Research Analysts Set Expectations for RCI FY2024 Earnings

Rogers Communications Inc. (NYSE:RCI - Free Report) TSE: RCI.B - Investment analysts at Scotiabank lowered their FY2024 earnings per share (EPS) estimates for shares of Rogers Communications in a research report issued on Wednesday, January 8th. Scotiabank analyst M. Yaghi now anticipates that the Wireless communications provider will earn $3.39 per share for the year, down from their previous forecast of $3.44. The consensus estimate for Rogers Communications' current full-year earnings is $3.56 per share. Scotiabank also issued estimates for Rogers Communications' FY2025 earnings at $3.22 EPS.

Rogers Communications (NYSE:RCI - Get Free Report) TSE: RCI.B last announced its quarterly earnings data 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 analyst estimates of $3.79 billion. Rogers Communications had a return on equity of 23.75% and a net margin of 7.34%. The company's revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.95 earnings per share.

A number of other analysts also recently commented on RCI. Morgan Stanley started coverage on Rogers Communications in a research note on Monday, December 16th. They issued an "underweight" rating on the stock. TD Securities upped their target price on Rogers Communications from $73.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Finally, BMO Capital Markets upped their target price on Rogers Communications from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $61.75.

Rogers Communications Stock Performance

Shares of RCI traded down $1.56 during mid-day trading on Friday, reaching $28.97. The company had a trading volume of 972,818 shares, compared to its average volume of 1,011,513. Rogers Communications has a 52-week low of $28.95 and a 52-week high of $48.19. 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 stock has a market capitalization of $15.48 billion, a P/E ratio of 14.13, a PEG ratio of 1.06 and a beta of 0.69. The stock has a 50 day moving average of $33.62 and a two-hundred day moving average of $37.00.

Rogers Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Shareholders of record on Monday, December 9th were given a dividend of $0.3611 per share. The ex-dividend date was Monday, December 9th. This represents a $1.44 dividend on an annualized basis and a yield of 4.99%. Rogers Communications's dividend payout ratio is currently 71.71%.

Hedge Funds Weigh In On Rogers Communications

A number of hedge funds have recently made changes to their positions in the company. Grove Bank & Trust raised its holdings in shares of Rogers Communications by 41.0% during the third quarter. Grove Bank & Trust now owns 1,039 shares of the Wireless communications provider's stock valued at $42,000 after acquiring an additional 302 shares during the last quarter. Creative Planning increased its holdings in shares of Rogers Communications by 2.2% in the third 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. lifted its position in Rogers Communications by 110.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 996 shares of the Wireless communications provider's stock worth $37,000 after buying an additional 522 shares in the last quarter. Verition Fund Management LLC lifted its position in Rogers Communications by 7.9% during the third quarter. Verition Fund Management LLC now owns 7,484 shares of the Wireless communications provider's stock worth $301,000 after buying an additional 551 shares in the last quarter. Finally, State Street Corp lifted its position in Rogers Communications by 0.5% during the third quarter. State Street Corp now owns 136,766 shares of the Wireless communications provider's stock worth $5,550,000 after buying an additional 661 shares in the last quarter. Institutional investors and hedge funds own 45.49% of the company's stock.

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.