Scotiabank Comments on BCE’s FY2024 Earnings (NYSE:BCE)

BCE Inc. (NYSE:BCE) (TSE:BCE) – Investment analysts at Scotiabank cut their FY2024 earnings per share estimates for BCE in a research note issued on Wednesday, January 8th. Scotiabank analyst M. Yaghi now anticipates that the utilities provider will earn $2.13 per share for the year, down from their previous estimate of $2.27. The consensus estimate for BCE’s current full-year earnings is $2.14 per share. Scotiabank also issued estimates for BCE’s FY2025 earnings at $2.00 EPS.

BCE has been the subject of several other reports. Canaccord Genuity Group downgraded BCE from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Canaccord Genuity Group reiterated a “hold” rating on shares of BCE in a research note on Tuesday, November 5th. Morgan Stanley started coverage on BCE in a report on Monday, December 16th. They issued an “underweight” rating for the company. Edward Jones lowered shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. Finally, BMO Capital Markets raised their price target on shares of BCE from $48.00 to $51.00 and gave the company a “market perform” rating in a report on Thursday, September 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.00.

BCE Stock Performance

BCE stock opened at $22.95 on Friday. The company has a market cap of $20.94 billion, a price-to-earnings ratio of 327.86, a price-to-earnings-growth ratio of 4.04 and a beta of 0.56. BCE has a 12 month low of $22.18 and a 12 month high of $41.77. The company has a debt-to-equity ratio of 2.26, a current ratio of 0.62 and a quick ratio of 0.60. The stock’s 50-day moving average is $25.61 and its 200-day moving average is $30.97.

Institutional Investors Weigh In On BCE

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its holdings in BCE by 1.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 43,402 shares of the utilities provider’s stock valued at $1,006,000 after buying an additional 520 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of BCE by 25.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,657,533 shares of the utilities provider’s stock valued at $127,282,000 after acquiring an additional 738,656 shares during the last quarter. DGS Capital Management LLC increased its holdings in shares of BCE by 55.9% in the 3rd quarter. DGS Capital Management LLC now owns 12,845 shares of the utilities provider’s stock valued at $447,000 after acquiring an additional 4,605 shares during the last quarter. Logan Capital Management Inc. raised its position in shares of BCE by 4.5% during the 3rd quarter. Logan Capital Management Inc. now owns 103,643 shares of the utilities provider’s stock valued at $3,607,000 after acquiring an additional 4,438 shares in the last quarter. Finally, Old North State Trust LLC lifted its stake in BCE by 25.2% during the third quarter. Old North State Trust LLC now owns 7,786 shares of the utilities provider’s stock worth $271,000 after purchasing an additional 1,566 shares during the last quarter. Institutional investors own 41.46% of the company’s stock.

BCE Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be paid a dividend of $0.737 per share. This represents a $2.95 dividend on an annualized basis and a yield of 12.85%. This is an increase from BCE’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Monday, December 16th. BCE’s dividend payout ratio is 4,214.29%.

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.