Cogeco Communications (TSE:CCA) Price Target Raised to C$109.00

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Cogeco Communications (TSE:CCA) had its price objective raised by CIBC from C$103.00 to C$109.00 in a research note released on Thursday morning, BayStreet.CA reports.

Several other analysts also recently issued reports on CCA. BMO Capital Markets raised their price target on Cogeco Communications from C$95.00 to C$100.00 in a report on Friday, July 12th. Echelon Wealth Partners lifted their target price on Cogeco Communications from C$98.00 to C$106.00 and gave the company a buy rating in a research note on Tuesday, July 16th. Canaccord Genuity lifted their target price on Cogeco Communications from C$97.00 to C$104.00 and gave the company a buy rating in a research note on Friday, July 12th. Royal Bank of Canada reaffirmed a hold rating and set a $0.35 target price on shares of DB Commodity Double Short ETN in a research note on Friday, July 12th. Finally, Desjardins lifted their target price on Cogeco Communications from C$96.00 to C$99.00 in a research note on Friday, July 12th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of Buy and an average target price of C$100.00.

Shares of TSE CCA opened at C$104.83 on Thursday. The company has a market cap of $5.26 billion and a P/E ratio of 13.24. Cogeco Communications has a 12-month low of C$61.68 and a 12-month high of C$107.22. The company has a current ratio of 1.80, a quick ratio of 1.71 and a debt-to-equity ratio of 136.92. The business has a 50 day moving average of C$95.60.

Cogeco Communications (TSE:CCA) last announced its quarterly earnings results on Wednesday, July 10th. The company reported C$1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.77 by C$0.19. The company had revenue of C$587.35 million during the quarter, compared to the consensus estimate of C$585.50 million. Equities research analysts forecast that Cogeco Communications will post 7.6699999 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 7th. Shareholders of record on Wednesday, August 7th will be paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Tuesday, July 23rd. Cogeco Communications’s payout ratio is currently 26.53%.

In other news, Director Louis Audet sold 15,028 shares of Cogeco Communications stock in a transaction on Monday, July 15th. The stock was sold at an average price of C$104.60, for a total transaction of C$1,571,928.80. Following the transaction, the director now directly owns 90,980 shares in the company, valued at approximately C$9,516,508. Also, Senior Officer Pierre Maheux sold 274 shares of Cogeco Communications stock in a transaction on Monday, July 15th. The shares were sold at an average price of C$105.35, for a total value of C$28,865.90. Following the transaction, the insider now owns 1,934 shares in the company, valued at C$203,746.90.

Cogeco Communications Company Profile

Cogeco Communications Inc operates as a communications corporation in North America. The company operates in three segments: Canadian Broadband Services; American Broadband Services; and Business Information and Communications Technology Services. It offers digital video and programming services, such as basic services, digital tier packages, discretionary services, pay-per-view channels, video-on-demand services, high definition and 4K television services, and advanced video services; Internet services; and telephony services to residential customers comprising direct international calling, international long distance plans, voicemail, and other custom calling features.

Further Reading: Cost of Debt

Analyst Recommendations for Cogeco Communications (TSE:CCA)

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