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

BCE Inc. (NYSE:BCE) (TSE:BCE) shares fell 0.9% during mid-day trading on Thursday . The stock traded as low as $23.36 and last traded at $23.64. 2,334,861 shares traded hands during trading, a decline of 31% from the average session volume of 3,366,279 shares. The stock had previously closed at $23.86.

Wall Street Analyst Weigh In

BCE has been the subject of a number of recent research reports. Edward Jones cut shares of BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Morgan Stanley assumed coverage on shares of BCE in a report on Monday, December 16th. They issued an “underweight” rating for the company. Canaccord Genuity Group cut BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Barclays cut their price target on BCE from $34.00 to $30.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Finally, Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $45.00.

BCE Price Performance

The company has a market capitalization of $21.57 billion, a PE ratio of 337.71, a P/E/G ratio of 4.04 and a beta of 0.56. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.26. The stock has a fifty day simple moving average of $25.96 and a 200-day simple moving average of $31.09.

BCE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.737 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.95 dividend on an annualized basis and a yield of 12.47%. This is a boost from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio (DPR) is presently 4,214.29%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Pathway Financial Advisers LLC grew its holdings in shares of BCE by 3,355.4% during 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 during the last quarter. AGF Management Ltd. boosted its position 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 purchasing an additional 1,328,042 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake 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 buying an additional 1,166,800 shares during the last quarter. Toronto Dominion Bank increased its position in BCE by 12.0% during the second quarter. Toronto Dominion Bank now owns 8,450,810 shares of the utilities provider’s stock worth $273,553,000 after buying an additional 905,857 shares during the period. Finally, National Bank of Canada FI lifted its stake in BCE by 4.8% in the third 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 during the last quarter. 41.46% of the stock is owned by hedge funds and other 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.