BCE (NYSE:BCE) Stock Price Up 1.6% – Here’s Why

BCE Inc. (NYSE:BCE) (TSE:BCE)’s share price shot up 1.6% during mid-day trading on Monday . The company traded as high as $27.22 and last traded at $27.21. 1,286,041 shares were traded during mid-day trading, a decline of 47% from the average session volume of 2,429,135 shares. The stock had previously closed at $26.78.

Analysts Set New Price Targets

BCE has been the subject of several research reports. Barclays lowered their price objective 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. BMO Capital Markets upped their price objective on BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a report on Thursday, September 19th. Canaccord Genuity Group reissued a “hold” rating on shares of BCE in a research note on Tuesday, November 5th. Edward Jones lowered BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, Canaccord Genuity Group lowered BCE from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Nine analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $45.00.

BCE Stock Performance

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 $24.50 billion, a P/E ratio of 388.71, a PEG ratio of 4.17 and a beta of 0.54. The stock has a fifty day simple moving average of $30.33 and a 200-day simple moving average of $32.65.

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 issued a $0.737 dividend. The ex-dividend date is Monday, December 16th. This is a positive change from BCE’s previous quarterly dividend of $0.73. This represents a $2.95 annualized dividend and a yield of 10.98%. BCE’s dividend payout ratio (DPR) is 4,228.57%.

Institutional Investors Weigh In On BCE

Several large investors have recently modified their holdings of the business. National Bank of Canada FI grew its position in shares of 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 valued at $656,421,000 after purchasing an additional 864,472 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings 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 valued at $123,877,000 after buying an additional 1,166,800 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased 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 acquiring an additional 165,881 shares in the last quarter. Atlanta Consulting Group Advisors LLC acquired a new stake in shares of BCE during the third quarter worth $766,000. Finally, American Assets Investment Management LLC bought a new stake in BCE in the 3rd quarter valued at $2,262,000. 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.