Letko Brosseau & Associates Inc. Has $148.07 Million Stake in Rogers Communications Inc. (NYSE:RCI)

Letko Brosseau & Associates Inc. increased its stake in Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,004,074 shares of the Wireless communications provider’s stock after purchasing an additional 57,245 shares during the period. Rogers Communications accounts for 2.8% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 7th largest position. Letko Brosseau & Associates Inc.’s holdings in Rogers Communications were worth $148,066,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FIL Ltd increased its stake in shares of Rogers Communications by 13.7% in the fourth quarter. FIL Ltd now owns 36,514,749 shares of the Wireless communications provider’s stock valued at $1,709,377,000 after purchasing an additional 4,405,888 shares during the period. Canoe Financial LP increased its position in Rogers Communications by 1,575.9% in the 4th quarter. Canoe Financial LP now owns 15,903,262 shares of the Wireless communications provider’s stock valued at $744,432,000 after acquiring an additional 14,954,351 shares during the period. 1832 Asset Management L.P. raised its stake in Rogers Communications by 10.2% during the 4th quarter. 1832 Asset Management L.P. now owns 12,707,709 shares of the Wireless communications provider’s stock valued at $594,848,000 after acquiring an additional 1,177,264 shares in the last quarter. TD Asset Management Inc boosted its position in Rogers Communications by 4.2% during the 1st quarter. TD Asset Management Inc now owns 11,538,070 shares of the Wireless communications provider’s stock worth $473,204,000 after acquiring an additional 463,368 shares during the period. Finally, National Bank of Canada FI grew its stake in shares of Rogers Communications by 37.5% in the first quarter. National Bank of Canada FI now owns 5,570,690 shares of the Wireless communications provider’s stock worth $220,193,000 after purchasing an additional 1,519,894 shares in the last quarter. Institutional investors and hedge funds own 45.49% of the company’s stock.

Rogers Communications Price Performance

Rogers Communications stock traded down $0.28 during midday trading on Friday, hitting $40.89. The company’s stock had a trading volume of 658,110 shares, compared to its average volume of 721,755. Rogers Communications Inc. has a 12 month low of $35.55 and a 12 month high of $48.19. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.58. The company has a market capitalization of $21.67 billion, a PE ratio of 51.12, a price-to-earnings-growth ratio of 1.06 and a beta of 0.68. The stock’s 50-day moving average price is $38.74 and its 200-day moving average price is $39.70.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its earnings results on Wednesday, July 24th. The Wireless communications provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.33. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.14 billion. Rogers Communications had a net margin of 4.28% and a return on equity of 23.15%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.76 EPS. Analysts anticipate that Rogers Communications Inc. will post 3.59 earnings per share for the current fiscal year.

Rogers Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Monday, September 9th will be given a dividend of $0.365 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 3.57%. Rogers Communications’s dividend payout ratio (DPR) is presently 180.00%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. StockNews.com upgraded shares of Rogers Communications from a “sell” rating to a “hold” rating in a research note on Thursday, July 11th. Canaccord Genuity Group restated a “hold” rating and set a $57.00 price target (down from $59.00) on shares of Rogers Communications in a research report on Thursday, July 25th. Finally, Canaccord Genuity Group cut 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 issued a buy rating to the stock. According to data from MarketBeat.com, Rogers Communications has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

Rogers Communications 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.