Canoe Financial LP Decreases Position in Rogers Communication, Inc. $RCI

Canoe Financial LP trimmed its holdings in shares of Rogers Communication, Inc. (NYSE:RCI) (TSE:RCI.B) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,396,911 shares of the Wireless communications provider’s stock after selling 24,317 shares during the period. Canoe Financial LP owned about 0.26% of Rogers Communication worth $48,080,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Nova Scotia grew its position in Rogers Communication by 3.5% during the 2nd quarter. Bank of Nova Scotia now owns 8,279,443 shares of the Wireless communications provider’s stock worth $245,489,000 after acquiring an additional 280,536 shares during the last quarter. Polar Asset Management Partners Inc. boosted its stake in shares of Rogers Communication by 194.1% during the first quarter. Polar Asset Management Partners Inc. now owns 125,000 shares of the Wireless communications provider’s stock valued at $3,342,000 after purchasing an additional 82,500 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Rogers Communication during the second quarter valued at approximately $328,000. Fiera Capital Corp grew its holdings in shares of Rogers Communication by 56.1% in the second quarter. Fiera Capital Corp now owns 78,335 shares of the Wireless communications provider’s stock worth $2,322,000 after purchasing an additional 28,163 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Rogers Communication by 0.4% in the second quarter. JPMorgan Chase & Co. now owns 2,270,817 shares of the Wireless communications provider’s stock worth $67,352,000 after buying an additional 8,801 shares during the period. 45.49% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Desjardins lowered shares of Rogers Communication from a “buy” rating to a “hold” rating in a report on Wednesday, December 10th. Morgan Stanley reissued an “underweight” rating on shares of Rogers Communication in a research note on Wednesday, December 10th. Scotiabank restated a “sector perform” rating on shares of Rogers Communication in a report on Monday, October 20th. Barclays increased their price objective on Rogers Communication from $33.00 to $36.00 and gave the stock an “equal weight” rating in a report on Monday, November 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Rogers Communication in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Rogers Communication Stock Performance

Shares of RCI opened at $37.27 on Friday. The company has a 50-day simple moving average of $37.86 and a two-hundred day simple moving average of $35.04. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.62 and a quick ratio of 0.59. The firm has a market capitalization of $20.13 billion, a PE ratio of 4.14, a price-to-earnings-growth ratio of 3.43 and a beta of 0.74. 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 posted its earnings results on Thursday, October 23rd. The Wireless communications provider reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.07. Rogers Communication had a return on equity of 17.14% and a net margin of 32.49%.The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $5.33 billion. During the same quarter in the prior year, the business earned $1.42 EPS. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts anticipate that Rogers Communication, Inc. will post 3.57 EPS for the current fiscal year.

About Rogers Communication

Rogers Communications Inc is a Canadian integrated communications and media company headquartered in Toronto, Ontario. The company provides a broad range of telecommunications services to residential and business customers across Canada, including wireless voice and data services, cable television, high-speed internet, and home phone services. In the enterprise market it offers managed IT, data center and cloud solutions, networking and connectivity services targeted to small businesses, large enterprises and public sector clients.

In addition to connectivity services, Rogers operates a significant media portfolio that includes national and regional television and radio assets, sports broadcasting properties and other content businesses.