BCE (NYSE:BCE) Cut to Hold at Edward Jones

Edward Jones downgraded shares of BCE (NYSE:BCE) (TSE:BCE) from a buy rating to a hold rating in a research note issued to investors on Tuesday, MarketBeat reports.

Other equities analysts have also issued reports about the company. Cibc World Mkts raised BCE from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 2nd. BMO Capital Markets increased their price target on BCE from $48.00 to $51.00 and gave the company a “market perform” rating in a research note on Thursday, September 19th. Barclays dropped their price target on BCE from $35.00 to $34.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 9th. Finally, National Bank Financial lowered BCE from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 30th. Nine analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $46.33.

BCE Stock Performance

NYSE:BCE opened at $28.09 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 2.00. BCE has a 12-month low of $27.29 and a 12-month high of $41.77. The stock has a 50-day moving average price of $33.87 and a 200 day moving average price of $33.64. The stock has a market capitalization of $25.63 billion, a P/E ratio of 17.67, a P/E/G ratio of 4.87 and a beta of 0.59.

BCE Increases Dividend

The firm 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 $0.737 dividend. This represents a $2.95 annualized dividend and a dividend yield of 10.49%. This is an increase from BCE’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Monday, December 16th. BCE’s dividend payout ratio is presently 186.16%.

Institutional Investors Weigh In On BCE

Several hedge funds and other institutional investors have recently modified their holdings of the business. Pathway Financial Advisers LLC increased 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 worth $64,450,000 after purchasing an additional 1,798,427 shares during the period. AGF Management Ltd. increased 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 worth $43,842,000 after purchasing an additional 1,328,042 shares during the period. CIBC Asset Management Inc increased 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 worth $178,677,000 after purchasing an additional 1,061,488 shares during the period. Toronto Dominion Bank increased 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 worth $273,553,000 after purchasing an additional 905,857 shares during the period. Finally, Intact Investment Management Inc. increased its holdings in BCE by 66.4% during the 3rd quarter. Intact Investment Management Inc. now owns 1,360,980 shares of the utilities provider’s stock worth $47,320,000 after purchasing an additional 543,320 shares during the period. 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.