Clearbridge Investments LLC Takes Position in Rogers Communications Inc. (NYSE:RCI)

Clearbridge Investments LLC purchased a new stake in Rogers Communications Inc. (NYSE:RCIFree Report) (TSE:RCI.B) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,353 shares of the Wireless communications provider’s stock, valued at approximately $846,000.

Several other large investors have also modified their holdings of the business. Qube Research & Technologies Ltd boosted its position 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 acquiring an additional 66,231 shares during the last quarter. Invesco Ltd. boosted its position in Rogers Communications by 13.7% during the third quarter. Invesco Ltd. now owns 200,294 shares of the Wireless communications provider’s stock worth $7,689,000 after acquiring an additional 24,178 shares during the last quarter. Cumberland Partners Ltd boosted its position in Rogers Communications by 3.4% during the fourth quarter. Cumberland Partners Ltd now owns 718,261 shares of the Wireless communications provider’s stock worth $33,622,000 after acquiring an additional 23,774 shares during the last quarter. Lorne Steinberg Wealth Management Inc. boosted its position in Rogers Communications by 15.8% during the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 81,310 shares of the Wireless communications provider’s stock worth $3,807,000 after acquiring an additional 11,112 shares during the last quarter. Finally, Scotia Capital Inc. boosted its position in Rogers Communications by 9.3% during the third quarter. Scotia Capital Inc. now owns 2,625,594 shares of the Wireless communications provider’s stock worth $100,617,000 after acquiring an additional 224,293 shares during the last quarter. 45.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RCI. StockNews.com upgraded shares of Rogers Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, May 22nd. Barclays cut their price target on shares of 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 analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Rogers Communications has a consensus rating of “Moderate Buy” and a consensus target price of $46.00.

Check Out Our Latest Stock Analysis on RCI

Rogers Communications Stock Performance

Shares of RCI stock opened at $39.28 on Monday. The company’s fifty day simple moving average is $39.49 and its 200-day simple moving average is $43.24. Rogers Communications Inc. has a 52 week low of $36.55 and a 52 week high of $48.19. The company has a current ratio of 0.77, a quick ratio of 0.72 and a debt-to-equity ratio of 3.67. The company has a market cap of $20.76 billion, a PE ratio of 49.10, a P/E/G ratio of 1.04 and a beta of 0.63.

Rogers Communications (NYSE:RCIGet Free Report) (TSE:RCI.B) last issued its earnings results on Wednesday, April 24th. The Wireless communications provider reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. Rogers Communications had a net margin of 2.90% and a return on equity of 21.92%. The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. As a group, equities research analysts anticipate that Rogers Communications Inc. will post 3.64 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 10th will be paid a dividend of $0.3658 per share. This represents a $1.46 annualized dividend and a yield of 3.73%. The ex-dividend date is Monday, June 10th. Rogers Communications’s dividend payout ratio (DPR) is 183.75%.

Rogers Communications Company Profile

(Free Report)

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.

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

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