Envestnet Asset Management Inc. Sells 255,801 Shares of BCE Inc. (NYSE:BCE)

Envestnet Asset Management Inc. reduced its position in BCE Inc. (NYSE:BCEFree Report) (TSE:BCE) by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,712,898 shares of the utilities provider’s stock after selling 255,801 shares during the period. Envestnet Asset Management Inc. owned approximately 0.30% of BCE worth $106,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of BCE. Cape Investment Advisory Inc. boosted its position in BCE by 84.1% in the fourth quarter. Cape Investment Advisory Inc. now owns 659 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 301 shares during the last quarter. Hexagon Capital Partners LLC grew its position in BCE by 239.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 707 shares of the utilities provider’s stock valued at $28,000 after buying an additional 499 shares during the period. JCIC Asset Management Inc. increased its holdings in BCE by 26.5% during the fourth quarter. JCIC Asset Management Inc. now owns 1,189 shares of the utilities provider’s stock valued at $47,000 after buying an additional 249 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in BCE by 147.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,744 shares of the utilities provider’s stock worth $67,000 after acquiring an additional 1,040 shares during the period. Finally, Tucker Asset Management LLC boosted its stake in shares of BCE by 35.7% during the 3rd quarter. Tucker Asset Management LLC now owns 2,413 shares of the utilities provider’s stock worth $92,000 after acquiring an additional 635 shares during the last quarter. Institutional investors own 41.46% of the company’s stock.

BCE Trading Down 0.8 %

Shares of BCE opened at $34.23 on Friday. The firm has a market cap of $31.23 billion, a P/E ratio of 23.77, a price-to-earnings-growth ratio of 5.40 and a beta of 0.57. 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 Inc. has a 1 year low of $31.82 and a 1 year high of $46.58. The company has a 50 day simple moving average of $33.42 and a two-hundred day simple moving average of $36.72.

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

BCE Cuts Dividend

The company 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 dividend of $0.738 per share. This represents a $2.95 dividend on an annualized basis and a yield of 8.62%. The ex-dividend date is Friday, June 14th. BCE’s payout ratio is presently 204.86%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BCE. Argus cut BCE from a “buy” rating to a “hold” rating in a report on Monday, March 4th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $46.00 price objective (down previously from $54.00) on shares of BCE in a research note on Tuesday, April 2nd. CIBC upgraded BCE from a “neutral” rating to a “sector outperform” rating in a research note on Tuesday, April 23rd. Finally, Barclays decreased their target price on shares of BCE from $38.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 9th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $49.00.

View Our Latest Stock Report 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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