CIBC Asset Management Inc Sells 44,349 Shares of BCE Inc. (NYSE:BCE)

CIBC Asset Management Inc cut its stake in BCE Inc. (NYSE:BCE) (TSE:BCE) by 0.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,475,741 shares of the utilities provider’s stock after selling 44,349 shares during the quarter. CIBC Asset Management Inc owned 0.60% of BCE worth $190,602,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. American Assets Investment Management LLC bought a new position in shares of BCE during the third quarter valued at about $2,262,000. Intact Investment Management Inc. lifted its holdings in BCE by 66.4% during the third quarter. Intact Investment Management Inc. now owns 1,360,980 shares of the utilities provider’s stock worth $47,320,000 after acquiring an additional 543,320 shares during the period. Pathway Financial Advisers LLC boosted its position in BCE by 3,355.4% in the third quarter. Pathway Financial Advisers LLC now owns 1,852,025 shares of the utilities provider’s stock worth $64,450,000 after purchasing an additional 1,798,427 shares during the last quarter. Creative Planning grew its stake in BCE by 116.0% in the 2nd quarter. Creative Planning now owns 56,099 shares of the utilities provider’s stock valued at $1,816,000 after purchasing an additional 30,125 shares during the period. Finally, &PARTNERS purchased a new stake in shares of BCE during the 2nd quarter valued at $298,000. Institutional investors own 41.46% of the company’s stock.

BCE Stock Down 1.4 %

Shares of BCE stock opened at $26.83 on Friday. The company’s 50 day moving average price is $33.13 and its 200-day moving average price is $33.46. BCE Inc. has a 52-week low of $26.78 and a 52-week high of $41.77. 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 stock has a market capitalization of $24.48 billion, a price-to-earnings ratio of 383.29, a P/E/G ratio of 4.22 and a beta of 0.59.

BCE Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be paid a dividend of $0.737 per share. This represents a $2.95 annualized dividend and a dividend yield of 10.99%. This is an increase from BCE’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Monday, December 16th. BCE’s dividend payout ratio is 4,228.57%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group restated a “hold” rating on shares of BCE in a research report on Tuesday, November 5th. Edward Jones lowered BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. National Bank Financial downgraded BCE from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 30th. Cibc World Mkts upgraded BCE from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 2nd. Finally, BMO Capital Markets increased their target price on BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a research report on Thursday, September 19th. Nine equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $45.00.

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.