BCE (NYSE:BCE) Reaches New 1-Year Low - Here's What Happened

BCE Inc. (NYSE:BCE - Get Free Report) TSE: BCE's share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $29.06 and last traded at $29.64, with a volume of 2229589 shares trading hands. The stock had previously closed at $32.10.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BCE. Barclays reduced their price target on BCE from $35.00 to $34.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 9th. BMO Capital Markets raised their target price on shares of BCE from $48.00 to $51.00 and gave the company a "market perform" rating in a research report on Thursday, September 19th. Cibc World Mkts raised shares of BCE from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 2nd. Finally, National Bank Financial cut BCE from a "strong-buy" rating to a "hold" rating in a report on Monday, September 30th. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, BCE currently has an average rating of "Hold" and a consensus target price of $46.33.

BCE Price Performance

The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $26.57 billion, a price-to-earnings ratio of 18.64, a P/E/G ratio of 5.39 and a beta of 0.59. The company's 50 day moving average is $34.25 and its 200-day moving average is $33.72.

BCE (NYSE:BCE - Get Free Report) TSE: BCE last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.19. BCE had a return on equity of 17.10% and a net margin of 8.39%. The business had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same period in the previous year, the firm earned $0.59 EPS. Equities research analysts anticipate that BCE Inc. will post 2.2 earnings per share for the current year.

Hedge Funds Weigh In On BCE

Several large investors have recently modified their holdings of the stock. Intact Investment Management Inc. grew its stake in BCE by 66.4% in the 3rd quarter. Intact Investment Management Inc. now owns 1,360,980 shares of the utilities provider's stock valued at $47,320,000 after buying an additional 543,320 shares during the last quarter. Pathway Financial Advisers LLC lifted its holdings in BCE by 3,355.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,852,025 shares of the utilities provider's stock worth $64,450,000 after purchasing an additional 1,798,427 shares during the last quarter. CIBC Asset Management Inc boosted its stake in BCE by 23.8% in the 2nd quarter. CIBC Asset Management Inc now owns 5,520,090 shares of the utilities provider's stock valued at $178,677,000 after purchasing an additional 1,061,488 shares during the period. Creative Planning increased its position in BCE by 116.0% during the 2nd quarter. Creative Planning now owns 56,099 shares of the utilities provider's stock worth $1,816,000 after buying an additional 30,125 shares during the period. Finally, &PARTNERS acquired a new stake in shares of BCE during the second quarter worth $298,000. 41.46% of the stock is owned by institutional investors.

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.