BCE (NYSE:BCE) Trading 0.3% Higher – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE) was up 0.3% on Tuesday . The company traded as high as $24.18 and last traded at $24.01. Approximately 668,994 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 2,750,248 shares. The stock had previously closed at $23.94.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BCE shares. Canaccord Genuity Group reaffirmed a “hold” rating on shares of BCE in a 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. Canaccord Genuity Group lowered BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. BMO Capital Markets upped their target price on shares of BCE from $48.00 to $51.00 and gave the company a “market perform” rating in a research report on Thursday, September 19th. Finally, Barclays reduced their target price on shares of BCE from $34.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $45.00.

BCE Price Performance

The company’s 50 day simple moving average is $26.31 and its 200 day simple moving average is $31.20. The stock has a market cap of $21.94 billion, a P/E ratio of 343.57, a P/E/G ratio of 4.04 and a beta of 0.56. The company has a debt-to-equity ratio of 2.26, a current ratio of 0.62 and a quick ratio of 0.60.

BCE Increases Dividend

The firm 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. This represents a $2.95 annualized dividend and a yield of 12.26%. The ex-dividend date is Monday, December 16th. This is an increase from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio (DPR) is presently 4,214.29%.

Hedge Funds Weigh In On BCE

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

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.