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Bad News Doesn’t Make BCE a Bad Buy

Telecom and media company BCE (TSX:BCE)(NYSE:BCE) has come under fire in recent months over job cuts and deciding to shut down radio stations. The bad press has undoubtedly factored into the stock’s decline of late. Year to date, shares of BCE are down 14% as it has been a fairly underwhelming stock to own thus far in 2024.

But bad press aside, this still makes for a solid investment to buy and hold for the long term. BCE is a dominant player in the Canadian media and telecom industry. And with strong financials and a high-yielding dividend, there’s ample reason for investors to still remain bullish on the stock.

In the trailing 12 months, BCE has reported revenue of $24.7 billion. And its profits during that timeframe totaled a little under $2.1 billion. With continually strong financials, this is still a top stock to own, and now could be an advantageous time for investors to do so. Shares of BCE are trading at multi-year lows and its dividend yield is up to an incredible 9%. At that high of a yield, investors could generate $1,000 in dividend income per year by investing just $11,110.

There’s not a whole lot of risk with the stock in the long run, and that’s why BCE could be among the best stocks to load up on right now, particularly for people who are looking for a safe investment to put into their tax-free savings accounts. At less than 15 times its estimated future earnings, it’s a potential steal of a deal.

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