BCE (NYSE:BCE) Shares Up 1.1% – Still a Buy?

BCE Inc. (NYSE:BCE) (TSE:BCE) shares were up 1.1% during mid-day trading on Wednesday . The company traded as high as $22.93 and last traded at $22.78. Approximately 607,722 shares were traded during trading, a decline of 82% from the average daily volume of 3,290,892 shares. The stock had previously closed at $22.54.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BCE shares. Canaccord Genuity Group restated a “hold” rating on shares of BCE in a research report on Tuesday, November 5th. Morgan Stanley started coverage on shares of BCE in a research report on Monday, December 16th. They set an “underweight” rating for the company. Bank of America cut shares of BCE from a “neutral” rating to an “underperform” rating in a research report on Tuesday. Barclays cut their target price on shares of BCE from $34.00 to $30.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. Finally, National Bank Financial cut shares of BCE from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 30th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.00.

BCE Trading Up 0.9 %

The firm has a market capitalization of $20.75 billion, a PE ratio of 324.86, a P/E/G ratio of 4.04 and a beta of 0.56. 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 business’s fifty day moving average price is $25.36 and its 200 day moving average price is $30.81.

BCE Increases Dividend

The company also recently declared 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. The ex-dividend date is Monday, December 16th. This is an increase from BCE’s previous quarterly dividend of $0.73. This represents a $2.95 dividend on an annualized basis and a dividend yield of 12.96%. BCE’s payout ratio is 4,028.57%.

Institutional Investors Weigh In On BCE

Hedge funds and other institutional investors have recently modified their holdings of the company. Hexagon Capital Partners LLC grew its holdings in BCE by 121.2% in the third quarter. Hexagon Capital Partners LLC now owns 1,232 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 675 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in BCE in the third quarter valued at approximately $51,000. Bruce G. Allen Investments LLC grew its holdings in BCE by 321.0% in the third quarter. Bruce G. Allen Investments LLC now owns 1,663 shares of the utilities provider’s stock valued at $58,000 after purchasing an additional 1,268 shares during the period. Legacy Investment Solutions LLC purchased a new stake in BCE in the third quarter valued at approximately $65,000. Finally, Fairscale Capital LLC purchased a new stake in BCE in the second quarter valued at approximately $76,000. 41.46% of the stock is currently owned by hedge funds and other institutional investors.

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.