BCE Inc. (BCE) Shares Sold by Sit Investment Associates Inc.
Sit Investment Associates Inc. lowered its stake in BCE Inc. (NYSE:BCE) by 62.8% during the second quarter, Holdings Channel reports. The fund owned 331,870 shares of the company’s stock after selling 561,025 shares during the period. Sit Investment Associates Inc.’s holdings in BCE were worth $15,701,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CIBC World Markets Inc. raised its position in BCE by 1.7% in the second quarter. CIBC World Markets Inc. now owns 15,513,050 shares of the company’s stock valued at $733,922,000 after buying an additional 257,656 shares during the last quarter. Wellington Management Group LLP raised its position in BCE by 0.8% in the first quarter. Wellington Management Group LLP now owns 12,303,401 shares of the company’s stock valued at $562,913,000 after buying an additional 93,906 shares during the last quarter. 1832 Asset Management L.P. raised its position in BCE by 3.4% in the first quarter. 1832 Asset Management L.P. now owns 9,724,089 shares of the company’s stock valued at $659,196,000 after buying an additional 318,919 shares during the last quarter. Thomaspartners Inc. raised its position in BCE by 3.9% in the first quarter. Thomaspartners Inc. now owns 3,960,227 shares of the company’s stock valued at $180,349,000 after buying an additional 148,338 shares during the last quarter. Finally, Scotia Capital Inc. raised its position in BCE by 7.6% in the first quarter. Scotia Capital Inc. now owns 3,124,240 shares of the company’s stock valued at $142,286,000 after buying an additional 220,379 shares during the last quarter. Hedge funds and other institutional investors own 44.48% of the company’s stock.
BCE Inc. (NYSE:BCE) traded down 0.11% during trading on Thursday, reaching $45.40. 436,589 shares of the company’s stock were exchanged. The stock has a market cap of $39.48 billion, a PE ratio of 18.95 and a beta of 0.40. BCE Inc. has a 12 month low of $35.96 and a 12 month high of $49.03. The firm has a 50 day moving average of $46.79 and a 200-day moving average of $46.74.
BCE (NYSE:BCE) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. The firm earned $5.34 billion during the quarter, compared to analyst estimates of $4.10 billion. BCE had a return on equity of 22.89% and a net margin of 13.02%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 earnings per share. On average, equities research analysts anticipate that BCE Inc. will post $2.67 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Thursday, September 15th will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, September 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.58%. BCE’s dividend payout ratio is presently 88.14%.
Several research analysts have issued reports on BCE shares. Zacks Investment Research upgraded shares of BCE from a “sell” rating to a “hold” rating in a report on Thursday, September 1st. Citigroup Inc. raised their price target on shares of BCE from $62.00 to $63.00 and gave the stock a “neutral” rating in a report on Tuesday, July 19th. JPMorgan Chase & Co. restated an “overweight” rating and set a $66.00 price target (up previously from $62.00) on shares of BCE in a report on Sunday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $61.00 price objective on shares of BCE in a research note on Thursday, June 9th. Finally, Desjardins reiterated a “hold” rating and issued a $64.00 price objective on shares of BCE in a research note on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. BCE currently has an average rating of “Hold” and an average price target of $57.30.
BCE Inc is a communications company. The Company provides a range of broadband communications and content services to consumer, residential, business and government customers in Canada. The Company offers various services under the Bell and Bell Aliant brands, such as fiber-based Internet protocol television (IPTV) and high-speed Internet services, home phone and business network and communications services.
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