Cormark Has Pessimistic Outlook of BCE FY2024 Earnings

BCE Inc. (NYSE:BCE) (TSE:BCE) – Analysts at Cormark reduced their FY2024 earnings per share (EPS) estimates for BCE in a research report issued to clients and investors on Tuesday, February 4th. Cormark analyst D. Mcfadgen now forecasts that the utilities provider will post earnings of $2.01 per share for the year, down from their previous forecast of $2.10. The consensus estimate for BCE’s current full-year earnings is $2.10 per share. Cormark also issued estimates for BCE’s Q4 2024 earnings at $0.46 EPS and FY2025 earnings at $2.01 EPS.

Other research analysts also recently issued reports about the company. Canaccord Genuity Group downgraded BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Morgan Stanley initiated coverage on BCE in a research note on Monday, December 16th. They set an “underweight” rating on the stock. Bank of America lowered shares of BCE from a “neutral” rating to an “underperform” rating in a research report on Tuesday, January 14th. Barclays reissued an “underweight” rating on shares of BCE in a research report on Tuesday, January 21st. Finally, Canaccord Genuity Group reaffirmed a “hold” rating on shares of BCE in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, BCE presently has an average rating of “Hold” and a consensus target price of $45.00.

BCE Price Performance

NYSE BCE opened at $23.56 on Wednesday. The firm’s fifty day simple moving average is $24.18 and its two-hundred day simple moving average is $29.86. The firm has a market capitalization of $21.49 billion, a P/E ratio of 336.50, a P/E/G ratio of 3.94 and a beta of 0.57. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 2.26. BCE has a 12-month low of $21.87 and a 12-month high of $39.73.

BCE (NYSE:BCE) (TSE:BCE) last issued its quarterly earnings data on Thursday, February 6th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.03. BCE had a net margin of 0.76% and a return on equity of 17.58%.

Institutional Investors Weigh In On BCE

Hedge funds have recently added to or reduced their stakes in the business. Caldwell Sutter Capital Inc. grew its position in BCE by 3.9% during the third quarter. Caldwell Sutter Capital Inc. now owns 11,856 shares of the utilities provider’s stock valued at $413,000 after buying an additional 445 shares during the period. First Affirmative Financial Network increased its stake in shares of BCE by 6.1% in the 3rd quarter. First Affirmative Financial Network now owns 8,181 shares of the utilities provider’s stock valued at $285,000 after purchasing an additional 472 shares in the last quarter. Prospera Financial Services Inc increased its stake in shares of BCE by 6.8% in the 3rd quarter. Prospera Financial Services Inc now owns 7,534 shares of the utilities provider’s stock valued at $262,000 after purchasing an additional 478 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in BCE by 1.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 43,402 shares of the utilities provider’s stock worth $1,006,000 after purchasing an additional 520 shares during the period. Finally, FMR LLC boosted its position in BCE by 6.8% during the third quarter. FMR LLC now owns 9,307 shares of the utilities provider’s stock worth $324,000 after purchasing an additional 596 shares in the last quarter. 41.46% of the stock is owned by hedge funds and other institutional investors.

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.