Letko Brosseau & Associates Inc. Purchases 567,705 Shares of BCE, Inc. (NYSE:BCE)

Letko Brosseau & Associates Inc. lifted its position in shares of BCE, Inc. (NYSE:BCE) (TSE:BCE) by 12.2% during the first quarter, Holdings Channel reports. The institutional investor owned 5,202,254 shares of the utilities provider’s stock after purchasing an additional 567,705 shares during the period. BCE makes up approximately 2.5% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 13th biggest position. Letko Brosseau & Associates Inc.’s holdings in BCE were worth $119,389,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BCE. Fiduciary Alliance LLC raised its holdings in BCE by 5.2% during the first quarter. Fiduciary Alliance LLC now owns 10,448 shares of the utilities provider’s stock valued at $240,000 after acquiring an additional 519 shares during the period. Bridgewater Associates LP grew its position in shares of BCE by 4.7% during the fourth quarter. Bridgewater Associates LP now owns 13,655 shares of the utilities provider’s stock worth $316,000 after purchasing an additional 614 shares in the last quarter. Transcend Capital Advisors LLC raised its stake in BCE by 7.8% during the 1st quarter. Transcend Capital Advisors LLC now owns 11,332 shares of the utilities provider’s stock valued at $260,000 after purchasing an additional 816 shares during the period. Kingsview Wealth Management LLC lifted its holdings in BCE by 10.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 9,776 shares of the utilities provider’s stock worth $224,000 after purchasing an additional 916 shares in the last quarter. Finally, Bernard Wealth Management Corp. purchased a new position in BCE in the 4th quarter worth approximately $26,000. Institutional investors own 41.46% of the company’s stock.

BCE Price Performance

BCE stock opened at $23.68 on Wednesday. BCE, Inc. has a 52 week low of $20.28 and a 52 week high of $36.17. The firm has a market capitalization of $22.08 billion, a P/E ratio of 91.07, a price-to-earnings-growth ratio of 3.91 and a beta of 0.61. The company has a fifty day simple moving average of $22.70 and a two-hundred day simple moving average of $22.77. The company has a quick ratio of 0.61, a current ratio of 0.64 and a debt-to-equity ratio of 2.40.

BCE (NYSE:BCE) (TSE:BCE) last announced its quarterly earnings results on Thursday, May 8th. The utilities provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.04. The firm had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $5.92 billion. BCE had a net margin of 1.82% and a return on equity of 19.22%. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 EPS. Analysts anticipate that BCE, Inc. will post 1.94 earnings per share for the current fiscal year.

BCE Cuts Dividend

The business also recently declared a dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, June 17th were issued a dividend of $0.4375 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a yield of 5.65%. BCE’s payout ratio is presently 488.46%.

Analyst Upgrades and Downgrades

BCE has been the subject of a number of research analyst reports. National Bank Financial raised shares of BCE from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 3rd. Scotiabank raised shares of BCE from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, June 2nd. Cibc World Mkts downgraded shares of BCE from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 3rd. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $35.00 price target on shares of BCE in a research note on Wednesday, May 14th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $38.67.

BCE 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.