Nexus Investment Management Inc. Lowers Position in BCE Inc. (BCE)
Nexus Investment Management Inc. reduced its stake in BCE Inc. (NYSE:BCE) (TSE:BCE) by 15.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,987 shares of the utilities provider’s stock after selling 10,615 shares during the period. Nexus Investment Management Inc.’s holdings in BCE were worth $2,370,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in BCE. First Hawaiian Bank increased its holdings in shares of BCE by 19.5% in the 4th quarter. First Hawaiian Bank now owns 6,928 shares of the utilities provider’s stock worth $274,000 after buying an additional 1,130 shares during the last quarter. Cerebellum GP LLC purchased a new stake in shares of BCE during the 4th quarter valued at approximately $81,000. USS Investment Management Ltd increased its holdings in BCE by 17.7% during the 4th quarter. USS Investment Management Ltd now owns 273,028 shares of the utilities provider’s stock worth $10,799,000 after acquiring an additional 41,100 shares during the period. First National Bank of Mount Dora Trust Investment Services lifted its holdings in shares of BCE by 462.1% in the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 30,191 shares of the utilities provider’s stock worth $1,194,000 after buying an additional 24,820 shares in the last quarter. Finally, Vanguard Group Inc lifted its holdings in shares of BCE by 2.8% in the third quarter. Vanguard Group Inc now owns 8,072,939 shares of the utilities provider’s stock worth $327,115,000 after buying an additional 220,625 shares in the last quarter. Institutional investors own 42.48% of the company’s stock.
Several equities analysts have recently commented on the stock. National Bank Financial downgraded shares of BCE from an “outperform” rating to a “sector perform” rating in a report on Friday, January 4th. Barclays lowered their target price on shares of BCE from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 2nd. Royal Bank of Canada restated a “hold” rating on shares of BCE in a research report on Friday, November 2nd. Zacks Investment Research cut shares of BCE from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. Finally, ValuEngine upgraded shares of BCE from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. BCE presently has a consensus rating of “Hold” and a consensus price target of $45.50.
BCE (NYSE:BCE) (TSE:BCE) last posted its quarterly earnings data on Thursday, November 1st. The utilities provider reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.03. The business had revenue of $5.88 billion for the quarter, compared to analysts’ expectations of $5.85 billion. BCE had a net margin of 12.13% and a return on equity of 18.73%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 earnings per share. As a group, equities research analysts expect that BCE Inc. will post 2.64 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 14th will be issued a $0.574 dividend. This represents a $2.30 dividend on an annualized basis and a dividend yield of 5.48%. The ex-dividend date is Thursday, December 13th. BCE’s payout ratio is presently 86.26%.
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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 integrated digital wireless voice and data communications products and services.
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