BCE (NYSE:BCE) Trading Down 2.4% – What’s Next?

BCE Inc. (NYSE:BCE) (TSE:BCE)’s stock price dropped 2.4% during mid-day trading on Monday . The company traded as low as $22.58 and last traded at $22.61. Approximately 885,094 shares changed hands during trading, a decline of 65% from the average daily volume of 2,553,575 shares. The stock had previously closed at $23.16.

Analyst Ratings Changes

A number of analysts recently issued reports on BCE shares. Edward Jones downgraded shares of BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a research report on Tuesday, November 5th. BMO Capital Markets lifted their target price on shares of BCE from $48.00 to $51.00 and gave the company a “market perform” rating in a report on Thursday, September 19th. Morgan Stanley initiated coverage on BCE in a report on Monday, December 16th. They issued an “underweight” rating for the company. Finally, Canaccord Genuity Group lowered 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 assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, BCE has an average rating of “Hold” and a consensus price target of $45.00.

BCE Stock Performance

The company has a debt-to-equity ratio of 2.26, a current ratio of 0.62 and a quick ratio of 0.60. The stock has a 50-day moving average price of $28.53 and a 200-day moving average price of $32.03. The firm has a market capitalization of $20.71 billion, a PE ratio of 324.29, a price-to-earnings-growth ratio of 4.04 and a beta of 0.54.

BCE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be given a $0.737 dividend. This is a positive change from BCE’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.95 annualized dividend and a dividend yield of 12.99%. BCE’s dividend payout ratio (DPR) is presently 4,214.29%.

Hedge Funds Weigh In On BCE

Hedge funds have recently added to or reduced their stakes in the business. DGS Capital Management LLC lifted its holdings in BCE by 55.9% in the third quarter. DGS Capital Management LLC now owns 12,845 shares of the utilities provider’s stock worth $447,000 after acquiring an additional 4,605 shares during the last quarter. Logan Capital Management Inc. boosted its position in BCE by 4.5% during the 3rd quarter. Logan Capital Management Inc. now owns 103,643 shares of the utilities provider’s stock worth $3,607,000 after acquiring an additional 4,438 shares during the period. Old North State Trust LLC grew its stake in shares of BCE by 25.2% in the third quarter. Old North State Trust LLC now owns 7,786 shares of the utilities provider’s stock worth $271,000 after purchasing an additional 1,566 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of BCE by 138.1% during the third quarter. Tidal Investments LLC now owns 14,884 shares of the utilities provider’s stock valued at $518,000 after purchasing an additional 8,633 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of BCE during the third quarter valued at $137,000. Institutional investors and hedge funds own 41.46% of the company’s stock.

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.