Rogers Communications Inc. to Post FY2024 Earnings of $3.32 Per Share, Desjardins Forecasts (NYSE:RCI)

Rogers Communications Inc. (NYSE:RCI) (TSE:RCI.B) – Desjardins lowered their FY2024 earnings per share (EPS) estimates for Rogers Communications in a research report issued on Thursday, April 25th. Desjardins analyst J. Dubreuil now expects that the Wireless communications provider will post earnings per share of $3.32 for the year, down from their prior forecast of $3.60. The consensus estimate for Rogers Communications’ current full-year earnings is $3.53 per share.

Rogers Communications (NYSE:RCI) (TSE:RCI.B) last released its quarterly earnings results on Wednesday, April 24th. The Wireless communications provider reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.01. Rogers Communications had a return on equity of 21.92% and a net margin of 2.90%. The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion.

A number of other brokerages also recently issued reports on RCI. StockNews.com downgraded Rogers Communications from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. Barclays decreased their price objective on Rogers Communications from $52.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $46.00.

Rogers Communications Trading Down 0.2 %

Shares of RCI stock opened at $37.96 on Monday. The firm has a market capitalization of $20.06 billion, a P/E ratio of 47.45, a P/E/G ratio of 1.64 and a beta of 0.59. Rogers Communications has a twelve month low of $36.55 and a twelve month high of $50.00. The stock’s fifty day simple moving average is $41.67 and its 200 day simple moving average is $43.17. The company has a quick ratio of 0.84, a current ratio of 0.77 and a debt-to-equity ratio of 3.67.

Hedge Funds Weigh In On Rogers Communications

Several institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp lifted its position in shares of Rogers Communications by 120.1% during the fourth quarter. Fifth Third Bancorp now owns 658 shares of the Wireless communications provider’s stock worth $31,000 after acquiring an additional 359 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Rogers Communications by 62.8% in the third quarter. EverSource Wealth Advisors LLC now owns 700 shares of the Wireless communications provider’s stock worth $27,000 after buying an additional 270 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in shares of Rogers Communications in the third quarter worth $29,000. Lindbrook Capital LLC raised its position in shares of Rogers Communications by 120.8% in the fourth quarter. Lindbrook Capital LLC now owns 912 shares of the Wireless communications provider’s stock worth $43,000 after buying an additional 499 shares in the last quarter. Finally, CVA Family Office LLC purchased a new stake in shares of Rogers Communications in the fourth quarter worth $51,000. Hedge funds and other institutional investors own 45.49% of the company’s stock.

Rogers Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 10th will be paid a $0.3658 dividend. The ex-dividend date is Monday, June 10th. This represents a $1.46 annualized dividend and a yield of 3.85%. Rogers Communications’s payout ratio is 183.75%.

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.