BCE (NYSE:BCE) Downgraded to Hold Rating by Cibc World Mkts

Cibc World Mkts downgraded shares of BCE (NYSE:BCE - Free Report) TSE: BCE from a strong-buy rating to a hold rating in a report released on Thursday,Zacks.com reports.

A number of other research firms also recently weighed in on BCE. Scotiabank raised BCE from a "sector perform" rating to a "sector outperform" rating in a research note on Monday, June 2nd. National Bank Financial raised BCE from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 3rd. Royal Bank Of Canada reissued a "sector perform" rating and issued a $35.00 price target on shares of BCE in a research report on Wednesday, May 14th. Finally, National Bankshares restated a "sector perform" rating on shares of BCE in a research note on Tuesday, March 11th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, BCE currently has a consensus rating of "Hold" and an average target price of $38.67.

BCE Trading Up 1.9%

Shares of BCE stock traded up $0.43 on Thursday, reaching $23.28. 5,496,317 shares of the company's stock were exchanged, compared to its average volume of 3,089,779. The company has a market capitalization of $21.71 billion, a P/E ratio of 89.54, a price-to-earnings-growth ratio of 3.78 and a beta of 0.61. BCE has a 52 week low of $20.28 and a 52 week high of $36.17. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.61 and a current ratio of 0.64. The firm's 50-day moving average is $21.94 and its two-hundred day moving average is $22.67.

BCE (NYSE:BCE - Get Free Report) TSE: BCE last issued its earnings results on Thursday, May 8th. The utilities provider reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.04. BCE had a net margin of 1.82% and a return on equity of 19.22%. The business had revenue of $4.12 billion for the quarter, compared to analyst estimates of $5.92 billion. During the same period in the prior year, the firm earned $0.75 earnings per share. BCE's revenue was down 1.3% on a year-over-year basis. Sell-side analysts predict that BCE will post 1.94 EPS for the current fiscal year.

BCE Cuts Dividend

The firm also recently declared a dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 17th will be given a dividend of $0.4375 per share. This represents a dividend yield of 5.65%. The ex-dividend date is Monday, June 16th. BCE's payout ratio is 488.46%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nicola Wealth Management LTD. boosted its holdings in shares of BCE by 28.2% in the 1st quarter. Nicola Wealth Management LTD. now owns 497,200 shares of the utilities provider's stock worth $11,416,000 after buying an additional 109,400 shares during the last quarter. Geneos Wealth Management Inc. raised its position in BCE by 64.8% in the first quarter. Geneos Wealth Management Inc. now owns 3,096 shares of the utilities provider's stock worth $71,000 after acquiring an additional 1,217 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in BCE by 36.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 278,745 shares of the utilities provider's stock valued at $6,400,000 after acquiring an additional 75,053 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of BCE by 170.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,679,620 shares of the utilities provider's stock valued at $268,164,000 after acquiring an additional 7,365,253 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in shares of BCE by 4.0% during the 1st quarter. Advisors Asset Management Inc. now owns 29,172 shares of the utilities provider's stock worth $670,000 after purchasing an additional 1,134 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.