BCE (NYSE:BCE) Stock Price Down 0.9% – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price fell 0.9% on Wednesday . The stock traded as low as $23.01 and last traded at $23.18. 469,669 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 3,350,179 shares. The stock had previously closed at $23.39.

Wall Street Analyst Weigh In

BCE has been the subject of several research reports. National Bank Financial downgraded shares of BCE from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 30th. Barclays restated an “underweight” rating on shares of BCE in a research note on Tuesday. Morgan Stanley began coverage on BCE in a research report on Monday, December 16th. They set an “underweight” rating on the stock. Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a research report on Tuesday, November 5th. Finally, Edward Jones cut shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $45.00.

BCE Stock Performance

The firm has a market cap of $21.46 billion, a price-to-earnings ratio of 336.07, a P/E/G ratio of 3.83 and a beta of 0.56. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.26. The stock has a 50 day moving average of $24.70 and a 200 day moving average of $30.41.

BCE Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th were given a $0.737 dividend. The ex-dividend date was 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 12.53%. BCE’s payout ratio is presently 4,028.57%.

Institutional Investors Weigh In On BCE

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. AE Wealth Management LLC raised 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 worth $466,000 after buying an additional 367 shares in the last quarter. Public Sector Pension Investment Board grew its position in BCE by 3.7% in the second quarter. Public Sector Pension Investment Board now owns 76,469 shares of the utilities provider’s stock valued at $2,476,000 after acquiring an additional 2,700 shares during the last quarter. Evergreen Capital Management LLC acquired a new position in BCE during the second quarter worth about $245,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of BCE by 185.1% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 127,546 shares of the utilities provider’s stock worth $4,132,000 after acquiring an additional 82,803 shares during the last quarter. Finally, APG Asset Management N.V. boosted its stake in shares of BCE by 14.3% in the 2nd quarter. APG Asset Management N.V. now owns 1,420,769 shares of the utilities provider’s stock valued at $42,927,000 after purchasing an additional 178,031 shares in the last quarter. 41.46% of the stock is currently owned by institutional investors.

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.