Scotia Forecasts Strong Price Appreciation for BCE (TSE:BCE) Stock

Key Points

• Scotia raised its BCE price target to C$40 from C$39 and maintained a “sector outperform” rating, implying 26.5% upside from the prior close.
• Analyst sentiment remains positive overall, with BCE holding a consensus “Moderate Buy” rating and an average target price of C$37.31, despite several recent target-price reductions.
• BCE shares fell 0.8% to C$31.62, while the company reported quarterly revenue of C$6.18 billion and EPS of C$0.65; its high debt-to-equity ratio of 183.9% remains a notable financial risk.

BCE (TSE:BCE - Get Free Report) NYSE: BCE had its price target increased by analysts at Scotia from C$39.00 to C$40.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage presently has a "sector outperform" rating on the stock. Scotia's price target points to a potential upside of 26.50% from the stock's previous close.

A number of other analysts have also weighed in on BCE. Desjardins cut their target price on shares of BCE from C$43.50 to C$41.00 and set a "buy" rating on the stock in a research note on Friday. Royal Bank Of Canada dropped their price objective on shares of BCE from C$39.00 to C$36.00 and set an "outperform" rating on the stock in a research report on Friday, July 10th. Morgan Stanley upgraded shares of BCE from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from C$31.00 to C$35.00 in a report on Tuesday, July 21st. TD upgraded shares of BCE from a "hold" rating to a "buy" rating and set a C$37.00 target price for the company in a research note on Thursday, July 2nd. Finally, Raymond James Financial set a C$37.00 target price on BCE and gave the company a "market perform" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of C$37.31.

BCE Trading Down 0.8%

Shares of BCE stock traded down C$0.25 on Friday, hitting C$31.62. The stock had a trading volume of 1,369,056 shares, compared to its average volume of 4,197,726. The company's 50 day moving average price is C$31.81 and its 200-day moving average price is C$33.41. BCE has a 1 year low of C$29.66 and a 1 year high of C$36.25. The company has a debt-to-equity ratio of 183.90, a current ratio of 0.66 and a quick ratio of 0.43. The firm has a market capitalization of C$29.49 billion, a P/E ratio of 4.67, a P/E/G ratio of 4.67 and a beta of 0.30.

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

Insider Activity at BCE

In other BCE news, insider Karine Moses sold 3,500 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of C$33.25, for a total value of C$116,375.00. Following the completion of the transaction, the insider owned 3,712 shares in the company, valued at C$123,424. This represents a 48.53% decrease in their ownership of the stock. Also, Director Louis Vachon acquired 15,000 shares of the company's stock in a transaction on Monday, May 11th. The shares were purchased at an average cost of C$33.39 per share, for a total transaction of C$500,850.00. Following the acquisition, the director owned 75,000 shares of the company's stock, valued at approximately C$2,504,250. The trade was a 25.00% increase in their position. Insiders have sold 11,255 shares of company stock valued at $376,464 over the last quarter. 0.02% of the stock is owned by insiders.

About BCE

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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