BCE Inc. (NYSE:BCE) Sees Significant Decrease in Short Interest

BCE Inc. (NYSE:BCE) (TSE:BCE) was the recipient of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 48,690,000 shares, a drop of 7.2% from the November 15th total of 52,480,000 shares. Based on an average daily trading volume, of 3,030,000 shares, the days-to-cover ratio is currently 16.1 days. Approximately 5.3% of the company’s stock are short sold.

Analyst Ratings Changes

BCE has been the topic of several recent research reports. National Bank Financial cut shares of BCE from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 30th. Canaccord Genuity Group reaffirmed 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 report on Tuesday, November 5th. Morgan Stanley initiated coverage on shares of BCE in a report on Monday. They set an “underweight” rating on the stock. Finally, Canaccord Genuity Group downgraded shares of BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $45.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BCE. Hexagon Capital Partners LLC grew its holdings in BCE by 121.2% during the third quarter. Hexagon Capital Partners LLC now owns 1,232 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 675 shares during the period. Brown Brothers Harriman & Co. purchased a new position in shares of BCE during the 3rd quarter valued at $51,000. Bruce G. Allen Investments LLC lifted its position in shares of BCE by 321.0% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,663 shares of the utilities provider’s stock valued at $58,000 after buying an additional 1,268 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in BCE in the 3rd quarter worth about $65,000. Finally, Fairscale Capital LLC purchased a new stake in BCE in the 2nd quarter worth about $76,000. 41.46% of the stock is owned by institutional investors.

BCE Stock Performance

Shares of BCE stock traded down $0.92 during trading hours on Monday, hitting $23.88. 7,752,325 shares of the company’s stock traded hands, compared to its average volume of 2,501,203. The company has a fifty day simple moving average of $29.51 and a 200-day simple moving average of $32.39. 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 stock has a market capitalization of $21.78 billion, a price-to-earnings ratio of 348.00, a PEG ratio of 4.04 and a beta of 0.54. BCE has a 12-month low of $23.82 and a 12-month high of $41.77.

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 $0.737 dividend. This represents a $2.95 dividend on an annualized basis and a yield of 12.35%. This is a boost from BCE’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Monday, December 16th. BCE’s payout ratio is presently 4,214.29%.

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.