Rogers Communications Inc. (NYSE:RCI) Shares Sold by Cumberland Partners Ltd

by · The Markets Daily

Cumberland Partners Ltd cut its position in shares of Rogers Communications Inc. (NYSE:RCI – Free Report) (TSE:RCI.B) by 89.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,980 shares of the Wireless communications provider’s stock after selling 69,245 shares during the period. Cumberland Partners Ltd’s holdings in Rogers Communications were worth $321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of RCI. Grove Bank & Trust lifted its holdings in Rogers Communications by 41.0% in the third quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider’s stock worth $42,000 after acquiring an additional 302 shares during the last quarter. Creative Planning lifted its position in Rogers Communications by 2.2% in the 3rd quarter. Creative Planning now owns 22,282 shares of the Wireless communications provider’s stock valued at $896,000 after purchasing an additional 486 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Rogers Communications by 110.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider’s stock worth $37,000 after purchasing an additional 522 shares during the last quarter. First Affirmative Financial Network increased its stake in shares of Rogers Communications by 11.2% in the second quarter. First Affirmative Financial Network now owns 6,450 shares of the Wireless communications provider’s stock valued at $239,000 after purchasing an additional 649 shares during the period. Finally, Signaturefd LLC raised its holdings in shares of Rogers Communications by 11.1% during the third quarter. Signaturefd LLC now owns 6,627 shares of the Wireless communications provider’s stock valued at $266,000 after buying an additional 664 shares during the last quarter. 45.49% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RCI has been the subject of several recent analyst reports. TD Securities increased their price target on Rogers Communications from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. BMO Capital Markets boosted their target price on Rogers Communications from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, September 19th. Canaccord Genuity Group restated a “hold” rating and issued a $57.00 price objective (down previously from $59.00) on shares of Rogers Communications in a report on Thursday, July 25th. Finally, Canaccord Genuity Group downgraded shares of Rogers Communications from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.75.

Get Our Latest Stock Report on RCI

Rogers Communications Stock Performance

Rogers Communications stock opened at $35.79 on Wednesday. The company has a debt-to-equity ratio of 3.35, a current ratio of 0.68 and a quick ratio of 0.64. The company has a market cap of $19.07 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 1.12 and a beta of 0.69. Rogers Communications Inc. has a fifty-two week low of $35.17 and a fifty-two week high of $48.19. The firm’s 50 day simple moving average is $38.87 and its 200-day simple moving average is $38.72.

Rogers Communications (NYSE:RCI – Get Free Report) (TSE:RCI.B) last issued its quarterly earnings results on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.35. The business had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $3.79 billion. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. Rogers Communications’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. As a group, equities research analysts predict that Rogers Communications Inc. will post 3.55 EPS for the current year.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 9th will be issued a $0.3611 dividend. The ex-dividend date is Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a yield of 4.04%. Rogers Communications’s dividend payout ratio is currently 71.71%.

About Rogers Communications

(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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