Baird Financial Group Inc. Sells 2,451 Shares of BCE Inc. (NYSE:BCE)

Baird Financial Group Inc. decreased its holdings in shares of BCE Inc. (NYSE:BCEGet Rating) (TSE:BCE) by 6.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,581 shares of the utilities provider’s stock after selling 2,451 shares during the quarter. Baird Financial Group Inc.’s holdings in BCE were worth $1,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. Bank of Nova Scotia grew its position in shares of BCE by 47.9% during the 2nd quarter. Bank of Nova Scotia now owns 13,889,035 shares of the utilities provider’s stock valued at $682,737,000 after purchasing an additional 4,501,302 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in BCE by 53.5% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 13,375,600 shares of the utilities provider’s stock worth $742,107,000 after acquiring an additional 4,661,300 shares in the last quarter. Eubel Brady & Suttman Asset Management Inc. purchased a new position in BCE in the first quarter worth $12,960,000. Vanguard Group Inc. grew its position in BCE by 4.3% in the first quarter. Vanguard Group Inc. now owns 12,312,482 shares of the utilities provider’s stock worth $682,849,000 after acquiring an additional 504,219 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its position in BCE by 6.1% in the first quarter. 1832 Asset Management L.P. now owns 11,423,037 shares of the utilities provider’s stock worth $625,390,000 after acquiring an additional 659,781 shares in the last quarter. 43.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BCE has been the subject of several research reports. TD Securities upped their target price on shares of BCE from C$62.00 to C$64.00 in a research report on Friday, November 4th. National Bank Financial lowered their price objective on shares of BCE from C$71.00 to C$68.00 in a research note on Thursday, September 29th. Royal Bank of Canada increased their price target on shares of BCE from C$63.00 to C$64.00 in a research note on Friday, November 4th. Barclays decreased their price target on shares of BCE from $51.00 to $48.00 and set an “equal weight” rating for the company in a research note on Monday, October 10th. Finally, StockNews.com assumed coverage on shares of BCE in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, BCE has an average rating of “Hold” and an average target price of $64.18.

BCE Stock Down 0.6 %

BCE opened at $46.51 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.54 and a debt-to-equity ratio of 1.40. BCE Inc. has a 1-year low of $39.88 and a 1-year high of $59.34. The company has a market capitalization of $42.41 billion, a PE ratio of 19.14, a PEG ratio of 3.87 and a beta of 0.55. The firm’s 50 day simple moving average is $44.82 and its two-hundred day simple moving average is $48.64.

BCE Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 16th. Stockholders of record on Thursday, December 15th will be given a dividend of $0.675 per share. The ex-dividend date is Wednesday, December 14th. This represents a $2.70 annualized dividend and a dividend yield of 5.81%. BCE’s payout ratio is 114.81%.

About BCE

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BCE Inc, a telecommunications and media company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through three segments: Bell Wireless, Bell Wireline, and Bell Media. The Bell Wireless segment offers wireless voice and data communication products and services, as well as consumer electronics products.

Further Reading

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Institutional Ownership by Quarter for BCE (NYSE:BCE)

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