Clearbridge Investments LLC Makes New $85.84 Million Investment in BCE Inc. (NYSE:BCE)

Clearbridge Investments LLC purchased a new stake in shares of BCE Inc. (NYSE:BCE - Free Report) TSE: BCE in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 2,179,785 shares of the utilities provider's stock, valued at approximately $85,840,000. Clearbridge Investments LLC owned 0.24% of BCE as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its position in shares of BCE by 239.9% in the 4th quarter. Hexagon Capital Partners LLC now owns 707 shares of the utilities provider's stock worth $28,000 after purchasing an additional 499 shares during the period. Larson Financial Group LLC lifted its position in shares of BCE by 120,000.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,201 shares of the utilities provider's stock worth $46,000 after purchasing an additional 1,200 shares during the period. JCIC Asset Management Inc. lifted its position in shares of BCE by 26.5% in the 4th quarter. JCIC Asset Management Inc. now owns 1,189 shares of the utilities provider's stock worth $47,000 after purchasing an additional 249 shares during the period. Cary Street Partners Investment Advisory LLC lifted its position in shares of BCE by 147.7% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,744 shares of the utilities provider's stock worth $67,000 after purchasing an additional 1,040 shares during the period. Finally, Tucker Asset Management LLC lifted its position in shares of BCE by 35.7% in the 3rd quarter. Tucker Asset Management LLC now owns 2,413 shares of the utilities provider's stock worth $92,000 after purchasing an additional 635 shares during the period. Hedge funds and other institutional investors own 41.46% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. BMO Capital Markets reiterated a "market perform" rating and issued a $46.00 price target (down from $54.00) on shares of BCE in a research note on Tuesday, April 2nd. TD Securities lowered shares of BCE from a "buy" rating to a "hold" rating in a research note on Friday, February 2nd. Argus lowered shares of BCE from a "buy" rating to a "hold" rating in a research note on Monday, March 4th. Barclays decreased their price target on shares of BCE from $38.00 to $35.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 9th. Finally, JPMorgan Chase & Co. decreased their price target on shares of BCE from $58.00 to $54.00 and set a "neutral" rating for the company in a research note on Friday, February 9th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $49.00.

BCE Stock Up 0.9 %

NYSE:BCE traded up $0.30 on Wednesday, reaching $34.15. 2,117,904 shares of the stock traded hands, compared to its average volume of 2,431,192. The company has a market capitalization of $31.15 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 4.62 and a beta of 0.55. The company has a current ratio of 0.61, a quick ratio of 0.57 and a debt-to-equity ratio of 1.87. BCE Inc. has a 12 month low of $31.82 and a 12 month high of $46.89. The company's fifty day simple moving average is $33.47 and its 200 day simple moving average is $37.18.

BCE Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.738 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.95 dividend on an annualized basis and a yield of 8.65%. BCE's dividend payout ratio is currently 204.86%.

BCE Company 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.