BCE INC. $42.28 - Toronto symbol BCE

BCE INC. $42.28 (Toronto symbol BCE; Shares outstanding: 778.2 million; Market cap: $32.9 billion; TSINetwork Rating: Above Average; Dividend yield: 5.1%; www.bce.ca) is teaming up with Rogers Communications to buy 75% of Maple Leaf Sports and Entertainment (MLSE).

This is the private company that owns the Toronto Maple Leafs (hockey), Toronto Raptors (basketball) and Toronto FC (soccer). MLSE also owns the Air Canada Centre arena in Toronto.

BCE will pay a total of $533 million for 37.5% of MLSE.

MLSE guarantees BCE live games and other high-demand content for its TV channels, radio stations and websites.

Meanwhile, BCE continues to see strong demand for its wireless and high-speed Internet services. That has let it raise its quarterly dividend by 4.8%. The new annual rate of $2.17 yields 5.1%. This is the seventh time BCE has raised its dividend in the past three years.

The company also plans to buy back $250 million of its shares over the next year. Share buybacks raise earnings per share and give the remaining shareholders a larger stake in the company.

BCE is a buy.

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