BCE (TSE:BCE) Price Target Cut to C$41.00 by Analysts at Desjardins

Key Points

• Desjardins lowered BCE’s price target to C$41.00 from C$43.50 while maintaining a “buy” rating, implying roughly 29.7% upside from the prior close.
• Analyst sentiment remains favorable overall, with MarketBeat reporting a consensus “Moderate Buy” rating and an average target price of C$37.31.
• BCE shares fell 0.8% to C$31.62, while the company reported quarterly earnings of C$0.65 per share and revenue of C$6.18 billion.

BCE (TSE:BCE - Get Free Report) NYSE: BCE had its target price reduced by analysts at Desjardins from C$43.50 to C$41.00 in a research report issued on Friday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the stock. Desjardins' price objective suggests a potential upside of 29.66% from the stock's previous close.

A number of other research firms also recently weighed in on BCE. Canaccord Genuity Group cut their price target on BCE from C$35.00 to C$33.00 and set a "hold" rating on the stock in a research note on Friday, July 10th. Morgan Stanley raised BCE from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from C$31.00 to C$35.00 in a research note on Tuesday, July 21st. TD upgraded BCE from a "hold" rating to a "buy" rating and set a C$37.00 price objective for the company in a report on Thursday, July 2nd. Raymond James Financial set a C$37.00 target price on BCE and gave the company a "market perform" rating in a research note on Thursday, July 16th. Finally, TD Securities raised BCE from a "hold" rating to a "buy" rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of C$37.31.

BCE Trading Down 0.8%

Shares of TSE:BCE traded down C$0.25 during trading on Friday, hitting C$31.62. 1,369,056 shares of the company's stock were exchanged, compared to its average volume of 4,197,726. The company has a current ratio of 0.66, a quick ratio of 0.43 and a debt-to-equity ratio of 183.90. The firm has a market cap of C$29.49 billion, a P/E ratio of 4.67, a PEG ratio of 4.67 and a beta of 0.30. The firm has a 50-day moving average price of C$31.81 and a two-hundred day moving average price of C$33.41. BCE has a 1-year low of C$29.66 and a 1-year high of C$36.25.

BCE (TSE:BCE - Get Free Report) NYSE: BCE last announced its quarterly earnings data on Thursday, August 6th. The company reported C$0.65 earnings per share for the quarter. BCE had a net margin of 26.07% and a return on equity of 29.69%. The business had revenue of C$6.18 billion for the quarter. Equities analysts predict that BCE will post 3.1120864 earnings per share for the current year.

Insider Activity

In related news, insider Sean Cohan sold 3,645 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of C$33.48, for a total transaction of C$122,034.60. Also, Director Louis Vachon bought 15,000 shares of BCE stock in a transaction on Monday, May 11th. The shares were acquired at an average price of C$33.39 per share, for a total transaction of C$500,850.00. Following the completion of the acquisition, the director owned 75,000 shares of the company's stock, valued at approximately C$2,504,250. This represents a 25.00% increase in their position. Insiders have sold 11,255 shares of company stock worth $376,464 in the last 90 days. Corporate insiders own 0.02% of the company's stock.

BCE Company Profile

Bell Media is Canada's leading media and entertainment company with a portfolio of assets in premium video, audio, out-of-home advertising, and digital media. This includes Canada's most-watched television network, CTV; the largest Canadian-owned video streamer, Crave, with a premium add-on to include STARZ; a powerful suite of specialty channels; the most-trusted news brand, CTV News; Canada's cross-platform sports leaders, TSN and RDS; leading out-of-home advertising network, Astral; Québec's fast-growing conventional French-language network, Noovo; the country's leading radio and podcast app, iHeartRadio Canada; and a range of award-winning original productions, brands, and services.

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