Waratah Capital Advisors Ltd. Lowers Stake in Rogers Communications Inc. (NYSE:RCI)

Waratah Capital Advisors Ltd. reduced its position in shares of Rogers Communications Inc. (NYSE:RCI – Get Rating) (TSE:RCI.B) by 6.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 165,773 shares of the Wireless communications provider’s stock after selling 12,176 shares during the quarter. Waratah Capital Advisors Ltd.’s holdings in Rogers Communications were worth $9,381,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of RCI. 1832 Asset Management L.P. raised its position in shares of Rogers Communications by 20.4% during the 4th quarter. 1832 Asset Management L.P. now owns 9,028,468 shares of the Wireless communications provider’s stock worth $429,508,000 after purchasing an additional 1,531,445 shares during the last quarter. CIBC World Markets Inc. raised its position in shares of Rogers Communications by 5.1% during the 4th quarter. CIBC World Markets Inc. now owns 4,282,077 shares of the Wireless communications provider’s stock worth $203,955,000 after purchasing an additional 207,585 shares during the last quarter. Letko Brosseau & Associates Inc. raised its holdings in Rogers Communications by 14.6% in the 4th quarter. Letko Brosseau & Associates Inc. now owns 3,848,566 shares of the Wireless communications provider’s stock valued at $183,509,000 after acquiring an additional 491,690 shares during the last quarter. Norges Bank purchased a new position in Rogers Communications in the 4th quarter valued at approximately $168,909,000. Finally, CIBC Asset Management Inc boosted its position in Rogers Communications by 24.0% in the 1st quarter. CIBC Asset Management Inc now owns 3,061,256 shares of the Wireless communications provider’s stock valued at $173,465,000 after buying an additional 592,777 shares during the period. 41.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on RCI shares. TheStreet cut shares of Rogers Communications from a “b-” rating to a “c+” rating in a research report on Monday, May 2nd. Desjardins reduced their price objective on shares of Rogers Communications from C$80.00 to C$79.00 in a report on Friday, July 29th. Canaccord Genuity Group upgraded shares of Rogers Communications from a “hold” rating to a “buy” rating in a report on Tuesday, June 21st. JPMorgan Chase & Co. reduced their price objective on shares of Rogers Communications from C$90.00 to C$80.00 in a report on Monday, July 25th. Finally, BMO Capital Markets cut their price target on shares of Rogers Communications from C$75.00 to C$72.00 in a research note on Monday, July 11th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Rogers Communications currently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

Rogers Communications Stock Performance

NYSE RCI traded down $0.76 during trading on Friday, reaching $43.28. The company’s stock had a trading volume of 809,576 shares, compared to its average volume of 401,513. The company has a debt-to-equity ratio of 2.85, a quick ratio of 2.43 and a current ratio of 2.49. The firm has a market cap of $21.85 billion, a price-to-earnings ratio of 16.71, a P/E/G ratio of 2.48 and a beta of 0.44. Rogers Communications Inc. has a twelve month low of $42.94 and a twelve month high of $64.55. The business’s fifty day moving average price is $47.31 and its 200-day moving average price is $51.24.

Rogers Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be paid a $0.3884 dividend. The ex-dividend date is Thursday, September 8th. This represents a $1.55 dividend on an annualized basis and a yield of 3.59%. Rogers Communications’s dividend payout ratio is presently 61.00%.

Rogers Communications Profile

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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.