The Manufacturers Life Insurance Company Sells 919,227 Shares of BCE Inc. (NYSE:BCE)

The Manufacturers Life Insurance Company lessened its holdings in shares of BCE Inc. (NYSE:BCE) (TSE:BCE) by 18.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,149,501 shares of the utilities provider’s stock after selling 919,227 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.45% of BCE worth $144,362,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC grew its holdings in BCE by 3,355.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,852,025 shares of the utilities provider’s stock valued at $64,450,000 after buying an additional 1,798,427 shares in the last quarter. AGF Management Ltd. grew its holdings in BCE by 5,036.0% during the 2nd quarter. AGF Management Ltd. now owns 1,354,413 shares of the utilities provider’s stock valued at $43,842,000 after buying an additional 1,328,042 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings 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 buying an additional 1,166,800 shares in the last quarter. CIBC Asset Management Inc grew its holdings in BCE by 23.8% during the 2nd quarter. CIBC Asset Management Inc now owns 5,520,090 shares of the utilities provider’s stock valued at $178,677,000 after buying an additional 1,061,488 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in BCE by 12.0% during the 2nd quarter. Toronto Dominion Bank now owns 8,450,810 shares of the utilities provider’s stock valued at $273,553,000 after buying an additional 905,857 shares in the last quarter. Institutional investors own 41.46% of the company’s stock.

BCE Price Performance

BCE opened at $26.63 on Wednesday. The business has a fifty day moving average of $31.62 and a 200 day moving average of $33.05. BCE Inc. has a 52-week low of $26.45 and a 52-week high of $41.77. 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 stock has a market cap of $24.29 billion, a P/E ratio of 380.43, a PEG ratio of 4.16 and a beta of 0.59.

BCE Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be given a dividend of $0.737 per share. The ex-dividend date of this dividend is Monday, December 16th. This is a positive change from BCE’s previous quarterly dividend of $0.73. This represents a $2.95 dividend on an annualized basis and a yield of 11.07%. BCE’s payout ratio is 4,228.57%.

Analyst Upgrades and Downgrades

BCE has been the subject of several research analyst reports. Canaccord Genuity Group cut BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Barclays dropped their target price on BCE from $34.00 to $30.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. National Bank Financial cut BCE from a “strong-buy” rating to a “hold” rating in a report on Monday, September 30th. Canaccord Genuity Group reiterated a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Finally, Edward Jones cut BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Nine research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, BCE presently has an average rating of “Hold” and a consensus target price of $45.00.

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.