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

CIBC Asset Management Inc decreased its position in shares of BCE Inc. (NYSE:BCE) (TSE:BCE) by 0.8% during the third quarter, Holdings Channel reports. The fund owned 5,475,741 shares of the utilities provider’s stock after selling 44,349 shares during the period. CIBC Asset Management Inc’s holdings in BCE were worth $190,602,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. AE Wealth Management LLC boosted its holdings in shares of BCE by 2.6% during the 2nd quarter. AE Wealth Management LLC now owns 14,383 shares of the utilities provider’s stock valued at $466,000 after buying an additional 367 shares in the last quarter. Caldwell Sutter Capital Inc. grew its stake in shares of BCE by 3.9% in the 3rd quarter. Caldwell Sutter Capital Inc. now owns 11,856 shares of the utilities provider’s stock worth $413,000 after buying an additional 445 shares during the last quarter. First Affirmative Financial Network increased its position in BCE by 6.1% during the 3rd quarter. First Affirmative Financial Network now owns 8,181 shares of the utilities provider’s stock valued at $285,000 after buying an additional 472 shares in the last quarter. Simplicity Wealth LLC raised its stake in BCE by 4.7% during the second quarter. Simplicity Wealth LLC now owns 11,331 shares of the utilities provider’s stock valued at $367,000 after buying an additional 509 shares during the last quarter. Finally, Brown Lisle Cummings Inc. boosted its holdings in BCE by 60.0% in the second quarter. Brown Lisle Cummings Inc. now owns 1,600 shares of the utilities provider’s stock worth $52,000 after acquiring an additional 600 shares in the last quarter. 41.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BCE shares. Canaccord Genuity Group reaffirmed a “hold” rating on shares of BCE in a research report on Tuesday, November 5th. BMO Capital Markets upped their price target on BCE from $48.00 to $51.00 and gave the company a “market perform” rating in a report on Thursday, September 19th. Edward Jones cut BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Barclays decreased their target price on BCE from $34.00 to $30.00 and set an “equal weight” rating for the company in a research report on Monday. Finally, Canaccord Genuity Group lowered BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Nine equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, BCE currently has an average rating of “Hold” and a consensus price target of $45.00.

BCE Stock Performance

NYSE:BCE opened at $26.83 on Friday. 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 50-day simple moving average of $33.13 and a two-hundred day simple moving average of $33.46. The firm has a market capitalization of $24.48 billion, a PE ratio of 383.29, a P/E/G ratio of 4.22 and a beta of 0.59. BCE Inc. has a 52-week low of $26.78 and a 52-week high of $41.77.

BCE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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 is an increase from BCE’s previous quarterly dividend of $0.73. This represents a $2.95 dividend on an annualized basis and a dividend yield of 10.99%. BCE’s payout ratio is 4,228.57%.

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.