The Manufacturers Life Insurance Company Sells 919,227 Shares of BCE Inc. (NYSE:BCE)

The Manufacturers Life Insurance Company cut its position in shares of BCE Inc. (NYSE:BCE) (TSE:BCE) by 18.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,149,501 shares of the utilities provider’s stock after selling 919,227 shares during the period. The Manufacturers Life Insurance Company’s holdings in BCE were worth $144,362,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Brown Brothers Harriman & Co. bought a new position in shares of BCE in the 3rd quarter worth $51,000. Dynamic Technology Lab Private Ltd raised its position in shares of BCE by 43.4% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 44,511 shares of the utilities provider’s stock worth $1,549,000 after acquiring an additional 13,470 shares in the last quarter. Kingsview Wealth Management LLC raised its position in shares of BCE by 43.3% in the 3rd quarter. Kingsview Wealth Management LLC now owns 10,764 shares of the utilities provider’s stock worth $375,000 after acquiring an additional 3,250 shares in the last quarter. Cerity Partners LLC raised its position in shares of BCE by 21.3% in the 3rd quarter. Cerity Partners LLC now owns 33,767 shares of the utilities provider’s stock worth $1,175,000 after acquiring an additional 5,925 shares in the last quarter. Finally, Icon Wealth Advisors LLC raised its position in shares of BCE by 442.8% in the 3rd quarter. Icon Wealth Advisors LLC now owns 16,887 shares of the utilities provider’s stock worth $588,000 after acquiring an additional 13,776 shares in the last quarter. 41.46% of the stock is owned by institutional investors.

BCE Stock Down 1.4 %

BCE stock opened at $26.63 on Wednesday. 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 business’s 50-day simple moving average is $31.62 and its two-hundred day simple moving average is $33.05. The company has a market cap of $24.29 billion, a PE ratio of 380.43, a PEG ratio of 4.16 and a beta of 0.59. BCE Inc. has a fifty-two week low of $26.45 and a fifty-two week high of $41.77.

BCE Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders 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 11.07%. The ex-dividend date is Monday, December 16th. This is an increase from BCE’s previous quarterly dividend of $0.73. BCE’s payout ratio is presently 4,228.57%.

Analysts Set New Price Targets

Several research firms have recently commented on BCE. National Bank Financial lowered BCE from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 30th. Cibc World Mkts raised BCE from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 2nd. Canaccord Genuity Group lowered BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Barclays dropped their target price on BCE from $34.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Finally, Edward Jones downgraded BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Nine analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $45.00.

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.