Connor Clark & Lunn Investment Management Ltd. Sells 2,298,991 Shares of Rogers Communication, Inc. $RCI

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 97.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,100 shares of the Wireless communications provider’s stock after selling 2,298,991 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rogers Communication were worth $1,457,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. TD Private Client Wealth LLC increased its holdings in shares of Rogers Communication by 6.4% in the second quarter. TD Private Client Wealth LLC now owns 5,461 shares of the Wireless communications provider’s stock valued at $162,000 after purchasing an additional 330 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Rogers Communication by 885.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 946 shares of the Wireless communications provider’s stock worth $25,000 after buying an additional 850 shares during the period. A&I Financial Services LLC grew its stake in Rogers Communication by 6.6% in the 2nd quarter. A&I Financial Services LLC now owns 20,928 shares of the Wireless communications provider’s stock valued at $621,000 after buying an additional 1,291 shares during the last quarter. CWM LLC grew its stake in Rogers Communication by 57.4% in the 1st quarter. CWM LLC now owns 3,736 shares of the Wireless communications provider’s stock valued at $100,000 after buying an additional 1,363 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd raised its holdings in Rogers Communication by 1.4% in the 2nd quarter. JTC Employer Solutions Trustee Ltd now owns 103,931 shares of the Wireless communications provider’s stock valued at $3,068,000 after acquiring an additional 1,386 shares during the period. Institutional investors and hedge funds own 45.49% of the company’s stock.

Analysts Set New Price Targets

RCI has been the subject of a number of research reports. Cowen reissued a “buy” rating on shares of Rogers Communication in a report on Friday, October 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rogers Communication in a research note on Wednesday, October 8th. Scotiabank restated a “sector perform” rating on shares of Rogers Communication in a research report on Monday, October 20th. Finally, Barclays lifted their price target on shares of Rogers Communication from $33.00 to $36.00 and gave the company an “equal weight” rating in a research report on Monday, November 10th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rogers Communication presently has an average rating of “Hold” and an average price target of $36.00.

Rogers Communication Stock Performance

Shares of RCI stock opened at $38.38 on Monday. The stock has a market capitalization of $20.74 billion, a PE ratio of 4.26, a PEG ratio of 3.29 and a beta of 0.81. The business’s 50 day simple moving average is $36.75 and its 200 day simple moving average is $32.80. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.62 and a quick ratio of 0.59. Rogers Communication, Inc. has a one year low of $23.18 and a one year high of $40.26.

Rogers Communication (NYSE:RCI) (TSE:RCI.B) last issued its quarterly earnings results on Thursday, October 23rd. The Wireless communications provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.07. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $5.33 billion. Rogers Communication had a return on equity of 17.14% and a net margin of 32.49%.The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.42 earnings per share. As a group, research analysts forecast that Rogers Communication, Inc. will post 3.57 earnings per share for the current year.

Rogers Communication Profile

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.