BCE (NYSE:BCE) Trading 1.1% Higher – Here’s What Happened

Shares of BCE Inc. (NYSE:BCE) (TSE:BCE) rose 1.1% on Wednesday . The company traded as high as $22.93 and last traded at $22.78. Approximately 607,722 shares traded hands during trading, a decline of 82% from the average daily volume of 3,290,892 shares. The stock had previously closed at $22.54.

Analysts Set New Price Targets

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

BCE Stock Up 1.5 %

The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.60 and a current ratio of 0.62. The firm has a market cap of $21.12 billion, a price-to-earnings ratio of 330.79, a PEG ratio of 3.76 and a beta of 0.56. The business’s 50 day moving average price is $25.14 and its 200 day moving average price is $30.70.

BCE Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were given a dividend of $0.737 per share. This represents a $2.95 annualized dividend and a yield of 12.73%. The ex-dividend date was Monday, December 16th. This is a positive change from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio (DPR) is currently 4,028.57%.

Institutional Investors Weigh In On BCE

Institutional investors have recently modified their holdings of the business. Hexagon Capital Partners LLC boosted its position in BCE by 121.2% during the third quarter. Hexagon Capital Partners LLC now owns 1,232 shares of the utilities provider’s stock worth $43,000 after purchasing an additional 675 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of BCE by 67.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,981 shares of the utilities provider’s stock worth $46,000 after buying an additional 799 shares during the period. Brown Brothers Harriman & Co. purchased a new position in shares of BCE during the 3rd quarter valued at approximately $51,000. Bruce G. Allen Investments LLC grew its stake in BCE by 321.0% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,663 shares of the utilities provider’s stock valued at $58,000 after acquiring an additional 1,268 shares during the period. Finally, Legacy Investment Solutions LLC purchased a new stake in BCE in the 3rd quarter worth $65,000. 41.46% of the stock is currently owned by institutional investors and hedge funds.

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.