CIBC Issues Pessimistic Forecast for Cogeco Communications (TSE:CCA) Stock Price

Cogeco Communications (TSE:CCA) had its target price lowered by stock analysts at CIBC from C$73.00 to C$71.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. CIBC’s price target suggests a potential upside of 12.68% from the company’s previous close.

Several other brokerages have also recently issued reports on CCA. National Bankshares raised shares of Cogeco Communications from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from C$64.00 to C$80.00 in a research report on Friday, September 20th. Scotiabank reduced their target price on shares of Cogeco Communications from C$77.50 to C$75.50 in a report on Wednesday. BMO Capital Markets increased their target price on Cogeco Communications from C$70.00 to C$80.00 in a report on Monday, November 4th. Royal Bank of Canada increased their price target on shares of Cogeco Communications from C$76.00 to C$79.00 in a research note on Thursday, October 10th. Finally, National Bank Financial raised Cogeco Communications from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 19th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$76.17.

Cogeco Communications Price Performance

Shares of CCA traded down C$0.42 during trading hours on Wednesday, hitting C$63.01. 79,536 shares of the stock were exchanged, compared to its average volume of 76,797. The stock’s 50-day moving average price is C$69.05 and its two-hundred day moving average price is C$65.46. The company has a debt-to-equity ratio of 142.88, a quick ratio of 0.49 and a current ratio of 0.41. The company has a market cap of C$1.89 billion, a price-to-earnings ratio of 8.04, a price-to-earnings-growth ratio of 4.77 and a beta of 0.59. Cogeco Communications has a 12-month low of C$50.82 and a 12-month high of C$75.09.

Insider Activity

In other news, Director Jacques Royer sold 657 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of C$68.86, for a total transaction of C$45,241.02. Following the completion of the transaction, the director now owns 1 shares in the company, valued at approximately C$68.86. This represents a 99.85 % decrease in their ownership of the stock. Also, Director Robin Anne Bienenstock acquired 2,156 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were bought at an average price of C$69.66 per share, for a total transaction of C$150,189.33. Insiders own 0.46% of the company’s stock.

About Cogeco Communications

Cogeco Communications Inc operates as a telecommunications corporation in Canada and the United States. It operates in two segments, Canadian Telecommunications and American Telecommunications. The company offers Internet, video, and Internet protocol (IP) based telephony services to residential and small business customers through its two-way broadband fiber networks.