National Bank Financial Analysts Raise Earnings Estimates for Rogers Communications Inc. (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCIGet Rating) (TSE:RCI.B) – Research analysts at National Bank Financial increased their FY2023 earnings per share (EPS) estimates for shares of Rogers Communications in a research report issued to clients and investors on Sunday, June 19th. National Bank Financial analyst A. Shine now forecasts that the Wireless communications provider will post earnings of $4.08 per share for the year, up from their prior estimate of $4.00. The consensus estimate for Rogers Communications’ current full-year earnings is $3.06 per share.

Rogers Communications (NYSE:RCIGet Rating) (TSE:RCI.B) last released its earnings results on Wednesday, April 20th. The Wireless communications provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.09. Rogers Communications had a return on equity of 17.67% and a net margin of 10.73%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the prior year, the firm posted $0.61 EPS. Rogers Communications’s quarterly revenue was up 3.8% on a year-over-year basis.

Several other research firms also recently commented on RCI. TheStreet downgraded Rogers Communications from a “b-” rating to a “c+” rating in a research report on Monday, May 2nd. TD Securities decreased their target price on Rogers Communications from C$87.00 to C$80.00 in a research note on Monday, May 9th. BMO Capital Markets raised their price objective on Rogers Communications from C$76.00 to C$80.00 in a research note on Thursday, April 21st. Scotiabank raised their price objective on Rogers Communications from C$87.00 to C$89.00 in a research note on Thursday, April 21st. Finally, Desjardins raised their target price on Rogers Communications from C$72.00 to C$83.00 in a report on Friday, April 22nd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $79.33.

Shares of RCI stock opened at $45.28 on Tuesday. The company has a quick ratio of 2.32, a current ratio of 2.39 and a debt-to-equity ratio of 2.72. Rogers Communications has a twelve month low of $44.19 and a twelve month high of $64.55. The company has a market cap of $22.86 billion, a P/E ratio of 18.26, a P/E/G ratio of 2.45 and a beta of 0.48. The business has a fifty day simple moving average of $52.28 and a 200 day simple moving average of $51.41.

A number of large investors have recently modified their holdings of RCI. Vanguard Group Inc. raised its position in shares of Rogers Communications by 2.1% in the first quarter. Vanguard Group Inc. now owns 11,396,833 shares of the Wireless communications provider’s stock valued at $646,770,000 after purchasing an additional 238,829 shares during the period. 1832 Asset Management L.P. raised its holdings in Rogers Communications by 8.8% during the 1st quarter. 1832 Asset Management L.P. now owns 9,826,574 shares of the Wireless communications provider’s stock valued at $549,325,000 after acquiring an additional 798,106 shares during the period. CIBC World Markets Inc. lifted its position in shares of Rogers Communications by 5.1% during the fourth quarter. CIBC World Markets Inc. now owns 4,282,077 shares of the Wireless communications provider’s stock worth $203,955,000 after acquiring an additional 207,585 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Rogers Communications by 34.1% in the first quarter. The Manufacturers Life Insurance Company now owns 4,151,634 shares of the Wireless communications provider’s stock worth $235,368,000 after acquiring an additional 1,055,658 shares during the period. Finally, Letko Brosseau & Associates Inc. grew its position in shares of Rogers Communications by 14.6% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 3,848,566 shares of the Wireless communications provider’s stock valued at $183,509,000 after purchasing an additional 491,690 shares in the last quarter. Hedge funds and other institutional investors own 41.73% of the company’s stock.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 4th. Stockholders of record on Friday, June 10th will be paid a dividend of $0.396 per share. The ex-dividend date is Thursday, June 9th. This represents a $1.58 annualized dividend and a dividend yield of 3.50%. Rogers Communications’s payout ratio is 63.71%.

About Rogers Communications (Get Rating)

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 and accessory financing, wireless home phone, device protection, e-mail, global voice and data roaming, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device delivery services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands to approximately 11.3 million subscribers.

Read More

Earnings History and Estimates for Rogers Communications (NYSE:RCI)

Want More Great Investing Ideas?

Receive News & Ratings for Rogers Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rogers Communications and related companies with MarketBeat.com's FREE daily email newsletter.