Citigroup Inc. Holds $13.71 Million in Rogers Communications Inc. (NYSE:RCI)

On November 29, 2024, it was reported that Citigroup Inc. has increased its stake in Rogers Communications Inc. (NYSE:RCI) by 7.1% during the third quarter of this year. According to the company’s latest filing with the Securities and Exchange Commission, Citigroup now owns 340,684 shares after acquiring an additional 22,660 shares during this period. As of the recent quarter, the total value of Citigroup's holdings in Rogers Communications amounts to approximately $13.71 million.

In addition to Citigroup, several other institutional investors and hedge funds also adjusted their positions in Rogers Communications recently. For instance, Charles Schwab Investment Management Inc. raised its investment in Rogers Communications by an impressive 106.5% in the same quarter, now holding 133,760 shares valued at $5.38 million after adding 68,971 shares. Massachusetts Financial Services Co. MA also increased its holdings by 90.4%, bringing their total to 2,896,489 shares valued at $115.77 million following a purchase of 1,375,043 shares. Meanwhile, Scheer Rowlett & Associates Investment Management Ltd. grew its stake by 3.1% and now holds 1,163,098 shares worth $46.76 million after acquiring an additional 34,932 shares.

Moreover, Ontario Teachers Pension Plan Board acquired a new investment valued at $716,000 in Rogers Communications during this quarter. Lastly, Connor Clark & Lunn Investment Management Ltd. significantly increased its position by 86.6%, now owning 2,610,833 shares valued at approximately $104.97 million after purchasing an additional 1,211,482 shares. Overall, institutional investors own about 45.49% of Rogers Communications.

Analyst Insights

Several research firms have shared their opinions on Rogers Communications stock (RCI). BMO Capital Markets recently upgraded their target price from $67.00 to $70.00 while providing an “outperform” rating as of September 19. Similarly, TD Securities raised their target price for shares from $73.00 to $74.00 and assigned a “buy” rating on the same date. Currently, three analysts have a hold rating for the stock, while three others have issued buy ratings. Based on information from MarketBeat, Rogers Communications has a consensus rating of “Moderate Buy” along with a consensus price target of $61.75.

Price and Market Performance

The stock of Rogers Communications opened at $35.51 recently. The company has a 50-day moving average of $37.61 and a 200-day moving average of $38.46. It possesses a debt-to-equity ratio of 3.35, a current ratio of 0.68, and a quick ratio of 0.64. Over the past year, Rogers Communications has reached a low of $34.95 and a high of $48.19, giving it a current market capitalization of $18.92 billion and a price-to-earnings ratio of 17.32.

On October 24, Rogers Communications reported its quarterly earnings, revealing earnings per share (EPS) of $1.42, exceeding analysts' expectations average of $1.07 by $0.35. The firm recorded a net margin of 7.34% and a return on equity of 23.75%. The total revenue for the quarter was reported at $5.13 billion, surpassing the consensus estimate of $3.79 billion. Compared to the same quarter last year, revenue showed a 0.7% increase, with the company posting an EPS of $0.95 in the previous year. Analysts are forecasting that Rogers Communications Inc. will achieve earnings of 3.56 per share for the current year.

Dividend Announcement

Recently, Rogers Communications declared a quarterly dividend slated to be paid on January 3, with the record date set for December 9, during which shareholders will receive a dividend of $0.3611 per share. This equates to an annualized dividend of approximately $1.44, representing a yield of 4.07%. The company’s current dividend payout ratio stands at 72.20%.

Company Overview

Rogers Communications Inc. is a Canadian communications and media company that operates through three main segments: Wireless, Cable, and Media. It offers a range of services, including mobile internet access, wireless voice services, device protection, and advanced solutions for businesses, marketed under the well-known brands Rogers, Fido, and chatr.

Citigroup, Rogers, Investment