BCE, Inc. (NYSE:BCE) Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. has reduced its stake in BCE, Inc. by 32.8%, leaving it with approximately 0.06% ownership valued at $13.5 million.
• BCE reported a net loss in earnings per share for the last quarter, missing analysts' estimates, with a revenue of $4.47 billion compared to expectations of $5.91 billion.
• The company recently cut its dividend payout, resulting in a payout ratio of 437.93%, indicating a significant strain on its financials.

Citigroup Inc. decreased its holdings in BCE, Inc. (NYSE:BCE - Free Report) TSE: BCE by 32.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 588,122 shares of the utilities provider's stock after selling 287,094 shares during the period. Citigroup Inc. owned approximately 0.06% of BCE worth $13,497,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Fiduciary Alliance LLC grew its position in shares of BCE by 5.2% during the first quarter. Fiduciary Alliance LLC now owns 10,448 shares of the utilities provider's stock worth $240,000 after buying an additional 519 shares in the last quarter. Bridgewater Associates LP grew its position in shares of BCE by 4.7% during the fourth quarter. Bridgewater Associates LP now owns 13,655 shares of the utilities provider's stock worth $316,000 after buying an additional 614 shares in the last quarter. Transcend Capital Advisors LLC grew its position in shares of BCE by 7.8% during the first quarter. Transcend Capital Advisors LLC now owns 11,332 shares of the utilities provider's stock worth $260,000 after buying an additional 816 shares in the last quarter. Kingsview Wealth Management LLC grew its position in shares of BCE by 10.3% during the first quarter. Kingsview Wealth Management LLC now owns 9,776 shares of the utilities provider's stock worth $224,000 after buying an additional 916 shares in the last quarter. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of BCE during the fourth quarter worth approximately $26,000. Hedge funds and other institutional investors own 41.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on BCE. Cibc World Mkts downgraded shares of BCE from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 3rd. Scotiabank upgraded shares of BCE from a "sector perform" rating to a "sector outperform" rating in a research note on Monday, June 2nd. TD Securities reiterated a "hold" rating on shares of BCE in a research note on Friday, August 8th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $35.00 target price on shares of BCE in a research note on Wednesday, May 14th. Finally, National Bankshares reiterated an "outperform" rating on shares of BCE in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $38.67.

BCE Stock Performance

Shares of BCE stock traded up $0.23 during trading on Friday, hitting $25.60. 3,383,810 shares of the stock were exchanged, compared to its average volume of 3,043,904. The stock's fifty day moving average is $23.34 and its 200 day moving average is $22.85. The stock has a market cap of $23.87 billion, a PE ratio of 88.28, a P/E/G ratio of 4.30 and a beta of 0.62. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.57 and a current ratio of 0.61. BCE, Inc. has a 12 month low of $20.28 and a 12 month high of $36.17.

BCE (NYSE:BCE - Get Free Report) TSE: BCE last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.06). The firm had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $5.91 billion. BCE had a return on equity of 18.89% and a net margin of 1.96%. The firm's revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.78 EPS. As a group, sell-side analysts anticipate that BCE, Inc. will post 1.94 EPS for the current year.

BCE Cuts Dividend

The company also recently declared a dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 17th were given a dividend of $0.4375 per share. The ex-dividend date was Monday, June 16th. This represents a dividend yield of 565.0%. BCE's dividend payout ratio is currently 434.48%.

BCE 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.