now expects that the Wireless communications provider will earn $3.32 per share for the year, down from their prior estimate of $3.60. The consensus estimate for Rogers Communications’ current full-year earnings is $3.53 per share.

A number of other analysts have also commented 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 reduced their price target on shares of Rogers Communications from $52.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Rogers Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.00.

Rogers Communications Price Performance

RCI stock opened at $37.96 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.84 and a debt-to-equity ratio of 3.67. Rogers Communications has a one year low of $36.55 and a one year high of $50.00. The firm has a market capitalization of $20.06 billion, a PE ratio of 47.45, a P/E/G ratio of 1.64 and a beta of 0.59. The firm has a 50-day moving average of $41.67 and a two-hundred day moving average of $43.17.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its quarterly earnings data on Wednesday, April 24th. The Wireless communications provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.01. Rogers Communications had a return on equity of 21.92% and a net margin of 2.90%. The firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion.

Hedge Funds Weigh In On Rogers Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JTC Employer Solutions Trustee Ltd grew its holdings in Rogers Communications by 0.8% during the first quarter. JTC Employer Solutions Trustee Ltd now owns 98,478 shares of the Wireless communications provider’s stock valued at $4,065,000 after purchasing an additional 807 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Rogers Communications by 0.6% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 785,748 shares of the Wireless communications provider’s stock worth $32,215,000 after acquiring an additional 4,745 shares during the last quarter. Gulf International Bank UK Ltd grew its stake in shares of Rogers Communications by 13.4% in the first quarter. Gulf International Bank UK Ltd now owns 2,720 shares of the Wireless communications provider’s stock worth $111,000 after acquiring an additional 322 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Rogers Communications by 22.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,544,016 shares of the Wireless communications provider’s stock worth $165,895,000 after acquiring an additional 660,486 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Rogers Communications in the fourth quarter worth $228,000. Institutional investors own 45.49% of the company’s stock.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 10th will be given a dividend of $0.3658 per share. This represents a $1.46 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Monday, June 10th. Rogers Communications’s payout ratio is presently 183.75%.

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.