Here's Why I'm Buying Rogers Stock Right Now| MENAFN.COM

Saturday, 04 February 2023 10:24 GMT

Here's Why I'm Buying Rogers Stock Right Now


(MENAFN- Baystreet.ca) Here's Why I'm Buying Rogers Stock Right Now

The S&P/TSX Capped Communication Services Index rose 1.3% on Tuesday, January 24. Canadian telecommunications stocks have had a strong start to the year, which reflects a positive performance for the broader market. Today, I want to zero-in on one of the top telecoms on the TSX.

Rogers Communications (TSX:RCI.B)(NYSE:RCI) is a Toronto-based communications and media company. Its shares have climbed 8.1% year-over-year as of close on January 24. The stock has jumped 3.8% to kick off the New Year.

This company recently announced that it would host its fourth quarter and full-year fiscal 2022 teleconference before markets open on Thursday, February 2, 2023. Rogers released its third quarter fiscal 2022 earnings on November 9. In that quarter, Rogers delivered revenue growth of 2% to $3.74 billion in Q3 2022. Meanwhile, revenue increased 5% to $11.2 billion in the first three quarters of the fiscal year.

In the year-to-date period, Rogers reported adjusted net income of $1.36 billion and adjusted diluted earnings per share of $2.66 in the first nine months of fiscal 2022 – up 3% compared to the year-to-date period in FY2021. Moreover, cash provided by operating activities climbed 11% to $3.34 billion. Rogers has bounced back nicely since the COVID-19 pandemic, particularly its Media segment that relies on patron revenues at its large-scale sporting events.

Shares of Rogers currently possess a solid price-to-earnings ratio of 21. Meanwhile, it offers a quarterly dividend of $0.50 per share. That represents a 3% yield.

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