CIBC Asset Management Inc Raises Holdings in Rogers Communications Inc. (NYSE:RCI)

CIBC Asset Management Inc grew its position in shares of Rogers Communications Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 10.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,673,110 shares of the Wireless communications provider's stock after buying an additional 159,295 shares during the quarter. CIBC Asset Management Inc owned 0.31% of Rogers Communications worth $67,301,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. MQS Management LLC purchased a new stake in shares of Rogers Communications during the third quarter valued at approximately $726,000. Toronto Dominion Bank grew its stake in shares of Rogers Communications by 53.9% during the 2nd quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider's stock valued at $233,099,000 after acquiring an additional 2,206,690 shares during the period. Intech Investment Management LLC purchased a new position in Rogers Communications in the 1st quarter worth approximately $835,000. Intact Investment Management Inc. raised its holdings in Rogers Communications by 13.1% during the 3rd quarter. Intact Investment Management Inc. now owns 2,255,441 shares of the Wireless communications provider's stock valued at $90,695,000 after buying an additional 261,220 shares during the period. Finally, Canoe Financial LP raised its holdings in Rogers Communications by 14.4% during the 3rd quarter. Canoe Financial LP now owns 1,133,087 shares of the Wireless communications provider's stock valued at $45,624,000 after buying an additional 142,224 shares during the period. Hedge funds and other institutional investors own 45.49% of the company's stock.

Analyst Upgrades and Downgrades

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

Rogers Communications Price Performance

Shares of RCI traded down $0.29 during trading hours on Friday, hitting $35.84. 273,070 shares of the stock were exchanged, compared to its average volume of 766,734. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.64 and a current ratio of 0.68. Rogers Communications Inc. has a 12-month low of $35.17 and a 12-month high of $48.19. The company has a market cap of $19.10 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 1.11 and a beta of 0.69. The stock's 50-day moving average price is $38.59 and its two-hundred day moving average price is $38.66.

Rogers Communications (NYSE:RCI - Get Free Report) TSE: RCI.B last released its quarterly earnings data on Thursday, October 24th. The Wireless communications provider reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.07 by $0.35. The company had revenue of $5.13 billion for the quarter, compared to analyst estimates of $3.79 billion. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The firm'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. Research analysts expect that Rogers Communications Inc. will post 3.55 earnings per share for the current year.

Rogers Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Monday, December 9th will be paid a dividend of $0.3611 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date is Monday, December 9th. Rogers Communications's dividend payout ratio (DPR) is currently 72.20%.

Rogers Communications Company 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.