BCE (NYSE:BCE) Trading 2.1% Higher – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price shot up 2.1% during mid-day trading on Tuesday . The company traded as high as $24.60 and last traded at $24.54. 445,068 shares traded hands during trading, a decline of 86% from the average session volume of 3,164,682 shares. The stock had previously closed at $24.03.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Barclays restated an “underweight” rating on shares of BCE in a research note on Tuesday, January 21st. Edward Jones downgraded BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Morgan Stanley assumed coverage on BCE in a research report on Monday, December 16th. They issued an “underweight” rating on the stock. Canaccord Genuity Group downgraded BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Finally, Bank of America cut shares of BCE from a “neutral” rating to an “underperform” rating in a report on Tuesday, January 14th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $45.00.

BCE Price Performance

The company has a debt-to-equity ratio of 2.26, a current ratio of 0.62 and a quick ratio of 0.60. The company’s 50 day simple moving average is $24.26 and its 200 day simple moving average is $29.95. The company has a market capitalization of $22.21 billion, a PE ratio of 347.93, a price-to-earnings-growth ratio of 3.94 and a beta of 0.57.

BCE Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were given a $0.737 dividend. This represents a $2.95 dividend on an annualized basis and a dividend yield of 12.11%. This is an increase from BCE’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Monday, December 16th. BCE’s dividend payout ratio (DPR) is 4,028.57%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP increased its position in BCE by 217.6% in the 4th quarter. Allworth Financial LP now owns 1,153 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 790 shares during the period. Blue Trust Inc. raised its stake in shares of BCE by 1,147.3% during the fourth quarter. Blue Trust Inc. now owns 1,397 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 1,285 shares during the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of BCE by 121.2% during the third quarter. Hexagon Capital Partners LLC now owns 1,232 shares of the utilities provider’s stock worth $43,000 after purchasing an additional 675 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of BCE by 67.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,981 shares of the utilities provider’s stock worth $46,000 after purchasing an additional 799 shares during the period. Finally, Brown Brothers Harriman & Co. purchased a new position in BCE in the 3rd quarter valued at $51,000. Hedge funds and other institutional investors own 41.46% of the company’s stock.

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.