BCE (NYSE:BCE) Shares Up 0.5% – Here’s What Happened

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price rose 0.5% during mid-day trading on Thursday . The company traded as high as $27.18 and last traded at $26.98. Approximately 759,896 shares changed hands during trading, a decline of 69% from the average daily volume of 2,424,742 shares. The stock had previously closed at $26.84.

Wall Street Analysts Forecast Growth

BCE has been the subject of a number of analyst reports. BMO Capital Markets boosted their target price on shares of BCE from $48.00 to $51.00 and gave the company a “market perform” rating in a research note on Thursday, September 19th. Edward Jones lowered shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a research note on Tuesday, November 5th. Canaccord Genuity Group lowered shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, National Bank Financial lowered shares of BCE from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 30th. Nine 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $45.00.

BCE Stock Performance

The firm has a market capitalization of $24.67 billion, a PE ratio of 385.43, a P/E/G ratio of 4.25 and a beta of 0.54. The company has a debt-to-equity ratio of 2.26, a current ratio of 0.62 and a quick ratio of 0.60. The firm has a fifty day moving average price of $30.65 and a 200 day moving average price of $32.76.

BCE Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be paid a dividend of $0.737 per share. The ex-dividend date is Monday, December 16th. This represents a $2.95 dividend on an annualized basis and a dividend yield of 10.90%. This is a positive change from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio (DPR) is 4,214.29%.

Hedge Funds Weigh In On BCE

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Old North State Trust LLC lifted its holdings in BCE by 25.2% in the 3rd quarter. Old North State Trust LLC now owns 7,786 shares of the utilities provider’s stock worth $271,000 after purchasing an additional 1,566 shares during the last quarter. Tidal Investments LLC grew its holdings in BCE by 138.1% in the 3rd quarter. Tidal Investments LLC now owns 14,884 shares of the utilities provider’s stock valued at $518,000 after buying an additional 8,633 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in BCE during the third quarter worth $137,000. Unigestion Holding SA acquired a new stake in BCE during the third quarter worth about $3,094,000. Finally, TD Private Client Wealth LLC grew its holdings in shares of BCE by 2.4% during the 3rd quarter. TD Private Client Wealth LLC now owns 92,027 shares of the utilities provider’s stock worth $3,203,000 after purchasing an additional 2,146 shares in the last quarter. Institutional investors 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.