Topic: How To Invest

Dividend Advisor Hotline – Friday, February 16, 2024

Article Excerpt

BCE INC., $50.83, Toronto symbol BCE, is still a buy. The company is Canada’s largest traditional telephone service provider. It has 2.02 million residential customers in Ontario, Quebec, Manitoba and the Atlantic provinces. It also has 4.47 million high-speed Internet users and 2.73 million TV subscribers (satellite and fibre-optic). In addition, the company sells wireless services to 13.0 million users across Canada. With the April 2024 payment, BCE will raise your quarterly dividend by 3.1%. Investors will then receive $0.9975 a share instead of $0.9675. The new annual rate of $3.99 yields a high 7.8%. Due to slowing revenues at its landline and media operations, BCE announced last week that it will cut 9% of its workforce. It’s also selling 45 of its 103 radio stations. These moves should cut its costs by $150 million to $200 million in 2024. Those annual savings should rise to $250 million, starting in 2025. Meantime, the company continues to benefit from strong demand for mobile phone service due…