Goldman Sachs Group Inc. Acquires 2,708,625 Shares of BCE Inc. (NYSE:BCE)

Goldman Sachs Group Inc. lifted its holdings in BCE Inc. (NYSE:BCEFree Report) (TSE:BCE) by 171.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,284,802 shares of the utilities provider’s stock after purchasing an additional 2,708,625 shares during the quarter. Goldman Sachs Group Inc. owned 0.47% of BCE worth $168,736,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. JCIC Asset Management Inc. lifted its position in shares of BCE by 26.5% in the fourth quarter. JCIC Asset Management Inc. now owns 1,189 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 249 shares in the last quarter. Maryland State Retirement & Pension System lifted its position in shares of BCE by 0.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 31,420 shares of the utilities provider’s stock worth $1,238,000 after purchasing an additional 274 shares in the last quarter. Cape Investment Advisory Inc. raised its position in BCE by 84.1% during the fourth quarter. Cape Investment Advisory Inc. now owns 659 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 301 shares in the last quarter. Raleigh Capital Management Inc. raised its position in BCE by 0.6% during the third quarter. Raleigh Capital Management Inc. now owns 52,805 shares of the utilities provider’s stock worth $2,016,000 after acquiring an additional 311 shares in the last quarter. Finally, Great Lakes Retirement Inc. raised its position in BCE by 1.6% during the fourth quarter. Great Lakes Retirement Inc. now owns 21,963 shares of the utilities provider’s stock worth $865,000 after acquiring an additional 340 shares in the last quarter. Institutional investors own 41.46% of the company’s stock.

BCE Price Performance

NYSE:BCE opened at $34.24 on Friday. BCE Inc. has a one year low of $31.82 and a one year high of $46.58. The company has a market cap of $31.23 billion, a P/E ratio of 23.77, a P/E/G ratio of 5.45 and a beta of 0.57. The firm’s fifty day moving average price is $33.42 and its two-hundred day moving average price is $36.74. 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 quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. BCE had a net margin of 7.53% and a return on equity of 16.86%. The business had revenue of $4.46 billion for the quarter, compared to the consensus estimate of $4.47 billion. Equities analysts expect that BCE Inc. will post 2.21 earnings per share for the current year.

BCE Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a $0.738 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.95 annualized dividend and a dividend yield of 8.62%. BCE’s dividend payout ratio (DPR) is presently 204.86%.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Report on BCE

About BCE

(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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