Canaccord Genuity Group Downgrades BCE (NYSE:BCE) to Hold

BCE (NYSE:BCE) (TSE:BCE) was downgraded by Canaccord Genuity Group from a “buy” rating to a “hold” rating in a report issued on Tuesday, MarketBeat Ratings reports.

Several other analysts also recently weighed in on BCE. National Bank Financial downgraded BCE from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 30th. Edward Jones cut shares of BCE from a “buy” rating to a “hold” rating in a research note on Tuesday. Barclays decreased their target price on shares of BCE from $35.00 to $34.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 9th. BMO Capital Markets boosted their price target on shares of BCE from $48.00 to $51.00 and gave the stock a “market perform” rating in a research report on Thursday, September 19th. Finally, Cibc World Mkts raised shares of BCE from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 2nd. Nine research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.33.

BCE Price Performance

Shares of NYSE:BCE opened at $28.74 on Tuesday. The firm’s 50 day moving average is $33.87 and its two-hundred day moving average is $33.64. The firm has a market capitalization of $26.22 billion, a P/E ratio of 18.08, a PEG ratio of 5.36 and a beta of 0.59. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt-to-equity ratio of 2.00. BCE has a 52 week low of $28.26 and a 52 week high of $41.77.

Hedge Funds Weigh In On BCE

Large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets boosted its holdings in BCE by 20.0% during the first quarter. BNP Paribas Financial Markets now owns 20,698 shares of the utilities provider’s stock worth $703,000 after buying an additional 3,450 shares in the last quarter. Duality Advisers LP bought a new stake in shares of BCE during the 1st quarter worth $6,799,000. Quantbot Technologies LP grew its holdings in shares of BCE by 41.6% in the 1st quarter. Quantbot Technologies LP now owns 186,948 shares of the utilities provider’s stock worth $6,352,000 after acquiring an additional 54,902 shares during the last quarter. Sciencast Management LP acquired a new stake in shares of BCE during the first quarter worth $419,000. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of BCE by 4.5% during the first quarter. Oppenheimer & Co. Inc. now owns 40,564 shares of the utilities provider’s stock valued at $1,378,000 after purchasing an additional 1,733 shares during the last quarter. Institutional investors own 41.46% of the company’s stock.

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.