Zurcher Kantonalbank Zurich Cantonalbank Acquires 12,590 Shares of BCE, Inc. (NYSE:BCE)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in BCE, Inc. by 59.2%, holding 33,847 shares valued at $777,000, according to a recent SEC filing.
• Several hedge funds have significantly boosted their investments in BCE during the fourth quarter, with Geode Capital Management increasing its stake by 114.1%.
• BCE recently cut its dividend payout to $0.4375, resulting in a dividend payout ratio of 488.46%, and reported lower revenue of $4.12 billion for the last quarter compared to analysts' expectations.

Zurcher Kantonalbank Zurich Cantonalbank raised its position in BCE, Inc. (NYSE:BCE - Free Report) TSE: BCE by 59.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,847 shares of the utilities provider's stock after purchasing an additional 12,590 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in BCE were worth $777,000 as of its most recent filing with the Securities and Exchange Commission.

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

BCE Stock Performance

BCE stock traded up $0.60 during midday trading on Friday, reaching $24.38. The stock had a trading volume of 3,710,434 shares, compared to its average volume of 3,291,789. The firm's 50-day moving average price is $22.99 and its 200 day moving average price is $22.80. The firm has a market capitalization of $22.73 billion, a PE ratio of 93.75, a P/E/G ratio of 3.82 and a beta of 0.62. BCE, Inc. has a 12 month low of $20.28 and a 12 month high of $36.17. The company has a quick ratio of 0.61, a current ratio of 0.64 and a debt-to-equity ratio of 2.40.

BCE (NYSE:BCE - Get Free Report) TSE: BCE last posted its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.06). The business had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $5.91 billion. BCE had a net margin of 1.82% and a return on equity of 19.22%. BCE's quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.78 EPS. As a group, research analysts predict that BCE, Inc. will post 1.94 earnings per share for the current fiscal year.

BCE Cuts Dividend

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

Analyst Ratings Changes

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

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.