Cordasco Financial Network Has $745,000 Holdings in BCE Inc. (NYSE:BCE)

Cordasco Financial Network cut its holdings in BCE Inc. (NYSE:BCEGet Rating) (TSE:BCE) by 20.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,141 shares of the utilities provider’s stock after selling 3,934 shares during the period. BCE comprises approximately 0.5% of Cordasco Financial Network’s investment portfolio, making the stock its 25th biggest holding. Cordasco Financial Network’s holdings in BCE were worth $745,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BCE. Gamco Investors INC. ET AL boosted its position in shares of BCE by 17.7% in the fourth quarter. Gamco Investors INC. ET AL now owns 5,060 shares of the utilities provider’s stock valued at $263,000 after acquiring an additional 760 shares during the period. Invesco Ltd. increased its position in BCE by 5.0% during the 4th quarter. Invesco Ltd. now owns 1,451,776 shares of the utilities provider’s stock valued at $75,550,000 after purchasing an additional 69,101 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its position in BCE by 2.7% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 178,601 shares of the utilities provider’s stock valued at $9,295,000 after purchasing an additional 4,696 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of BCE by 57.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 79,238 shares of the utilities provider’s stock worth $4,123,000 after buying an additional 28,753 shares in the last quarter. Finally, Berkeley Capital Partners LLC bought a new position in shares of BCE during the 4th quarter worth approximately $246,000. 43.83% of the stock is currently owned by institutional investors and hedge funds.

BCE Price Performance

NYSE:BCE traded up $0.31 during mid-day trading on Thursday, reaching $46.23. The stock had a trading volume of 1,224,752 shares, compared to its average volume of 1,390,124. The firm has a 50 day moving average price of $49.12 and a two-hundred day moving average price of $51.88. The stock has a market capitalization of $42.16 billion, a P/E ratio of 18.57, a P/E/G ratio of 4.00 and a beta of 0.49. BCE Inc. has a one year low of $45.71 and a one year high of $59.34. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.59 and a current ratio of 0.65.

BCE (NYSE:BCEGet Rating) (TSE:BCE) last announced its quarterly earnings results on Thursday, August 4th. The utilities provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.03. The business had revenue of $5.86 billion for the quarter, compared to analysts’ expectations of $5.87 billion. BCE had a return on equity of 15.73% and a net margin of 12.40%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS. As a group, analysts expect that BCE Inc. will post 2.62 earnings per share for the current year.

BCE Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.719 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This is a boost from BCE’s previous quarterly dividend of $0.72. This represents a $2.88 annualized dividend and a dividend yield of 6.22%. BCE’s payout ratio is 114.86%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BCE. Barclays increased their price target on BCE from $49.00 to $51.00 and gave the company an “equal weight” rating in a research report on Friday, August 5th. Scotiabank raised their target price on BCE from C$68.50 to C$69.00 in a research note on Tuesday, September 6th. Finally, Canaccord Genuity Group cut their target price on BCE from C$70.00 to C$66.00 in a research note on Friday, July 22nd. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $66.10.

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.

See Also

Want to see what other hedge funds are holding BCE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BCE Inc. (NYSE:BCEGet Rating) (TSE:BCE).

Institutional Ownership by Quarter for BCE (NYSE:BCE)

Receive News & Ratings for BCE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BCE and related companies with MarketBeat.com's FREE daily email newsletter.