BCE, Inc. (BCE) Stake Increased by Bank of New York Mellon Corp
Bank of New York Mellon Corp boosted its stake in BCE, Inc. (NYSE:BCE) (TSE:BCE) by 0.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 353,191 shares of the utilities provider’s stock after buying an additional 1,677 shares during the period. Bank of New York Mellon Corp’s holdings in BCE were worth $15,636,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of BCE. Cribstone Capital Management LLC raised its stake in BCE by 63.9% in the first quarter. Cribstone Capital Management LLC now owns 4,762 shares of the utilities provider’s stock valued at $215,000 after buying an additional 1,857 shares during the last quarter. Round Table Services LLC purchased a new stake in BCE during the first quarter valued at about $215,000. Regentatlantic Capital LLC raised its stake in BCE by 5.6% in the first quarter. Regentatlantic Capital LLC now owns 6,135 shares of the utilities provider’s stock valued at $272,000 after buying an additional 328 shares during the last quarter. Gradient Investments LLC raised its stake in BCE by 16,735.1% in the first quarter. Gradient Investments LLC now owns 6,229 shares of the utilities provider’s stock valued at $276,000 after buying an additional 6,192 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in BCE by 302.0% in the fourth quarter. Bessemer Group Inc. now owns 7,072 shares of the utilities provider’s stock valued at $306,000 after buying an additional 5,313 shares during the last quarter. Hedge funds and other institutional investors own 44.21% of the company’s stock.
BCE (NYSE:BCE) (TSE:BCE) last released its quarterly earnings results on Wednesday, April 26th. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.01. The business had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.37 billion. BCE had a return on equity of 22.03% and a net margin of 13.36%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 EPS.
The company also recently declared a quarterly dividend, which will be paid on Saturday, July 15th. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.5316 per share. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $2.13 dividend on an annualized basis and a dividend yield of 4.75%. BCE’s dividend payout ratio is currently 85.89%.
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Several equities analysts recently weighed in on the stock. Citigroup Inc. upgraded shares of BCE from a “neutral” rating to a “buy” rating in a research report on Thursday, April 6th. BidaskClub upgraded shares of BCE from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Barclays PLC assumed coverage on shares of BCE in a research report on Tuesday, March 21st. They set an “overweight” rating and a $47.00 price target for the company. Zacks Investment Research lowered shares of BCE from a “hold” rating to a “sell” rating in a research report on Wednesday, May 3rd. Finally, Canaccord Genuity set a $60.00 price target on shares of BCE and gave the company a “hold” rating in a research report on Tuesday, May 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $59.33.
BCE Company Profile
BCE Inc is a communications company. The Company’s segments include Bell Wireless, Bell Wireline and Bell Media. Its Bell Wireless segment provides wireless voice and data communications products and services to its residential, small and medium-sized business and large enterprise customers across Canada.
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