Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in BCE Inc. (NYSE:BCE)

Connor Clark & Lunn Investment Management Ltd. decreased its stake in BCE Inc. (NYSE:BCE) (TSE:BCE) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,354,794 shares of the utilities provider’s stock after selling 208,740 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in BCE were worth $77,664,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Allworth Financial LP boosted its stake in shares of BCE by 217.6% in the fourth quarter. Allworth Financial LP now owns 1,153 shares of the utilities provider’s stock worth $27,000 after buying an additional 790 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of BCE by 1,147.3% in the fourth quarter. Blue Trust Inc. now owns 1,397 shares of the utilities provider’s stock worth $32,000 after buying an additional 1,285 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of BCE in the third quarter worth about $51,000. Legacy Investment Solutions LLC acquired a new position in BCE in the 3rd quarter worth about $65,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in BCE by 67.6% in the 4th 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. Hedge funds and other institutional investors own 41.46% of the company’s stock.

BCE Price Performance

Shares of BCE stock opened at $24.38 on Thursday. The business has a 50 day simple moving average of $23.62 and a two-hundred day simple moving average of $28.03. BCE Inc. has a 12 month low of $21.87 and a 12 month high of $36.24. The stock has a market capitalization of $22.47 billion, a P/E ratio of 203.13, a PEG ratio of 4.13 and a beta of 0.57. The company has a debt-to-equity ratio of 2.26, a current ratio of 0.62 and a quick ratio of 0.60.

BCE (NYSE:BCE) (TSE:BCE) last posted its quarterly earnings results on Thursday, February 6th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, beating 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%. As a group, analysts predict that BCE Inc. will post 1.94 EPS for the current fiscal year.

BCE Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be given a $0.6965 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.79 dividend on an annualized basis and a dividend yield of 11.43%. BCE’s dividend payout ratio (DPR) is presently 2,291.67%.

Wall Street Analysts Forecast Growth

BCE has been the subject of a number of analyst reports. Morgan Stanley initiated coverage on BCE in a report on Monday, December 16th. They issued an “underweight” rating for the company. JPMorgan Chase & Co. cut BCE from a “neutral” rating to an “underweight” rating in a report on Friday, February 7th. Bank of America cut BCE from a “neutral” rating to an “underperform” rating in a report on Tuesday, January 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $39.00 price target on shares of BCE in a report on Tuesday, February 25th. Finally, Barclays reaffirmed an “underweight” rating on shares of BCE in a report on Tuesday, January 21st. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, BCE has an average rating of “Hold” and an average 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.