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Scotia Capital Inc. Sells 245,705 Shares of BCE, Inc. (NYSE:BCE)

BCE logo with Utilities background

Key Points

  • Scotia Capital Inc. reduced its stake in BCE, Inc. by 5.0%, selling 245,705 shares and holding 4,681,095 shares post-sale.
  • BCE reported earnings per share of $0.48, surpassing expectations, but its revenue of $4.12 billion fell short of the consensus estimate of $5.92 billion.
  • The company has announced a dividend payout with a yield of 565.0% and a dividend payout ratio of 488.46%.
  • Five stocks to consider instead of BCE.

Scotia Capital Inc. lessened its stake in shares of BCE, Inc. (NYSE:BCE - Free Report) TSE: BCE by 5.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,681,095 shares of the utilities provider's stock after selling 245,705 shares during the period. Scotia Capital Inc. owned 0.51% of BCE worth $107,202,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. bought a new position in BCE during the 4th quarter worth $26,000. WealthCollab LLC bought a new position in BCE during the 4th quarter worth $27,000. GeoWealth Management LLC bought a new position in BCE during the 4th quarter worth $60,000. MassMutual Private Wealth & Trust FSB increased its stake in BCE by 67.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 3,310 shares of the utilities provider's stock worth $76,000 after acquiring an additional 1,329 shares during the period. Finally, ORG Partners LLC increased its stake in BCE by 77.2% during the 1st quarter. ORG Partners LLC now owns 3,891 shares of the utilities provider's stock worth $89,000 after acquiring an additional 1,695 shares during the period. Institutional investors own 41.46% of the company's stock.

BCE Trading Up 1.1%

Shares of BCE opened at $23.58 on Friday. BCE, Inc. has a 52-week low of $20.28 and a 52-week high of $36.17. The business's fifty day moving average is $22.82 and its 200-day moving average is $22.79. 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 has a market cap of $21.99 billion, a price-to-earnings ratio of 90.69, a PEG ratio of 3.87 and a beta of 0.62.

BCE (NYSE:BCE - Get Free Report) TSE: BCE last released its quarterly earnings data on Thursday, May 8th. The utilities provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.04. BCE had a return on equity of 19.22% and a net margin of 1.82%. The company had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $5.92 billion. During the same quarter last year, the business posted $0.75 EPS. BCE's revenue for the quarter was down 1.3% on a year-over-year basis. Equities analysts anticipate that BCE, Inc. will post 1.94 EPS for the current fiscal year.

BCE Cuts Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, June 17th were issued a dividend of $0.4375 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a dividend yield of 565.0%. BCE's dividend payout ratio (DPR) is 488.46%.

Analyst Ratings Changes

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

Check Out Our Latest Research Report on BCE

About BCE

(Free Report)

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.

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Institutional Ownership by Quarter for BCE (NYSE:BCE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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