Shares of BCE Inc. (NYSE:BCE – Get Free Report) (TSE:BCE) gapped down before the market opened on Tuesday . The stock had previously closed at $23.21, but opened at $22.61. BCE shares last traded at $22.58, with a volume of 365,670 shares.
Wall Street Analysts Forecast Growth
BCE has been the subject of several research analyst reports. Edward Jones downgraded shares of BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Bank of America downgraded shares of BCE from a “neutral” rating to an “underperform” rating in a report on Tuesday. BMO Capital Markets lifted their target price on shares of BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a report on Thursday, September 19th. Morgan Stanley began coverage on shares of BCE in a report on Monday, December 16th. They issued an “underweight” rating for the company. Finally, Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $45.00.
Check Out Our Latest Research Report on BCE
BCE Stock Down 5.3 %
BCE Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be given a $0.737 dividend. The ex-dividend date of this dividend is Monday, December 16th. This is a boost from BCE’s previous quarterly dividend of $0.73. This represents a $2.95 annualized dividend and a dividend yield of 13.42%. BCE’s payout ratio is presently 4,028.57%.
Hedge Funds Weigh In On BCE
Several hedge funds and other institutional investors have recently made changes to their positions in the company. National Bank of Canada FI raised its position in shares of BCE by 4.8% in the 3rd quarter. National Bank of Canada FI now owns 18,873,961 shares of the utilities provider’s stock valued at $656,421,000 after buying an additional 864,472 shares in the last quarter. Toronto Dominion Bank raised its position in shares of BCE by 12.0% in the 2nd quarter. Toronto Dominion Bank now owns 8,450,810 shares of the utilities provider’s stock valued at $273,553,000 after buying an additional 905,857 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of BCE by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,068,728 shares of the utilities provider’s stock valued at $163,932,000 after buying an additional 21,487 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of BCE by 25.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,657,533 shares of the utilities provider’s stock valued at $127,282,000 after buying an additional 738,656 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in 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 worth $123,877,000 after purchasing an additional 1,166,800 shares in the last quarter. 41.46% of the stock is currently owned by institutional investors and hedge funds.
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.
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