BCE (NYSE:BCE) Downgraded by Desjardins to Hold

BCE (NYSE:BCE) (TSE:BCE) was downgraded by Desjardins to a “hold” rating in a report issued on Friday, TipRanks reports.

Several other research analysts have also commented on the company. Citigroup lowered BCE from a “buy” rating to a “neutral” rating in a report on Thursday, May 2nd. TD Securities raised BCE from a “hold” rating to a “buy” rating and set a $44.38 price objective for the company in a report on Tuesday, June 18th. Zacks Investment Research raised BCE from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Tuesday, July 30th. BMO Capital Markets reissued an “average” rating and set a $63.00 price objective on shares of BCE in a report on Friday. Finally, JPMorgan Chase & Co. lowered BCE from an “overweight” rating to a “neutral” rating and set a $60.00 price objective for the company. in a report on Monday, July 8th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $54.90.

BCE stock traded down $0.30 during mid-day trading on Friday, reaching $45.68. 805,068 shares of the company traded hands, compared to its average volume of 818,378. The company has a quick ratio of 0.53, a current ratio of 0.57 and a debt-to-equity ratio of 1.33. The stock has a market capitalization of $41.03 billion, a P/E ratio of 16.86, a P/E/G ratio of 4.93 and a beta of 0.41. BCE has a 52-week low of $38.75 and a 52-week high of $47.14. The company has a fifty day moving average price of $45.74.

BCE (NYSE:BCE) (TSE:BCE) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. The business had revenue of $5.93 billion during the quarter, compared to analyst estimates of $5.90 billion. BCE had a return on equity of 19.15% and a net margin of 12.51%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.86 EPS. Analysts expect that BCE will post 2.67 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of BCE. Investors Research Corp bought a new stake in BCE in the first quarter valued at approximately $25,000. Meeder Asset Management Inc. bought a new position in shares of BCE during the second quarter valued at approximately $25,000. Lindbrook Capital LLC raised its holdings in shares of BCE by 72.9% during the second quarter. Lindbrook Capital LLC now owns 854 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 360 shares in the last quarter. Osborn Williams & Donohoe LLC bought a new position in shares of BCE during the first quarter valued at approximately $45,000. Finally, Putnam FL Investment Management Co. bought a new position in shares of BCE during the second quarter valued at approximately $57,000. 43.72% of the stock is owned by institutional investors and hedge funds.

About BCE

BCE Inc, a telecommunications and media company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. It operates in three segments: Bell Wireless, Bell Wireline, and Bell Media. The Bell Wireless segment offers wireless voice and data communications products and services, including 40 live and on-demand channels on smartphones and tablets; roaming services; push-to-talk, field service management, worker safety, and mobility management solutions; and asset management, smart buildings, smart cities, fleet management, and other Internet of Things services.

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Analyst Recommendations for BCE (NYSE:BCE)

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