BCE (NYSE:BCE) Trading 2.6% Higher – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s stock price traded up 2.6% on Tuesday . The stock traded as high as $23.20 and last traded at $23.11. 954,398 shares changed hands during 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

A number of brokerages have issued reports on BCE. Canaccord Genuity Group lowered shares of BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Edward Jones lowered BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. National Bank Financial downgraded shares of BCE from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 30th. Barclays cut their price target 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. Finally, Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, BCE has a consensus rating of “Hold” and an average price target of $45.00.

BCE Stock Performance

The company’s 50 day simple moving average is $26.86 and its 200 day simple moving average is $31.40. The stock has a market cap of $21.15 billion, a PE ratio of 331.14, a price-to-earnings-growth ratio of 4.04 and a beta of 0.54. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.60 and a current ratio of 0.62.

BCE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be paid a dividend of $0.737 per share. The ex-dividend date is Monday, December 16th. This represents a $2.95 annualized dividend and a dividend yield of 12.72%. This is a positive change from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio (DPR) is presently 4,214.29%.

Institutional Trading of BCE

Several hedge funds and other institutional investors have recently modified their holdings of the business. Hexagon Capital Partners LLC increased its holdings in BCE by 121.2% during the 3rd quarter. Hexagon Capital Partners LLC now owns 1,232 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 675 shares during the period. Brown Brothers Harriman & Co. bought a new stake in shares of BCE during the 3rd quarter valued at about $51,000. Bruce G. Allen Investments LLC raised its stake in 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 purchasing an additional 1,268 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of BCE in the 3rd quarter worth $65,000. Finally, Fairscale Capital LLC purchased a new position in BCE in the second quarter worth $76,000. Institutional investors 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.