BCE (NYSE:BCE) Shares Up 2.9% – Time to Buy?

BCE Inc. (NYSE:BCE) (TSE:BCE)’s stock price was up 2.9% on Wednesday . The stock traded as high as $23.28 and last traded at $23.18. Approximately 3,820,877 shares were traded during mid-day trading, an increase of 48% from the average daily volume of 2,579,633 shares. The stock had previously closed at $22.53.

Wall Street Analyst Weigh In

Several brokerages have commented on BCE. National Bank Financial lowered shares of BCE from a “strong-buy” rating to a “hold” rating in a report on Monday, September 30th. BMO Capital Markets increased their price target on shares of BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a research note on Thursday, September 19th. Morgan Stanley assumed coverage on shares of BCE in a report on Monday, December 16th. They issued an “underweight” rating for the company. Canaccord Genuity Group reiterated a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Finally, Barclays lowered their target price on BCE from $34.00 to $30.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $45.00.

BCE Trading Up 0.3 %

The stock’s fifty day simple moving average is $26.66 and its two-hundred day simple moving average is $31.35. The firm has a market cap of $21.22 billion, a PE ratio of 332.29, a PEG ratio of 4.04 and a beta of 0.54. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.26.

BCE Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be paid a $0.737 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $2.95 annualized dividend and a dividend yield of 12.67%. This is an increase from BCE’s previous quarterly dividend of $0.73. BCE’s dividend payout ratio is presently 4,214.29%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BCE. Hexagon Capital Partners LLC increased its holdings in shares of BCE by 121.2% during the third quarter. Hexagon Capital Partners LLC now owns 1,232 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 675 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in BCE during the 3rd quarter valued at about $51,000. Bruce G. Allen Investments LLC grew its position in BCE by 321.0% during the 3rd 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 last quarter. Legacy Investment Solutions LLC bought a new stake in BCE during the 3rd quarter valued at about $65,000. Finally, Fairscale Capital LLC purchased a new position in BCE in the second quarter worth about $76,000. Hedge funds and other institutional investors own 41.46% of the company’s stock.

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.