Griffin Asset Management Inc. Acquires 230 Shares of BCE Inc. (NYSE:BCE)

Griffin Asset Management Inc. raised its holdings in BCE Inc. (NYSE:BCEGet Rating) (TSE:BCE) by 5.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,728 shares of the utilities provider’s stock after acquiring an additional 230 shares during the quarter. Griffin Asset Management Inc.’s holdings in BCE were worth $262,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BCE. National Bank of Canada FI bought a new position in BCE in the fourth quarter valued at approximately $236,372,000. Alberta Investment Management Corp boosted its stake in BCE by 316.4% in the fourth quarter. Alberta Investment Management Corp now owns 5,197,850 shares of the utilities provider’s stock valued at $270,808,000 after acquiring an additional 3,949,450 shares during the last quarter. Mufg Securities Canada LTD. boosted its stake in BCE by 614.3% in the fourth quarter. Mufg Securities Canada LTD. now owns 3,455,505 shares of the utilities provider’s stock valued at $179,970,000 after acquiring an additional 2,971,760 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in BCE by 30.8% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,714,300 shares of the utilities provider’s stock worth $454,014,000 after purchasing an additional 2,050,000 shares during the period. Finally, Toronto Dominion Bank raised its holdings in BCE by 10.2% in the fourth quarter. Toronto Dominion Bank now owns 9,913,483 shares of the utilities provider’s stock worth $538,284,000 after purchasing an additional 918,122 shares during the period. 44.77% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:BCE opened at $47.99 on Thursday. BCE Inc. has a 12 month low of $47.25 and a 12 month high of $59.34. The company has a quick ratio of 0.59, a current ratio of 0.65 and a debt-to-equity ratio of 1.35. The company’s fifty day simple moving average is $53.54 and its 200 day simple moving average is $53.25. The firm has a market cap of $43.76 billion, a price-to-earnings ratio of 18.53, a PEG ratio of 4.38 and a beta of 0.46.

BCE (NYSE:BCEGet Rating) (TSE:BCE) last issued its quarterly earnings data on Thursday, May 5th. The utilities provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.06. BCE had a net margin of 12.85% and a return on equity of 15.75%. The business had revenue of $5.85 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same period last year, the business posted $0.62 earnings per share. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. Research analysts expect that BCE Inc. will post 2.65 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Wednesday, June 15th will be paid a $0.715 dividend. The ex-dividend date is Tuesday, June 14th. This represents a $2.86 annualized dividend and a yield of 5.96%. BCE’s payout ratio is currently 111.20%.

Several research firms have weighed in on BCE. Royal Bank of Canada increased their target price on shares of BCE from C$69.00 to C$70.00 in a report on Friday, May 6th. Argus increased their target price on shares of BCE from $54.00 to $60.00 in a report on Wednesday, March 23rd. StockNews.com began coverage on shares of BCE in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Canaccord Genuity Group cut their target price on shares of BCE from C$71.00 to C$70.00 and set a “hold” rating on the stock in a report on Friday, May 6th. Finally, Bank of America lowered shares of BCE from a “buy” rating to a “neutral” rating in a report on Monday, March 14th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $67.18.

BCE Company Profile (Get Rating)

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.

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Institutional Ownership by Quarter for BCE (NYSE:BCE)

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