BCE (NYSE:BCE) Trading 0.7% Higher – Still a Buy?

BCE Inc. (NYSE:BCE) (TSE:BCE) shares traded up 0.7% on Wednesday . The company traded as high as $22.98 and last traded at $23.04. 323,540 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 3,623,172 shares. The stock had previously closed at $22.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Canaccord Genuity Group reaffirmed a “hold” rating on shares of BCE in a research note on Tuesday, November 5th. Bank of America downgraded shares of BCE from a “neutral” rating to an “underperform” rating in a research note on Tuesday, January 14th. Morgan Stanley started coverage on shares of BCE in a research note on Monday, December 16th. They set an “underweight” rating on the stock. Edward Jones downgraded shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. downgraded shares of BCE from a “neutral” rating to an “underweight” rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $40.50.

BCE Price 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 $21.13 billion, a P/E ratio of 192.96, a PEG ratio of 3.91 and a beta of 0.57. The firm’s fifty day moving average price is $23.83 and its 200-day moving average price is $29.54.

BCE (NYSE:BCE) (TSE:BCE) last issued its earnings results on Thursday, February 6th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.03. BCE had a net margin of 0.99% and a return on equity of 17.89%. Analysts forecast that BCE Inc. will post 2 earnings per share for the current year.

BCE Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be issued a $0.6965 dividend. This represents a $2.79 annualized dividend and a yield of 12.03%. The ex-dividend date of this dividend is Friday, March 14th. BCE’s dividend payout ratio (DPR) is currently 2,350.00%.

Hedge Funds Weigh In On BCE

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP raised its position in shares of BCE by 217.6% in the 4th quarter. Allworth Financial LP now owns 1,153 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 790 shares during the last quarter. Blue Trust Inc. raised its position in shares of BCE by 1,147.3% in the 4th quarter. Blue Trust Inc. now owns 1,397 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 1,285 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in shares of BCE in the 3rd quarter worth about $51,000. Legacy Investment Solutions LLC purchased a new position in shares of BCE in the 3rd quarter worth about $65,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of BCE by 67.6% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,981 shares of the utilities provider’s stock worth $46,000 after purchasing an additional 799 shares during the last quarter. Hedge funds and other institutional investors own 41.46% of the company’s stock.

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.