BCE (NYSE:BCE) Shares Up 2.6% – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price shot up 2.6% during trading on Tuesday . The stock traded as high as $23.20 and last traded at $23.11. 954,398 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 2,567,976 shares. The stock had previously closed at $22.53.

Wall Street Analysts Forecast Growth

BCE has been the subject of several recent research reports. BMO Capital Markets upped their price target on BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a report on Thursday, September 19th. Morgan Stanley began coverage on BCE in a report on Monday, December 16th. They set an “underweight” rating for the company. Edward Jones lowered shares of BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Canaccord Genuity Group lowered BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating on shares of BCE in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $45.00.

BCE Price Performance

The firm’s 50 day simple moving average is $27.26 and its two-hundred day simple moving average is $31.53. The firm has a market capitalization of $21.15 billion, a P/E ratio of 331.14, a P/E/G ratio of 4.04 and a beta of 0.54. The company has a debt-to-equity ratio of 2.26, a current ratio of 0.62 and a quick ratio of 0.60.

BCE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be given a $0.737 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.95 annualized dividend and a yield of 12.72%. This is an increase from BCE’s previous quarterly dividend of $0.73. BCE’s payout ratio is presently 4,214.29%.

Institutional Trading of BCE

Several large investors have recently modified their holdings of the business. AE Wealth Management LLC boosted its stake in shares of BCE by 2.6% in the second quarter. AE Wealth Management LLC now owns 14,383 shares of the utilities provider’s stock worth $466,000 after acquiring an additional 367 shares during the period. Caldwell Sutter Capital Inc. grew its holdings in BCE by 3.9% during the 3rd quarter. Caldwell Sutter Capital Inc. now owns 11,856 shares of the utilities provider’s stock valued at $413,000 after buying an additional 445 shares in the last quarter. First Affirmative Financial Network raised its position in shares of BCE by 6.1% during the third quarter. First Affirmative Financial Network now owns 8,181 shares of the utilities provider’s stock valued at $285,000 after buying an additional 472 shares during the last quarter. Prospera Financial Services Inc lifted its holdings in shares of BCE by 6.8% in the third quarter. Prospera Financial Services Inc now owns 7,534 shares of the utilities provider’s stock worth $262,000 after buying an additional 478 shares in the last quarter. Finally, FMR LLC boosted its position in shares of BCE by 6.8% during the third quarter. FMR LLC now owns 9,307 shares of the utilities provider’s stock worth $324,000 after acquiring an additional 596 shares during the last quarter. 41.46% of the stock is owned by institutional investors.

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.