BCE (NYSE:BCE) Upgraded to Strong-Buy by Cibc World Mkts

Cibc World Mkts upgraded shares of BCE (NYSE:BCE) (TSE:BCE) from a hold rating to a strong-buy rating in a report issued on Friday morning, Zacks.com reports.

Several other research firms have also weighed in on BCE. BMO Capital Markets boosted their price objective on shares of BCE from $46.00 to $47.00 and gave the stock a market perform rating in a research note on Wednesday, June 12th. Barclays lowered their price target on BCE from $38.00 to $35.00 and set an equal weight rating on the stock in a research report on Tuesday, April 9th. Finally, CIBC raised BCE from a neutral rating to a sector outperform rating in a research report on Tuesday, April 23rd. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $45.33.

BCE Stock Up 3.2 %

Shares of NYSE:BCE traded up $1.07 during midday trading on Friday, reaching $35.00. The company had a trading volume of 3,354,780 shares, compared to its average volume of 2,323,652. BCE has a 1-year low of $31.13 and a 1-year high of $42.96. The stock has a market cap of $31.93 billion, a PE ratio of 23.56, a P/E/G ratio of 5.62 and a beta of 0.57. The company has a quick ratio of 0.57, a current ratio of 0.61 and a debt-to-equity ratio of 1.87. The business’s 50 day moving average price is $33.08 and its 200 day moving average price is $34.65.

BCE (NYSE:BCE) (TSE:BCE) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.19. The firm had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.46 billion. BCE had a return on equity of 16.88% and a net margin of 8.39%. During the same quarter in the previous year, the firm earned $0.59 EPS. Research analysts forecast that BCE will post 2.22 EPS for the current fiscal year.

BCE Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.729 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 8.33%. BCE’s dividend payout ratio (DPR) is currently 202.08%.

Institutional Investors Weigh In On BCE

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cape Investment Advisory Inc. raised its stake in BCE by 84.1% in the 4th quarter. Cape Investment Advisory Inc. now owns 659 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 301 shares in the last quarter. Hexagon Capital Partners LLC raised its position in shares of BCE by 239.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 707 shares of the utilities provider’s stock valued at $28,000 after buying an additional 499 shares in the last quarter. ESL Trust Services LLC bought a new stake in shares of BCE in the first quarter valued at approximately $31,000. Livelsberger Financial Advisory acquired a new stake in BCE during the fourth quarter worth approximately $35,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in BCE by 3,480.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,074 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 1,044 shares during the period. Institutional investors and hedge funds own 41.46% of the company’s stock.

About BCE

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.