Northern Trust Corp Sells 99,338 Shares of BCE, Inc. (BCE)
Northern Trust Corp cut its holdings in BCE, Inc. (NYSE:BCE) (TSE:BCE) by 13.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 659,578 shares of the utilities provider’s stock after selling 99,338 shares during the quarter. Northern Trust Corp owned about 0.07% of BCE worth $29,708,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. bought a new position in shares of BCE during the second quarter worth $93,848,000. Canada Pension Plan Investment Board lifted its position in BCE by 3,184.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,540,242 shares of the utilities provider’s stock valued at $69,262,000 after acquiring an additional 1,493,348 shares in the last quarter. OMERS ADMINISTRATION Corp lifted its position in BCE by 113.9% in the 2nd quarter. OMERS ADMINISTRATION Corp now owns 2,088,120 shares of the utilities provider’s stock valued at $93,899,000 after acquiring an additional 1,111,892 shares in the last quarter. Miller Howard Investments Inc. NY lifted its position in BCE by 112.9% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 1,460,609 shares of the utilities provider’s stock valued at $65,786,000 after acquiring an additional 774,454 shares in the last quarter. Finally, TD Asset Management Inc. lifted its position in BCE by 3.7% in the 2nd quarter. TD Asset Management Inc. now owns 18,546,068 shares of the utilities provider’s stock valued at $833,976,000 after acquiring an additional 667,600 shares in the last quarter. 42.72% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on BCE shares. BidaskClub cut shares of BCE from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Argus started coverage on shares of BCE in a research note on Tuesday, July 18th. They set a “hold” rating on the stock. Barclays PLC boosted their price objective on shares of BCE from $47.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, August 4th. Zacks Investment Research lowered shares of BCE from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 7th. Finally, Morgan Stanley reduced their target price on shares of BCE from $62.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, September 27th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $56.83.
Shares of BCE, Inc. (NYSE:BCE) opened at 47.38 on Thursday. The stock’s 50 day moving average is $47.33 and its 200 day moving average is $46.05. The firm has a market capitalization of $42.66 billion, a PE ratio of 17.77 and a beta of 0.35. BCE, Inc. has a 52-week low of $41.83 and a 52-week high of $48.27.
BCE (NYSE:BCE) (TSE:BCE) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.65 EPS for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.02). BCE had a net margin of 12.85% and a return on equity of 21.08%. The business had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.65 billion. During the same quarter last year, the firm posted $0.94 EPS. The business’s quarterly revenue was up 6.7% on a year-over-year basis. On average, equities research analysts forecast that BCE, Inc. will post $2.67 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Sunday, October 15th. Shareholders of record on Friday, September 15th were paid a dividend of $0.575 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.30 annualized dividend and a yield of 4.85%. This is a boost from BCE’s previous quarterly dividend of $0.53. BCE’s dividend payout ratio is currently 94.26%.
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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