(Montreal) The cash register continues to increase its BCE while investors are waiting for a rebound in its action which has been abused in recent years.
The Quebec woolen stockings bought 5.8 million shares from Bell’s parent company during the second quarter, according to documents filed on Friday from the American regulatory authorities.
The date and the purchase price have not been revealed, but this tranche would be worth 204 million on the Toronto Stock Exchange, according to the course at the closure of Thursday.
The cash register is now the second shareholder in importance of the Canadian telecommunications giant with 3.4 % of the actions in circulation. In total, the participation of the fund is worth more than 1 billion.
For the past year, the cash register has almost doubled its BCE. The number of its portfolio shares increased by 85 %.
BCE’s action has lost almost 25 % of its value for a year. The company has half reduced its dividend in May to improve its financial record.
The company paid more dividend to its shareholders than it generated liquidity, while the weight of its long -term debt reduced its financial room for maneuver.
The telecommunications industry is also hampered by an increase in competition and a reduction in immigration, which provided it with a flood of new customers.
Experts, however, anticipate a makeshift turnaround for BCE shareholders.
Analyst Maher Yaghi, from Banque Scotia, believes that the “healing process” can begin, he described in a recent note. It expects stabilization of the unsubscription rate and income per subscriber. “The lowering potential is more limited while BCE is on a stronger foot. »»
In the telecommunications sector, the fund has sold significant blocks of action by American industry giants, in a context of strong competition in the south of the border.
She sold almost all her comcast actions. It skimmed its participation in Verizon and rebalanced its investment in AT&T, which has decreased by just over 10 %.
Regulatory documents filed earlier in August also revealed a significant investment in TFI International. The Caisse had opposed the decision of the Caminning Company to move the company’s registered office of the company in February. The company had fallen shortly after.
The cash register is the third importance in importance at TFI with 5.6 % of the shares.
The cash register also rebalanced the 7 magnificent 7 (the technological giants that dominate the US scholarship).
It increased its participation in the NVIDIA semiconductor manufacturer, the mother company of Google, Alphabet, as well as in Apple and Microsoft. She sold actions from Amazon, Netflix and Tesla.
The fund said that it would not comment on its quarterly investments.