BCE (NYSE:BCE) Hits New 1-Year Low – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $22.63 and last traded at $22.68, with a volume of 482837 shares trading hands. The stock had previously closed at $23.16.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group downgraded shares of BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Morgan Stanley assumed coverage on BCE in a report on Monday, December 16th. They set an “underweight” rating on the stock. Barclays cut their price objective 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 downgraded BCE from a “strong-buy” rating to a “hold” rating in a report on Monday, September 30th. Finally, BMO Capital Markets boosted 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $45.00.

BCE Trading Down 2.0 %

The stock has a 50-day moving average price of $28.53 and a two-hundred day moving average price of $32.03. The stock has a market capitalization of $20.70 billion, a PE ratio of 324.14, a PEG ratio of 4.04 and a beta of 0.54. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.60 and a current ratio of 0.62.

BCE Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be given a $0.737 dividend. 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 dividend yield of 12.99%. The ex-dividend date is Monday, December 16th. BCE’s dividend payout ratio is presently 4,214.29%.

Institutional Trading of BCE

Several institutional investors and hedge funds have recently modified their holdings of BCE. National Bank of Canada FI increased its stake in BCE by 4.8% in the 3rd quarter. National Bank of Canada FI now owns 18,873,961 shares of the utilities provider’s stock worth $656,421,000 after buying an additional 864,472 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of BCE by 48.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,563,534 shares of the utilities provider’s stock worth $123,877,000 after acquiring an additional 1,166,800 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of BCE by 130.1% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 293,427 shares of the utilities provider’s stock worth $10,200,000 after purchasing an additional 165,881 shares in the last quarter. Unigestion Holding SA purchased a new stake in shares of BCE during the third quarter worth about $3,094,000. Finally, Barclays PLC raised its stake in BCE by 78.5% during the 3rd quarter. Barclays PLC now owns 120,462 shares of the utilities provider’s stock valued at $4,192,000 after purchasing an additional 52,966 shares during the period. 41.46% of the stock is currently owned by institutional investors.

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.