BCE (NYSE:BCE) Shares Up 1.6% - Here's Why

BCE Inc. (NYSE:BCE - Get Free Report) TSE: BCE shares shot up 1.6% on Thursday . The stock traded as high as $23.61 and last traded at $23.64. 383,030 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 3,587,677 shares. The stock had previously closed at $23.26.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BCE. JPMorgan Chase & Co. cut shares of BCE from a "neutral" rating to an "underweight" rating in a research report on Friday, February 7th. Morgan Stanley began coverage on shares of BCE in a research report on Monday, December 16th. They set an "underweight" rating for the company. Canaccord Genuity Group reissued a "hold" rating on shares of BCE in a research note on Tuesday, November 5th. Canaccord Genuity Group lowered shares of BCE from a "buy" rating to a "hold" rating in a research note on Tuesday, November 5th. Finally, Bank of America lowered shares of BCE from a "neutral" rating to an "underperform" rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $40.50.

BCE Price Performance

The stock has a market capitalization of $21.76 billion, a price-to-earnings ratio of 198.79, a P/E/G ratio of 3.91 and a beta of 0.57. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 2.26. The business's 50 day simple moving average is $23.63 and its 200-day simple moving average is $29.36.

BCE (NYSE:BCE - Get Free Report) TSE: BCE last posted its quarterly earnings results on Thursday, February 6th. The utilities provider reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.03. BCE had a net margin of 0.99% and a return on equity of 17.89%. On average, research analysts forecast that BCE Inc. will post 2 earnings per share for the current year.

BCE Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.6965 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.79 annualized dividend and a yield of 11.68%. BCE's payout ratio is 2,283.33%.

Institutional Trading of BCE

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP increased its stake in shares of BCE by 217.6% in the 4th quarter. Allworth Financial LP now owns 1,153 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 790 shares in the last quarter. WealthCollab LLC purchased a new position in BCE during the 4th quarter worth $27,000. Blue Trust Inc. boosted its holdings in BCE by 1,147.3% during the 4th quarter. Blue Trust Inc. now owns 1,397 shares of the utilities provider's stock worth $32,000 after acquiring an additional 1,285 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in BCE by 67.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,981 shares of the utilities provider's stock worth $46,000 after acquiring an additional 799 shares during the last quarter. Finally, Vision Financial Markets LLC purchased a new position in BCE during the 4th quarter worth $49,000. Institutional investors own 41.46% of the company's stock.

About BCE

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.