BCE (NYSE:BCE) Stock Price Down 0.1% – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s stock price fell 0.1% during trading on Thursday . The stock traded as low as $22.49 and last traded at $22.70. 932,533 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 3,261,381 shares. The stock had previously closed at $22.73.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Morgan Stanley assumed coverage on BCE in a research report on Monday, December 16th. They issued an “underweight” rating for the company. Canaccord Genuity Group reaffirmed a “hold” rating on shares of BCE in a research note on Tuesday, November 5th. National Bank Financial cut BCE from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 30th. Edward Jones lowered BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, Bank of America downgraded BCE from a “neutral” rating to an “underperform” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, BCE has an average rating of “Hold” and an average price target of $45.00.

BCE Stock Performance

The company has a market cap of $20.85 billion, a PE ratio of 326.50, a PEG ratio of 3.76 and a beta of 0.56. The company has a debt-to-equity ratio of 2.26, a current ratio of 0.62 and a quick ratio of 0.60. The business has a 50-day moving average of $25.36 and a 200 day moving average of $30.81.

BCE Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were issued a $0.737 dividend. This is an increase from BCE’s previous quarterly dividend of $0.73. The ex-dividend date was Monday, December 16th. This represents a $2.95 dividend on an annualized basis and a dividend yield of 12.90%. BCE’s dividend payout ratio (DPR) is presently 4,028.57%.

Institutional Trading of BCE

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BCE. National Bank of Canada FI raised its holdings in BCE by 4.8% in the 3rd quarter. National Bank of Canada FI now owns 18,873,961 shares of the utilities provider’s stock worth $656,421,000 after purchasing an additional 864,472 shares during the period. Toronto Dominion Bank raised its stake in shares of BCE by 12.0% in the second quarter. Toronto Dominion Bank now owns 8,450,810 shares of the utilities provider’s stock worth $273,553,000 after buying an additional 905,857 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of BCE by 0.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,068,728 shares of the utilities provider’s stock valued at $163,932,000 after buying an additional 21,487 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of BCE by 25.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,657,533 shares of the utilities provider’s stock valued at $127,282,000 after acquiring an additional 738,656 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in BCE by 48.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,563,534 shares of the utilities provider’s stock worth $123,877,000 after acquiring an additional 1,166,800 shares in the last quarter. 41.46% of the stock is owned by hedge funds and other institutional investors.

BCE Company Profile

BCE Inc, a communications company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through two segments, Bell Communication and Technology Services, and Bell Media. The Bell Communication and Technology Services segment provides wireless products and services including mobile data and voice plans and devices; wireline products and services comprising data, including internet access, internet protocol television, cloud-based services, and business solutions, as well as voice, and other communication services and products; and satellite TV and connectivity services for residential, small and medium-sized business, government, and large enterprise customers.