BCE (NYSE:BCE) Shares Down 2.5% – Here’s What Happened

BCE Inc. (NYSE:BCE) (TSE:BCE)’s stock price was down 2.5% during trading on Friday . The company traded as low as $22.91 and last traded at $23.04. Approximately 926,649 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 2,931,439 shares. The stock had previously closed at $23.63.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Canaccord Genuity Group cut BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Barclays reduced their target price 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. Edward Jones lowered shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. BMO Capital Markets lifted their price target on shares of BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a report on Thursday, September 19th. Finally, Canaccord Genuity Group reissued 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 given a buy rating and one has assigned a strong buy rating to the stock. According to 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 company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.26. The company has a market capitalization of $21.11 billion, a price-to-earnings ratio of 330.57, a PEG ratio of 4.04 and a beta of 0.56. The stock’s 50-day simple moving average is $25.79 and its two-hundred day simple moving average is $31.04.

BCE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.737 per share. This is a positive change from BCE’s previous quarterly dividend of $0.73. The ex-dividend date is Monday, December 16th. This represents a $2.95 dividend on an annualized basis and a dividend yield of 12.74%. BCE’s dividend payout ratio is presently 4,214.29%.

Institutional Trading of BCE

Several large investors have recently bought and sold shares of BCE. AE Wealth Management LLC increased its holdings in shares of BCE by 2.6% during the 2nd quarter. AE Wealth Management LLC now owns 14,383 shares of the utilities provider’s stock worth $466,000 after buying an additional 367 shares during the last quarter. Caldwell Sutter Capital Inc. raised its position in BCE by 3.9% in the third quarter. Caldwell Sutter Capital Inc. now owns 11,856 shares of the utilities provider’s stock valued at $413,000 after purchasing an additional 445 shares during the period. First Affirmative Financial Network lifted its stake in shares of BCE by 6.1% in the 3rd quarter. First Affirmative Financial Network now owns 8,181 shares of the utilities provider’s stock valued at $285,000 after purchasing an additional 472 shares during the last quarter. Prospera Financial Services Inc increased its position in shares of BCE by 6.8% during the 3rd quarter. Prospera Financial Services Inc now owns 7,534 shares of the utilities provider’s stock worth $262,000 after purchasing an additional 478 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of BCE by 1.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 43,402 shares of the utilities provider’s stock worth $1,006,000 after purchasing an additional 520 shares during the last quarter. Hedge funds and other 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.