BCE (NYSE:BCE) Shares Gap Down – Here’s What Happened

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $23.21, but opened at $22.61. BCE shares last traded at $22.58, with a volume of 365,670 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently commented on BCE shares. Canaccord Genuity Group lowered BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Edward Jones downgraded BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. National Bank Financial downgraded BCE from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 30th. Morgan Stanley assumed coverage on BCE in a research report on Monday, December 16th. They set an “underweight” rating on the stock. Finally, Barclays lowered their price target on BCE from $34.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $45.00.

BCE Stock Up 0.2 %

The firm’s fifty day moving average price is $25.36 and its 200-day moving average price is $30.81. The company has a market capitalization of $20.77 billion, a price-to-earnings ratio of 325.29, a P/E/G ratio of 3.76 and a beta of 0.56. 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 was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were issued a $0.737 dividend. This represents a $2.95 dividend on an annualized basis and a yield of 12.95%. This is an increase from BCE’s previous quarterly dividend of $0.73. The ex-dividend date was Monday, December 16th. BCE’s dividend payout ratio is presently 4,028.57%.

Institutional Trading of BCE

Large investors have recently bought and sold shares of the business. Hexagon Capital Partners LLC grew 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 position in shares of BCE in the third quarter valued at approximately $51,000. Bruce G. Allen Investments LLC grew 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 in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of BCE in the third quarter valued at approximately $65,000. Finally, Fairscale Capital LLC bought a new position in shares of BCE in the second quarter valued at approximately $76,000. 41.46% of the stock is currently owned by institutional investors and hedge funds.

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.