Franklin Resources Inc. Trims Stock Position in BCE Inc. (NYSE:BCE)

Franklin Resources Inc. lessened its stake in BCE Inc. (NYSE:BCE) (TSE:BCE) by 0.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 328,173 shares of the utilities provider’s stock after selling 490 shares during the period. Franklin Resources Inc.’s holdings in BCE were worth $11,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Hexagon Capital Partners LLC boosted 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 purchasing an additional 675 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in BCE in the third quarter valued at approximately $51,000. Bruce G. Allen Investments LLC boosted its holdings in shares of BCE by 321.0% in the third quarter. Bruce G. Allen Investments LLC now owns 1,663 shares of the utilities provider’s stock valued at $58,000 after acquiring an additional 1,268 shares during the period. Legacy Investment Solutions LLC purchased a new position in shares of BCE during the third quarter worth approximately $65,000. Finally, Fairscale Capital LLC acquired a new position in shares of BCE in the 2nd quarter valued at $76,000. Hedge funds and other institutional investors own 41.46% of the company’s stock.

BCE Price Performance

Shares of BCE opened at $23.16 on Friday. The firm has a market capitalization of $21.13 billion, a PE ratio of 330.86, a P/E/G ratio of 4.04 and a beta of 0.54. The stock’s 50 day moving average is $28.53 and its two-hundred day moving average is $32.03. BCE Inc. has a twelve month low of $22.90 and a twelve month high of $41.77. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.26.

BCE Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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 yield of 12.73%. The ex-dividend date is Monday, December 16th. This is a positive change from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio is currently 4,214.29%.

Wall Street Analyst Weigh In

BCE has been the topic of several research reports. BMO Capital Markets raised their price objective on shares of BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a research report on Thursday, September 19th. Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Morgan Stanley started coverage on BCE in a research note on Monday, December 16th. They set an “underweight” rating for the company. Edward Jones downgraded BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, Canaccord Genuity Group cut BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $45.00.

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.