BCE (NYSE:BCE) Given New $62.00 Price Target at Scotiabank

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BCE (NYSE:BCE) (TSE:BCE) had its price objective cut by Scotiabank from $63.00 to $62.00 in a research report report published on Wednesday, The Fly reports. They currently have an outperform rating on the utilities provider’s stock.

Several other brokerages have also weighed in on BCE. Zacks Investment Research lowered shares of BCE from a hold rating to a sell rating and set a $43.00 price objective on the stock. in a report on Friday, May 29th. Veritas Investment Research lowered shares of BCE from a buy rating to a sell rating in a report on Wednesday, April 8th. CIBC dropped their price objective on shares of BCE from $63.00 to $61.00 and set a neutral rating on the stock in a report on Friday, May 8th. UBS Group dropped their price objective on shares of BCE from $62.00 to $58.00 and set a neutral rating on the stock in a report on Monday, April 20th. Finally, Canaccord Genuity reiterated a buy rating and set a $59.00 price objective (down previously from $61.00) on shares of BCE in a report on Wednesday, July 22nd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. BCE presently has an average rating of Hold and a consensus price target of $58.00.

BCE stock opened at $41.93 on Wednesday. The firm has a market cap of $37.92 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 4.12 and a beta of 0.38. The company has a quick ratio of 0.83, a current ratio of 0.88 and a debt-to-equity ratio of 1.31. BCE has a 12-month low of $31.66 and a 12-month high of $49.58. The company’s fifty day simple moving average is $41.74 and its 200 day simple moving average is $42.69.

BCE (NYSE:BCE) (TSE:BCE) last released its earnings results on Thursday, May 7th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.24. The business had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.65 billion. BCE had a net margin of 12.63% and a return on equity of 18.24%. BCE’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 earnings per share. Research analysts expect that BCE will post 2.24 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were issued a $0.5883 dividend. The ex-dividend date was Friday, June 12th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 5.61%. BCE’s dividend payout ratio is presently 92.80%.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Balentine LLC acquired a new stake in shares of BCE in the 1st quarter worth about $33,000. Arden Trust Co bought a new stake in BCE in the 1st quarter worth about $38,000. CVA Family Office LLC grew its position in BCE by 149.1% in the 2nd quarter. CVA Family Office LLC now owns 1,395 shares of the utilities provider’s stock worth $58,000 after purchasing an additional 835 shares in the last quarter. Truvestments Capital LLC bought a new stake in BCE in the 1st quarter worth about $59,000. Finally, Cerebellum GP LLC bought a new stake in BCE in the 2nd quarter worth about $75,000. Institutional investors own 45.60% of the company’s stock.

About BCE

BCE Inc, a telecommunications and media company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. It operates in three segments: Bell Wireless, Bell Wireline, and Bell Media. The Bell Wireless segment offers wireless voice and data communications products and services, including 40 live and on-demand channels on smartphones and tablets; roaming services; push-to-talk, field service management, worker safety, and mobility management solutions; and asset management, smart buildings, smart cities, fleet management, and other Internet of Things services.

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