Cidel Asset Management Inc. cut its holdings in BCE Inc. (NYSE:BCE) (TSE:BCE) by 66.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,000 shares of the utilities provider’s stock after selling 13,579 shares during the period. Cidel Asset Management Inc.’s holdings in BCE were worth $899,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of BCE. FIL Ltd grew its stake in shares of BCE by 11.8% in the first quarter. FIL Ltd now owns 14,041,935 shares of the utilities provider’s stock valued at $623,526,000 after buying an additional 1,487,023 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in BCE by 213.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 2,015,616 shares of the utilities provider’s stock valued at $91,926,000 after purchasing an additional 1,372,333 shares in the last quarter. Montrusco Bolton Investments Inc. acquired a new position in BCE during the second quarter worth about $58,988,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in BCE by 32.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,216,844 shares of the utilities provider’s stock worth $237,857,000 after acquiring an additional 1,268,440 shares in the last quarter. Finally, Schafer Cullen Capital Management Inc raised its stake in BCE by 33.5% during the second quarter. Schafer Cullen Capital Management Inc now owns 4,693,979 shares of the utilities provider’s stock worth $217,284,000 after acquiring an additional 1,178,936 shares in the last quarter. Institutional investors own 43.92% of the company’s stock.
NYSE BCE traded down $0.58 on Friday, reaching $48.10. The company had a trading volume of 135,126 shares, compared to its average volume of 806,088. The stock has a market capitalization of $43.44 billion, a P/E ratio of 17.75, a P/E/G ratio of 5.13 and a beta of 0.40. The company has a quick ratio of 0.53, a current ratio of 0.57 and a debt-to-equity ratio of 1.33. The company’s fifty day moving average is $46.63 and its 200 day moving average is $45.44. BCE Inc. has a 52-week low of $38.75 and a 52-week high of $48.84.
BCE (NYSE:BCE) (TSE:BCE) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. The firm had revenue of $5.93 billion during the quarter, compared to the consensus estimate of $5.90 billion. BCE had a return on equity of 19.15% and a net margin of 12.51%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS. On average, research analysts expect that BCE Inc. will post 2.69 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.601 per share. This represents a $2.40 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date is Friday, September 13th. This is a positive change from BCE’s previous quarterly dividend of $0.59. BCE’s payout ratio is presently 87.45%.
BCE has been the topic of several research reports. Zacks Investment Research cut BCE from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a report on Monday. BMO Capital Markets reiterated a “buy” rating and issued a $65.00 target price on shares of BCE in a report on Monday. JPMorgan Chase & Co. cut BCE from an “overweight” rating to a “neutral” rating and set a $60.00 target price on the stock. in a report on Monday, July 8th. Desjardins cut BCE to a “hold” rating in a report on Friday, August 2nd. Finally, Scotiabank restated a “buy” rating on shares of BCE in a report on Friday, August 16th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. BCE has a consensus rating of “Hold” and an average target price of $55.73.
BCE Inc, a telecommunications and media company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. It operates in three segments: Bell Wireless, Bell Wireline, and Bell Media. The Bell Wireless segment offers wireless voice and data communications products and services, including 40 live and on-demand channels on smartphones and tablets; roaming services; push-to-talk, field service management, worker safety, and mobility management solutions; and asset management, smart buildings, smart cities, fleet management, and other Internet of Things services.
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