BCE (NYSE:BCE) Reaches New 52-Week Low Following Analyst Downgrade

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price reached a new 52-week low during trading on Tuesday after Barclays lowered their price target on the stock from $34.00 to $30.00. Barclays currently has an equal weight rating on the stock. BCE traded as low as $27.29 and last traded at $27.34, with a volume of 563687 shares. The stock had previously closed at $27.85.

A number of other brokerages have also recently issued reports on BCE. BMO Capital Markets increased their price objective on BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a report on Thursday, September 19th. Edward Jones cut BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Canaccord Genuity Group reiterated a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Canaccord Genuity Group cut BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, National Bank Financial lowered BCE from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 30th. Nine research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $45.00.

Hedge Funds Weigh In On BCE

Large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its stake in shares of BCE by 20.0% in the 1st quarter. BNP Paribas Financial Markets now owns 20,698 shares of the utilities provider’s stock valued at $703,000 after buying an additional 3,450 shares during the period. Oppenheimer & Co. Inc. grew its stake in BCE by 4.5% during the 1st quarter. Oppenheimer & Co. Inc. now owns 40,564 shares of the utilities provider’s stock worth $1,378,000 after purchasing an additional 1,733 shares in the last quarter. Bleakley Financial Group LLC grew its stake in BCE by 6.7% during the 1st quarter. Bleakley Financial Group LLC now owns 10,822 shares of the utilities provider’s stock worth $368,000 after purchasing an additional 680 shares in the last quarter. Leo Wealth LLC grew its stake in BCE by 6.5% during the 1st quarter. Leo Wealth LLC now owns 32,115 shares of the utilities provider’s stock worth $1,091,000 after purchasing an additional 1,973 shares in the last quarter. Finally, Trillium Asset Management LLC grew its stake in BCE by 0.5% during the 1st quarter. Trillium Asset Management LLC now owns 142,974 shares of the utilities provider’s stock worth $4,862,000 after purchasing an additional 670 shares in the last quarter. 41.46% of the stock is currently owned by institutional investors and hedge funds.

BCE Price Performance

The stock has a market capitalization of $24.94 billion, a price-to-earnings ratio of 397.71, a PEG ratio of 4.26 and a beta of 0.59. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.62 and a current ratio of 0.65. The company has a 50 day moving average of $33.46 and a 200 day moving average of $33.54.

BCE Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be given a dividend of $0.737 per share. This is a boost from BCE’s previous quarterly dividend of $0.73. This represents a $2.95 annualized dividend and a dividend yield of 10.78%. The ex-dividend date of this dividend is Monday, December 16th. BCE’s dividend payout ratio is currently 4,228.57%.

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.