Cardinal Capital Management Inc. Reduces Position in Rogers Communications Inc. (NYSE:RCI)

Cardinal Capital Management Inc. reduced its position in shares of Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) by 2.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 80,287 shares of the Wireless communications provider’s stock after selling 1,920 shares during the period. Cardinal Capital Management Inc.’s holdings in Rogers Communications were worth $3,666,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RCI. Nexus Investment Management ULC lifted its holdings in shares of Rogers Communications by 6.7% in the 2nd quarter. Nexus Investment Management ULC now owns 5,380 shares of the Wireless communications provider’s stock valued at $246,000 after buying an additional 340 shares during the period. AMF Tjanstepension AB purchased a new position in Rogers Communications in the second quarter valued at about $2,288,000. Macquarie Group Ltd. purchased a new stake in shares of Rogers Communications in the 1st quarter worth about $82,000. Ameriprise Financial Inc. increased its holdings in Rogers Communications by 15.3% during the 1st quarter. Ameriprise Financial Inc. now owns 10,930 shares of the Wireless communications provider’s stock valued at $650,000 after acquiring an additional 1,448 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Rogers Communications by 4.2% during the first quarter. JPMorgan Chase & Co. now owns 1,446,956 shares of the Wireless communications provider’s stock worth $67,081,000 after acquiring an additional 58,436 shares during the last quarter. Institutional investors and hedge funds own 44.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RCI shares. StockNews.com cut shares of Rogers Communications from a “hold” rating to a “sell” rating in a research note on Tuesday. TheStreet lowered shares of Rogers Communications from a “b” rating to a “c+” rating in a report on Wednesday, July 26th. Finally, Royal Bank of Canada upgraded shares of Rogers Communications from a “sector perform” rating to an “outperform” rating in a report on Friday. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Rogers Communications presently has a consensus rating of “Hold” and an average price target of $73.63.

Rogers Communications Trading Up 0.4 %

Shares of NYSE RCI traded up $0.18 during midday trading on Friday, hitting $41.61. The stock had a trading volume of 783,339 shares, compared to its average volume of 311,633. The company has a market capitalization of $21.01 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 1.28 and a beta of 0.52. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 3.32. Rogers Communications Inc. has a 1-year low of $36.23 and a 1-year high of $50.16. The company has a fifty day moving average price of $42.08 and a 200 day moving average price of $45.00.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last posted its earnings results on Wednesday, July 26th. The Wireless communications provider reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.08). Rogers Communications had a net margin of 8.92% and a return on equity of 19.81%. The business had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.82 billion. On average, analysts predict that Rogers Communications Inc. will post 3.2 earnings per share for the current year.

Rogers Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 8th will be issued a dividend of $0.377 per share. This represents a $1.51 dividend on an annualized basis and a yield of 3.62%. This is a positive change from Rogers Communications’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Thursday, September 7th. Rogers Communications’s dividend payout ratio (DPR) is presently 68.20%.

Rogers Communications Company Profile

Rogers Communications Inc operates as a communications and media company in North America. 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 services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.