Oppenheimer Asset Management Inc. Lowers Stake in BCE Inc. (NYSE:BCE)

Oppenheimer Asset Management Inc. trimmed its holdings in BCE Inc. (NYSE:BCE) (TSE:BCE) by 24.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 372,488 shares of the utilities provider’s stock after selling 122,566 shares during the period. Oppenheimer Asset Management Inc.’s holdings in BCE were worth $8,634,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in BCE by 48.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,563,534 shares of the utilities provider’s stock valued at $123,877,000 after acquiring an additional 1,166,800 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of BCE by 4.8% in the third quarter. National Bank of Canada FI now owns 18,873,961 shares of the utilities provider’s stock valued at $656,421,000 after purchasing an additional 864,472 shares during the period. SG Americas Securities LLC purchased a new stake in shares of BCE during the fourth quarter worth approximately $17,271,000. JPMorgan Chase & Co. lifted its holdings in shares of BCE by 25.3% during the third quarter. JPMorgan Chase & Co. now owns 3,657,533 shares of the utilities provider’s stock worth $127,282,000 after purchasing an additional 738,656 shares during the period. Finally, Intact Investment Management Inc. grew its position in BCE by 66.4% in the 3rd quarter. Intact Investment Management Inc. now owns 1,360,980 shares of the utilities provider’s stock valued at $47,320,000 after buying an additional 543,320 shares during the last quarter. Institutional investors and hedge funds own 41.46% of the company’s stock.

BCE Price Performance

BCE stock opened at $23.40 on Friday. The firm has a 50 day moving average of $23.40 and a 200-day moving average of $28.72. The company has a market cap of $21.57 billion, a price-to-earnings ratio of 194.96, a PEG ratio of 4.13 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. BCE Inc. has a 12-month low of $21.87 and a 12-month high of $37.33.

BCE (NYSE:BCE) (TSE:BCE) last issued its quarterly earnings data on Thursday, February 6th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.03. BCE had a return on equity of 17.89% and a net margin of 0.99%. As a group, equities analysts expect that BCE Inc. will post 1.94 EPS for the current fiscal year.

BCE Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be paid a $0.6965 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.79 dividend on an annualized basis and a yield of 11.91%. BCE’s payout ratio is 2,350.00%.

Analyst Ratings Changes

A number of equities analysts have commented on BCE shares. Canaccord Genuity Group downgraded shares of BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Barclays reissued an “underweight” rating on shares of BCE in a report on Tuesday, January 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $39.00 price objective on shares of BCE in a report on Tuesday. Morgan Stanley initiated coverage on BCE in a research note on Monday, December 16th. They set an “underweight” rating for the company. Finally, Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, BCE currently has an average rating of “Hold” and a consensus target price of $40.00.

BCE 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.