BCE (NYSE:BCE) Trading Up 0.6% – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price shot up 0.6% during mid-day trading on Friday . The company traded as high as $23.35 and last traded at $23.25. 831,638 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 2,538,773 shares. The stock had previously closed at $23.11.

Analyst Upgrades and Downgrades

BCE has been the subject of a number of research reports. National Bank Financial cut shares of BCE from a “strong-buy” rating to a “hold” rating in a report on Monday, September 30th. Edward Jones downgraded shares of BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Canaccord Genuity Group reiterated a “hold” rating on shares of BCE in a research report on Tuesday, November 5th. Morgan Stanley began coverage on BCE in a report on Monday. They set an “underweight” rating on the stock. Finally, Barclays dropped their price objective on shares of BCE from $34.00 to $30.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $45.00.

BCE Stock Performance

The stock has a 50 day moving average of $28.72 and a 200 day moving average of $32.12. The company has a market capitalization of $21.27 billion, a price-to-earnings ratio of 333.14, a price-to-earnings-growth ratio of 4.04 and a beta of 0.54. 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 will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be issued a $0.737 dividend. This is a positive change from BCE’s previous quarterly dividend of $0.73. The ex-dividend date is Monday, December 16th. This represents a $2.95 annualized dividend and a yield of 12.64%. BCE’s payout ratio is presently 4,214.29%.

Institutional Investors Weigh In On BCE

Several institutional investors and hedge funds have recently made changes to their positions in BCE. Hexagon Capital Partners LLC lifted its stake in 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. Brown Brothers Harriman & Co. acquired a new position in shares of BCE during the 3rd quarter valued at $51,000. Bruce G. Allen Investments LLC boosted its stake in BCE by 321.0% during the third quarter. Bruce G. Allen Investments LLC now owns 1,663 shares of the utilities provider’s stock worth $58,000 after acquiring an additional 1,268 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in BCE in the third quarter worth $65,000. Finally, Fairscale Capital LLC bought a new stake in BCE in the second quarter valued at $76,000. Institutional investors own 41.46% of the company’s stock.

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.