BCE (NYSE:BCE) Trading 0.2% Higher – Here’s What Happened

BCE Inc. (NYSE:BCE) (TSE:BCE) was up 0.2% during trading on Wednesday . The stock traded as high as $24.01 and last traded at $23.92. Approximately 748,525 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 3,210,711 shares. The stock had previously closed at $23.88.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group restated a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Edward Jones lowered shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group downgraded shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Bank of America downgraded BCE from a “neutral” rating to an “underperform” rating in a research report on Tuesday, January 14th. Finally, Barclays reaffirmed an “underweight” rating on shares of BCE in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, BCE presently has a consensus rating of “Hold” and a consensus target price of $45.00.

BCE Stock Performance

The stock has a 50 day moving average price of $24.38 and a two-hundred day moving average price of $30.13. The company has a market cap of $21.74 billion, a P/E ratio of 340.43, a price-to-earnings-growth ratio of 3.92 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.

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 issued a dividend of $0.737 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.95 dividend on an annualized basis and a dividend yield of 12.37%. This is an increase from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio (DPR) is currently 4,028.57%.

Hedge Funds Weigh In On BCE

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP raised its stake in BCE by 217.6% in the 4th quarter. Allworth Financial LP now owns 1,153 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 790 shares in the last quarter. Blue Trust Inc. raised its position in shares of BCE by 1,147.3% in the fourth quarter. Blue Trust Inc. now owns 1,397 shares of the utilities provider’s stock valued at $32,000 after buying an additional 1,285 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of BCE by 121.2% in the third 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 period. MassMutual Private Wealth & Trust FSB boosted its stake in shares of BCE by 67.6% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,981 shares of the utilities provider’s stock valued at $46,000 after buying an additional 799 shares during the period. Finally, Brown Brothers Harriman & Co. acquired a new stake in BCE during the third quarter worth approximately $51,000. 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.