BCE (NYSE:BCE) Shares Down 4.2% – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE) shares dropped 4.2% during mid-day trading on Friday . The stock traded as low as $22.45 and last traded at $22.54. Approximately 1,779,229 shares were traded during trading, a decline of 49% from the average daily volume of 3,467,409 shares. The stock had previously closed at $23.52.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BCE. Morgan Stanley initiated coverage on shares of BCE in a research note on Monday, December 16th. They set an “underweight” rating for the company. Barclays reaffirmed an “underweight” rating on shares of BCE in a research report on Tuesday, January 21st. Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Canaccord Genuity Group lowered BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. downgraded BCE from a “neutral” rating to an “underweight” rating in a research note on Friday. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $45.00.

BCE Trading Down 5.9 %

The firm has a 50-day moving average of $24.11 and a 200 day moving average of $29.81. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.26. The stock has a market capitalization of $20.20 billion, a price-to-earnings ratio of 316.27, a PEG ratio of 3.94 and a beta of 0.57.

BCE (NYSE:BCE) (TSE:BCE) last issued its quarterly earnings results on Thursday, February 6th. The utilities provider reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.03. BCE had a return on equity of 17.58% and a net margin of 0.76%. As a group, equities analysts predict that BCE Inc. will post 2.1 EPS for the current fiscal year.

BCE Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be paid a $0.6965 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.79 annualized dividend and a dividend yield of 12.58%. BCE’s dividend payout ratio is currently 4,028.57%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. National Bank of Canada FI lifted its holdings in shares of BCE by 4.8% in the third quarter. National Bank of Canada FI now owns 18,873,961 shares of the utilities provider’s stock valued at $656,421,000 after purchasing an additional 864,472 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of BCE by 48.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,563,534 shares of the utilities provider’s stock valued at $123,877,000 after acquiring an additional 1,166,800 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of BCE by 130.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 293,427 shares of the utilities provider’s stock valued at $10,200,000 after acquiring an additional 165,881 shares in the last quarter. Finally, Barclays PLC lifted its holdings in BCE by 78.5% in the 3rd quarter. Barclays PLC now owns 120,462 shares of the utilities provider’s stock worth $4,192,000 after purchasing an additional 52,966 shares during 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.