Rogers Communications (NYSE:RCI) Lowered to Neutral Rating by Bank of America

Bank of America lowered shares of Rogers Communications (NYSE:RCI - Free Report) TSE: RCI.B from a buy rating to a neutral rating in a report issued on Tuesday morning, Marketbeat reports.

Several other brokerages also recently commented on RCI. Morgan Stanley started coverage on Rogers Communications in a report on Monday, December 16th. They set an "underweight" rating for the company. TD Securities lifted their target price on shares of Rogers Communications from $73.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Finally, BMO Capital Markets raised their price objective on shares of Rogers Communications from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $61.75.

Rogers Communications Price Performance

RCI traded down $0.83 during trading on Tuesday, reaching $28.54. The stock had a trading volume of 1,222,959 shares, compared to its average volume of 1,036,820. The stock has a 50 day moving average of $33.30 and a two-hundred day moving average of $36.88. The company has a quick ratio of 0.64, a current ratio of 0.68 and a debt-to-equity ratio of 3.35. The firm has a market capitalization of $15.25 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.06 and a beta of 0.69. Rogers Communications has a 1-year low of $27.63 and a 1-year high of $48.19.

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 company had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $3.79 billion. Rogers Communications had a net margin of 7.34% and a return on equity of 23.75%. Rogers Communications's revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 EPS. As a group, equities analysts anticipate that Rogers Communications will post 3.56 EPS for the current fiscal year.

Rogers Communications Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Monday, December 9th were paid a $0.3611 dividend. The ex-dividend date of this dividend was Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a yield of 5.06%. Rogers Communications's dividend payout ratio (DPR) is currently 68.78%.

Hedge Funds Weigh In On Rogers Communications

A number of hedge funds have recently added to or reduced their stakes in RCI. 1832 Asset Management L.P. raised its holdings in shares of Rogers Communications by 2.6% during the 2nd quarter. 1832 Asset Management L.P. now owns 11,501,927 shares of the Wireless communications provider's stock valued at $425,341,000 after purchasing an additional 288,614 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Rogers Communications by 10.2% in the 2nd quarter. Mackenzie Financial Corp now owns 10,563,054 shares of the Wireless communications provider's stock valued at $390,738,000 after acquiring an additional 974,937 shares in the last quarter. Toronto Dominion Bank boosted its position in Rogers Communications by 53.9% during the second quarter. Toronto Dominion Bank now owns 6,303,371 shares of the Wireless communications provider's stock worth $233,099,000 after purchasing an additional 2,206,690 shares during the period. National Bank of Canada FI grew its holdings in Rogers Communications by 18.6% during the third quarter. National Bank of Canada FI now owns 6,239,553 shares of the Wireless communications provider's stock valued at $250,886,000 after purchasing an additional 977,924 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Rogers Communications by 371.0% in the third quarter. The Manufacturers Life Insurance Company now owns 5,053,559 shares of the Wireless communications provider's stock valued at $203,334,000 after purchasing an additional 3,980,525 shares during the period. Institutional investors and hedge funds own 45.49% of the company's stock.

About Rogers Communications

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.