Renaissance Technologies LLC Cuts Position in BCE Inc. (BCE)

Renaissance Technologies LLC decreased its position in shares of BCE Inc. (NYSE:BCE) (TSE:BCE) by 17.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,623,971 shares of the utilities provider’s stock after selling 768,800 shares during the quarter. Renaissance Technologies LLC owned 0.40% of BCE worth $146,839,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Cpwm LLC purchased a new position in shares of BCE during the 3rd quarter worth $930,000. Bridgewater Associates LP raised its holdings in shares of BCE by 18.7% during the 3rd quarter. Bridgewater Associates LP now owns 398,159 shares of the utilities provider’s stock worth $16,119,000 after acquiring an additional 62,826 shares during the period. Allianz Asset Management GmbH raised its holdings in shares of BCE by 14.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,081,951 shares of the utilities provider’s stock worth $43,802,000 after acquiring an additional 139,228 shares during the period. Godsey & Gibb Associates raised its holdings in shares of BCE by 8.3% during the 3rd quarter. Godsey & Gibb Associates now owns 285,446 shares of the utilities provider’s stock worth $11,566,000 after acquiring an additional 21,893 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of BCE by 0.9% during the 3rd quarter. Franklin Resources Inc. now owns 7,808,347 shares of the utilities provider’s stock worth $316,128,000 after acquiring an additional 70,912 shares during the period. 42.52% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:BCE opened at $43.13 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.57 and a quick ratio of 0.53. The stock has a market cap of $38.78 billion, a P/E ratio of 16.46, a price-to-earnings-growth ratio of 4.66 and a beta of 0.34. BCE Inc. has a 12-month low of $38.75 and a 12-month high of $49.06.

BCE (NYSE:BCE) (TSE:BCE) last issued its quarterly earnings data on Thursday, November 1st. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. The firm had revenue of $5.88 billion during the quarter, compared to the consensus estimate of $5.85 billion. BCE had a return on equity of 18.73% and a net margin of 12.13%. The company’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the company earned $0.86 EPS. On average, sell-side analysts forecast that BCE Inc. will post 2.65 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Friday, December 14th will be given a dividend of $0.574 per share. This represents a $2.30 dividend on an annualized basis and a dividend yield of 5.32%. The ex-dividend date of this dividend is Thursday, December 13th. BCE’s payout ratio is 88.55%.

Several research analysts have recently commented on BCE shares. Desjardins upgraded BCE from a “hold” rating to a “buy” rating in a report on Thursday, October 18th. Zacks Investment Research upgraded BCE from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Monday, October 15th. ValuEngine upgraded BCE from a “sell” rating to a “hold” rating in a report on Wednesday, October 24th. Scotiabank upgraded BCE from a “sector perform” rating to a “buy” rating in a report on Wednesday, October 10th. Finally, Royal Bank of Canada reiterated a “hold” rating on shares of BCE in a report on Friday, November 2nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $45.50.

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BCE Company 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.

Further Reading: Market Capitalization in the Stock Market

Institutional Ownership by Quarter for BCE (NYSE:BCE)

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