BCE (NYSE:BCE) Shares Up 2.6% – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s stock price shot up 2.6% during mid-day trading on Tuesday . The company traded as high as $23.20 and last traded at $23.11. 954,398 shares changed hands during trading, a decline of 63% from the average session volume of 2,567,976 shares. The stock had previously closed at $22.53.

Wall Street Analysts Forecast Growth

BCE has been the topic of a number of research reports. BMO Capital Markets boosted their price objective on shares of BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a research report on Thursday, September 19th. National Bank Financial lowered BCE from a “strong-buy” rating to a “hold” rating in a report on Monday, September 30th. Edward Jones lowered BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Canaccord Genuity Group reiterated a “hold” rating on shares of BCE in a research note on Tuesday, November 5th. Finally, Canaccord Genuity Group lowered shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, nine have assigned 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 presently has an average rating of “Hold” and a consensus price target of $45.00.

BCE Price Performance

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 company’s fifty day moving average price is $27.26 and its 200 day moving average price is $31.53. The company has a market capitalization of $21.15 billion, a P/E ratio of 331.14, a PEG ratio of 4.04 and a beta of 0.54.

BCE Increases Dividend

The company 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 $0.737 dividend. This represents a $2.95 dividend on an annualized basis and a yield of 12.72%. This is a boost from BCE’s previous quarterly dividend of $0.73. The ex-dividend date is Monday, December 16th. BCE’s dividend payout ratio (DPR) is 4,214.29%.

Institutional Trading of BCE

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pathway Financial Advisers LLC increased its holdings in BCE by 3,355.4% in the third quarter. Pathway Financial Advisers LLC now owns 1,852,025 shares of the utilities provider’s stock worth $64,450,000 after purchasing an additional 1,798,427 shares in the last quarter. AGF Management Ltd. increased its stake in shares of BCE by 5,036.0% in the 2nd quarter. AGF Management Ltd. now owns 1,354,413 shares of the utilities provider’s stock valued at $43,842,000 after acquiring an additional 1,328,042 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 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 valued at $123,877,000 after acquiring an additional 1,166,800 shares during the period. CIBC Asset Management Inc boosted its stake in BCE by 23.8% during the second quarter. CIBC Asset Management Inc now owns 5,520,090 shares of the utilities provider’s stock worth $178,677,000 after acquiring an additional 1,061,488 shares in the last quarter. Finally, Toronto Dominion Bank increased its stake in BCE by 12.0% in the second quarter. Toronto Dominion Bank now owns 8,450,810 shares of the utilities provider’s stock valued at $273,553,000 after purchasing an additional 905,857 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.