BCE (BCE) to Buyback $175.00 million in Outstanding Shares
BCE (NYSE:BCE) (TSE:BCE) announced that its board has authorized a stock buyback plan, which authorizes the company to buyback $175.00 million in outstanding shares on Thursday, February 8th, EventVestor reports. This buyback authorization authorizes the utilities provider to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
BCE has been the topic of several research reports. Zacks Investment Research cut shares of BCE from a “buy” rating to a “sell” rating in a research report on Wednesday, October 25th. Desjardins cut shares of BCE from a “buy” rating to a “hold” rating in a research report on Friday, January 12th. National Bank Financial upgraded shares of BCE from a “sector perform” rating to an “outperform” rating in a research report on Thursday, November 2nd. Morgan Stanley raised their price objective on shares of BCE from $60.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 17th. Finally, Bank of America initiated coverage on shares of BCE in a research report on Tuesday, November 21st. They set a “buy” rating and a $54.00 price objective on the stock. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. BCE presently has an average rating of “Buy” and an average target price of $56.00.
Shares of BCE (BCE) opened at $44.48 on Wednesday. The company has a current ratio of 0.43, a quick ratio of 0.39 and a debt-to-equity ratio of 1.18. The firm has a market cap of $40,180.00, a price-to-earnings ratio of 17.31, a PEG ratio of 4.63 and a beta of 0.30. BCE has a 52-week low of $42.44 and a 52-week high of $49.06.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Thursday, March 15th will be issued a dividend of $0.601 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.40 annualized dividend and a dividend yield of 5.40%. This is a positive change from BCE’s previous quarterly dividend of $0.56. BCE’s dividend payout ratio (DPR) is currently 89.49%.
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BCE Company Profile
BCE Inc is a communications company. The Company’s segments include Bell Wireless, Bell Wireline and Bell Media. Its Bell Wireless segment provides wireless voice and data communications products and services to its residential, small and medium-sized business and large enterprise customers across Canada.
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