BCE (NYSE:BCE) Shares Gap Down - Here's What Happened

BCE Inc. (NYSE:BCE - Get Free Report) TSE: BCE's share price gapped down before the market opened on Tuesday . The stock had previously closed at $23.21, but opened at $22.61. BCE shares last traded at $22.58, with a volume of 365,670 shares changing hands.

Analyst Ratings Changes

Several research firms recently issued reports on BCE. National Bank Financial lowered shares of BCE from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 30th. Canaccord Genuity Group reiterated a "hold" rating on shares of BCE in a research note on Tuesday, November 5th. Edward Jones lowered BCE from a "buy" rating to a "hold" rating in a report on Tuesday, November 5th. Canaccord Genuity Group lowered BCE from a "buy" rating to a "hold" rating in a report on Tuesday, November 5th. Finally, Morgan Stanley assumed coverage on BCE in a report on Monday, December 16th. They set an "underweight" rating on the stock. Two analysts have rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $45.00.

BCE Trading Up 0.3 %

The company has a market capitalization of $20.80 billion, a P/E ratio of 325.79, a P/E/G ratio of 3.76 and a beta of 0.56. The company has a 50-day simple moving average of $25.24 and a 200 day simple moving average of $30.75. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.60 and a current ratio of 0.62.

BCE Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were given a dividend of $0.737 per share. The ex-dividend date was Monday, December 16th. This represents a $2.95 dividend on an annualized basis and a yield of 12.93%. This is a positive change from BCE's previous quarterly dividend of $0.73. BCE's payout ratio is 4,028.57%.

Hedge Funds Weigh In On BCE

Several large investors have recently added to or reduced their stakes in the company. National Bank of Canada FI increased its position in shares of BCE by 4.8% during the third quarter. National Bank of Canada FI now owns 18,873,961 shares of the utilities provider's stock valued at $656,421,000 after purchasing an additional 864,472 shares during the period. Toronto Dominion Bank boosted its stake in BCE by 12.0% during the second quarter. Toronto Dominion Bank now owns 8,450,810 shares of the utilities provider's stock worth $273,553,000 after buying an additional 905,857 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in BCE by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,068,728 shares of the utilities provider's stock valued at $163,932,000 after buying an additional 21,487 shares during the period. JPMorgan Chase & Co. raised its stake in shares of BCE by 25.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,657,533 shares of the utilities provider's stock valued at $127,282,000 after buying an additional 738,656 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of BCE by 48.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,563,534 shares of the utilities provider's stock worth $123,877,000 after acquiring an additional 1,166,800 shares during the period. Institutional investors and hedge funds own 41.46% of the company's stock.

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.