BCE (NYSE:BCE) Shares Down 4.9% – Here’s What Happened

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price traded down 4.9% during trading on Thursday . The company traded as low as $23.21 and last traded at $23.67. 1,887,329 shares changed hands during trading, a decline of 43% from the average session volume of 3,316,373 shares. The stock had previously closed at $24.90.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Morgan Stanley began coverage on BCE in a research report on Monday, December 16th. They issued an “underweight” rating on the stock. Canaccord Genuity Group downgraded shares of BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Bank of America cut shares of BCE from a “neutral” rating to an “underperform” rating in a report on Tuesday, January 14th. Canaccord Genuity Group reiterated a “hold” rating on shares of BCE in a research report on Tuesday, November 5th. Finally, Edward Jones downgraded shares of BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $45.00.

BCE Stock Performance

The company has a market cap of $20.20 billion, a PE ratio of 184.49, a PEG ratio of 3.91 and a beta of 0.57. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.26. The business’s 50 day moving average is $24.01 and its two-hundred day moving average is $29.74.

BCE (NYSE:BCE) (TSE:BCE) last released its quarterly earnings data on Thursday, February 6th. The utilities provider reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. BCE had a return on equity of 17.89% and a net margin of 0.99%. On average, equities research analysts anticipate that BCE Inc. will post 2 EPS for the current year.

BCE Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be given a dividend of $0.6965 per share. This represents a $2.79 annualized dividend and a dividend yield of 12.58%. The ex-dividend date of this dividend is Friday, March 14th. BCE’s payout ratio is currently 2,350.00%.

Hedge Funds Weigh In On BCE

Several institutional investors have recently bought and sold shares of BCE. Dynamic Advisor Solutions LLC grew its position in shares of BCE by 39.9% during the third quarter. Dynamic Advisor Solutions LLC now owns 9,996 shares of the utilities provider’s stock valued at $348,000 after purchasing an additional 2,852 shares in the last quarter. CWM LLC grew its holdings in BCE by 12.9% during the 3rd quarter. CWM LLC now owns 8,305 shares of the utilities provider’s stock valued at $289,000 after buying an additional 947 shares in the last quarter. Hexagon Capital Partners LLC increased its stake in BCE by 121.2% in 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 last quarter. Bruce G. Allen Investments LLC raised its holdings in shares of BCE by 321.0% during the 3rd 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. Finally, First Affirmative Financial Network boosted its position in shares of BCE by 6.1% during the 3rd quarter. First Affirmative Financial Network now owns 8,181 shares of the utilities provider’s stock valued at $285,000 after acquiring an additional 472 shares during the last quarter. 41.46% of the stock is owned by hedge funds and other institutional investors.

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.