BCE (NYSE:BCE) Stock Price Down 0.4% – Here’s What Happened

BCE Inc. (NYSE:BCE) (TSE:BCE) traded down 0.4% on Thursday . The stock traded as low as $22.74 and last traded at $22.81. 909,388 shares were traded during mid-day trading, a decline of 64% from the average session volume of 2,557,801 shares. The stock had previously closed at $22.90.

Wall Street Analyst Weigh In

BCE has been the topic of several analyst reports. Canaccord Genuity Group lowered BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. BMO Capital Markets upped their price target 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. National Bank Financial cut BCE from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 30th. Morgan Stanley began coverage on BCE in a research note on Monday, December 16th. They issued an “underweight” rating on the stock. Finally, Edward Jones downgraded BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, BCE presently has a consensus rating of “Hold” and a consensus price target of $45.00.

BCE Price Performance

The company has a 50 day moving average price of $27.91 and a 200-day moving average price of $31.78. 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 has a market cap of $21.02 billion, a price-to-earnings ratio of 329.14, a P/E/G ratio of 4.04 and a beta of 0.54.

BCE Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.737 per share. This represents a $2.95 dividend on an annualized basis and a dividend yield of 12.80%. The ex-dividend date of this dividend is Monday, December 16th. This is a positive change from BCE’s previous quarterly dividend of $0.73. BCE’s payout ratio is 4,214.29%.

Institutional Trading of BCE

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hexagon Capital Partners LLC grew its position in shares of BCE by 121.2% in the 3rd quarter. Hexagon Capital Partners LLC now owns 1,232 shares of the utilities provider’s stock valued at $43,000 after buying an additional 675 shares during the last quarter. Brown Brothers Harriman & Co. bought a new stake in BCE in the third quarter valued at approximately $51,000. Bruce G. Allen Investments LLC increased its position in BCE by 321.0% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,663 shares of the utilities provider’s stock valued at $58,000 after purchasing an additional 1,268 shares during the period. Legacy Investment Solutions LLC bought a new position in BCE during the 3rd quarter worth approximately $65,000. Finally, Fairscale Capital LLC acquired a new position in shares of BCE in the 2nd quarter worth approximately $76,000. 41.46% of the stock is currently owned by institutional investors and hedge funds.

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.