BCE Inc. (NYSE:BCE) is a leading telecommunications and media company in Canada, offering a comprehensive range of services such as wireless, internet, and television. It competes with other telecom giants like Rogers Communications and Telus. Recently, CIBC upgraded BCE's stock from Neutral to Outperform, indicating a positive outlook on its future performance. At the time of this upgrade, BCE's stock was priced at $23.34.
Despite the upgrade, the Bank of Nova Scotia reduced its stake in BCE by 8.9%, selling 1,640,322 shares. This sale leaves the bank with 16,784,340 shares, valued at $372 million. This move makes BCE the bank's 23rd largest holding, representing about 0.8% of its total holdings.
Other institutional investors have shown varied interest in BCE. Caisse DE Depot ET Placement DU Quebec increased its stake by 36.1% in the first quarter, acquiring an additional 6,697,900 shares. This brings its total to 25,249,300 shares, valued at $579 million. Vanguard Group Inc. also raised its position in BCE by 1.4% during the same period.
BCE's stock price on the NYSE is currently $23.34, reflecting a slight decrease of approximately 0.90% or $0.211. The stock has fluctuated between $23.15 and $23.59 today. Over the past year, BCE's stock has seen a high of $27.28 and a low of $20.28. The company's market capitalization is approximately $21.57 billion, with a trading volume of 2,849,599 shares.
