Goldman Sachs Group Inc. Boosts Position in BCE Inc. (NYSE:BCE)

Goldman Sachs Group Inc. raised its stake in shares of BCE Inc. (NYSE:BCEFree Report) (TSE:BCE) by 171.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,284,802 shares of the utilities provider’s stock after buying an additional 2,708,625 shares during the quarter. Goldman Sachs Group Inc.’s holdings in BCE were worth $168,736,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BCE. Barclays PLC grew its holdings in BCE by 63.9% during the 3rd quarter. Barclays PLC now owns 50,324 shares of the utilities provider’s stock valued at $1,921,000 after buying an additional 19,615 shares in the last quarter. D.A. Davidson & CO. grew its holdings in BCE by 2.0% during the 3rd quarter. D.A. Davidson & CO. now owns 23,090 shares of the utilities provider’s stock valued at $881,000 after buying an additional 453 shares in the last quarter. HighTower Advisors LLC grew its holdings in BCE by 155.3% during the 3rd quarter. HighTower Advisors LLC now owns 122,888 shares of the utilities provider’s stock valued at $4,689,000 after buying an additional 74,757 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in BCE by 83.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 2,418,950 shares of the utilities provider’s stock valued at $92,768,000 after buying an additional 1,101,200 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in BCE during the 3rd quarter valued at about $181,000. Hedge funds and other institutional investors own 41.46% of the company’s stock.

BCE Stock Performance

NYSE:BCE opened at $34.24 on Friday. The business has a 50 day moving average of $33.42 and a 200 day moving average of $36.74. The company has a market capitalization of $31.23 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 5.45 and a beta of 0.57. BCE Inc. has a 1-year low of $31.82 and a 1-year high of $46.58. The company has a debt-to-equity ratio of 1.87, a current ratio of 0.61 and a quick ratio of 0.57.

BCE (NYSE:BCEGet Free Report) (TSE:BCE) last released its earnings results on Thursday, May 2nd. The utilities provider reported $0.53 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.53. The company had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $4.47 billion. BCE had a return on equity of 16.86% and a net margin of 7.53%. On average, sell-side analysts predict that BCE Inc. will post 2.21 earnings per share for the current fiscal year.

BCE Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be given a $0.738 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.95 dividend on an annualized basis and a yield of 8.62%. BCE’s payout ratio is 204.86%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BCE. Argus lowered BCE from a “buy” rating to a “hold” rating in a report on Monday, March 4th. JPMorgan Chase & Co. cut their price objective on BCE from $58.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, February 9th. CIBC raised BCE from a “neutral” rating to a “sector outperform” rating in a report on Tuesday, April 23rd. BMO Capital Markets reissued a “market perform” rating and set a $46.00 price objective (down previously from $54.00) on shares of BCE in a report on Tuesday, April 2nd. Finally, Barclays cut their price objective on BCE from $38.00 to $35.00 and set an “equal weight” rating for the company in a report on Tuesday, April 9th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $49.00.

Read Our Latest Stock Analysis on BCE

BCE Profile

(Free Report)

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.

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Institutional Ownership by Quarter for BCE (NYSE:BCE)

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