BCE (TSE:BCE) Downgraded by Canaccord Genuity Group to “Hold”

Canaccord Genuity Group cut shares of BCE (TSE:BCE) (NYSE:BCE) from a buy rating to a hold rating in a research note released on Tuesday, Marketbeat.com reports. The firm currently has C$41.00 price objective on the stock, down from their previous price objective of C$51.00.

Several other analysts have also recently weighed in on the company. National Bank Financial cut BCE from a “strong-buy” rating to a “hold” rating in a report on Monday, September 30th. Royal Bank of Canada dropped their price objective on BCE from C$52.00 to C$47.00 in a report on Tuesday. Scotiabank dropped their price objective on BCE from C$50.50 to C$47.50 in a report on Tuesday. National Bankshares dropped their price objective on BCE from C$48.00 to C$42.00 in a report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on BCE from C$46.00 to C$47.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, BCE currently has an average rating of “Hold” and a consensus price target of C$47.23.

BCE Stock Down 2.8 %

Shares of TSE BCE opened at C$38.94 on Tuesday. The company has a market cap of C$35.52 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 4.67 and a beta of 0.48. BCE has a 12-month low of C$37.81 and a 12-month high of C$56.18. The company has a quick ratio of 0.43, a current ratio of 0.65 and a debt-to-equity ratio of 197.43. The firm’s 50-day simple moving average is C$46.32 and its 200 day simple moving average is C$45.95.

BCE Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be paid a $0.9975 dividend. This represents a $3.99 dividend on an annualized basis and a dividend yield of 10.25%. BCE’s dividend payout ratio (DPR) is presently 185.58%.

About BCE

BCE Inc, a communications company, provides wireless, wireline, Internet, and television (TV) services to residential, business, and wholesale customers in Canada. The company operates through two segments, Bell Communication and Technology Services, and Bell Media. The Bell Communication and Technology Services segment provides wireless products and services including mobile data and voice plans and devices; wireline products and services comprising data, including internet access, internet protocol television, cloud-based services, and business solutions, as well as voice, and other communication services and products; and satellite TV and connectivity services for residential, small and medium-sized business, government, and large enterprise customers.