PNC Financial Services Group Inc. Cuts Holdings in BCE Inc. (BCE)

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PNC Financial Services Group Inc. lowered its position in shares of BCE Inc. (NYSE:BCE) (TSE:BCE) by 12.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 238,054 shares of the utilities provider’s stock after selling 32,414 shares during the quarter. PNC Financial Services Group Inc.’s holdings in BCE were worth $9,638,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cerebellum GP LLC raised its stake in BCE by 171.5% during the second quarter. Cerebellum GP LLC now owns 4,268 shares of the utilities provider’s stock valued at $173,000 after buying an additional 2,696 shares in the last quarter. Lenox Wealth Management Inc. raised its stake in BCE by 42.2% during the second quarter. Lenox Wealth Management Inc. now owns 4,958 shares of the utilities provider’s stock valued at $204,000 after buying an additional 1,472 shares in the last quarter. Checchi Capital Advisers LLC acquired a new stake in BCE during the second quarter valued at approximately $211,000. Private Vista LLC acquired a new stake in BCE during the first quarter valued at approximately $226,000. Finally, Canandaigua National Bank & Trust Co. acquired a new stake in BCE during the first quarter valued at approximately $359,000. Hedge funds and other institutional investors own 43.82% of the company’s stock.

Several analysts have issued reports on the company. ValuEngine cut BCE from a “hold” rating to a “sell” rating in a research note on Friday, June 1st. Edward Jones upgraded BCE from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $56.00.

NYSE:BCE opened at $40.42 on Friday. The company has a market cap of $36.24 billion, a PE ratio of 15.43, a P/E/G ratio of 4.32 and a beta of 0.31. BCE Inc. has a 52 week low of $39.76 and a 52 week high of $49.06. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.50 and a quick ratio of 0.46.

BCE (NYSE:BCE) (TSE:BCE) last posted its earnings results on Thursday, August 2nd. The utilities provider reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.19. The company had revenue of $5.79 billion during the quarter, compared to analyst estimates of $5.81 billion. BCE had a return on equity of 18.67% and a net margin of 12.00%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.89 earnings per share. equities research analysts anticipate that BCE Inc. will post 2.67 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 14th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Thursday, September 13th. This is a positive change from BCE’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 5.74%. BCE’s dividend payout ratio is 87.40%.

BCE Profile

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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Institutional Ownership by Quarter for BCE (NYSE:BCE)

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