Cordasco Financial Network decreased its stake in BCE Inc. (NYSE:BCE) by 6.7% during the second quarter, Holdings Channel reports. The firm owned 15,977 shares of the company’s stock after selling 1,150 shares during the period. BCE comprises 0.9% of Cordasco Financial Network’s investment portfolio, making the stock its 22nd largest position. Cordasco Financial Network’s holdings in BCE were worth $756,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Bremer Trust National Association raised its position in BCE by 0.4% in the second quarter. Bremer Trust National Association now owns 9,191 shares of the company’s stock valued at $435,000 after buying an additional 41 shares during the last quarter. Peapack Gladstone Financial Corp raised its position in BCE by 0.4% in the first quarter. Peapack Gladstone Financial Corp now owns 31,116 shares of the company’s stock valued at $1,417,000 after buying an additional 117 shares during the last quarter. NN Investment Partners Holdings N.V. raised its position in BCE by 0.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 107,077 shares of the company’s stock valued at $5,066,000 after buying an additional 338 shares during the last quarter. Smith Moore & CO. raised its position in BCE by 4.1% in the first quarter. Smith Moore & CO. now owns 8,870 shares of the company’s stock valued at $404,000 after buying an additional 350 shares during the last quarter. Finally, First National Bank of Mount Dora Trust Investment Services raised its position in BCE by 3.6% in the second quarter. First National Bank of Mount Dora Trust Investment Services now owns 10,387 shares of the company’s stock valued at $491,000 after buying an additional 357 shares during the last quarter. 44.55% of the stock is owned by institutional investors.

BCE Inc. (NYSE:BCE) traded up 0.13% during mid-day trading on Monday, reaching $45.46. 570,286 shares of the company’s stock were exchanged. BCE Inc. has a 52 week low of $35.96 and a 52 week high of $49.03. The company has a market capitalization of $39.53 billion, a P/E ratio of 18.59 and a beta of 0.43. The company’s 50 day moving average price is $47.50 and its 200-day moving average price is $46.58.

BCE (NYSE:BCE) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.03. BCE had a net margin of 13.02% and a return on equity of 22.89%. The company earned $5.34 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter in the prior year, the company posted $0.87 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, equities research analysts expect that BCE Inc. will post $2.67 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date is Tuesday, September 13th. BCE’s payout ratio is currently 88.56%.

BCE has been the subject of several recent research reports. BMO Capital Markets reissued a “buy” rating and issued a $65.00 price objective on shares of BCE in a research note on Friday, August 5th. Zacks Investment Research raised shares of BCE from a “sell” rating to a “hold” rating in a research note on Monday, September 12th. Desjardins reissued a “hold” rating and issued a $64.00 price objective on shares of BCE in a research note on Wednesday, August 10th. Citigroup Inc. raised their price objective on shares of BCE from $62.00 to $63.00 and gave the company a “neutral” rating in a research note on Tuesday, July 19th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $61.00 price objective on shares of BCE in a research note on Thursday, June 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. BCE presently has a consensus rating of “Hold” and an average price target of $57.40.

About BCE

BCE Inc is a communications company. The Company provides residential, business and wholesale customers with a range of solutions to all their communications needs, including wireless, high-speed Internet, Internet protocol television (IPTV) and satellite TV, business Internet protocol (IP) broadband, and information and communications technology (ICT) services.

5 Day Chart for NYSE:BCE

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