On September 30, 2025, Cullen Capital Management, LLC disclosed the sale of 2.6 million BCE shares worth an estimated $61.7 million in the period ended June 30, 2025.
What happened
According to Cullen Capital Management, LLC’s quarterly filing with the U.S. Securities and Exchange Commission, it sold almost 2.6 million shares of BCE (BCE 0.43%)in the second quarter. Per the filing, dated September 30, 2025, the transaction value was estimated at $61.7 million. The fund retained 3.6 million shares after the trade, worth $79.8 million.
What else to know
The fund reduced its BCE position, which now represents 0.9% of reportable assets under management (AUM) as of June 30, 2025.
Top holdings after the filing:
- JP Morgan Chase & Co. (NYSE: JPM): $303.6 million (3.5% of AUM)
- Cisco Systems Inc. (NASDAQ: CSCO): $280.0 million (3.2% of AUM)
- Bank of America Corporation (NYSE: BAC): $260.6 million (3.0% of AUM)
- Novartis (SWX: NOVN): $253.7 million (2.9% of AUM)
- Duke Energy Corporation (NYSE: DUK): $241.9 million (2.8% of AUM)
As of September 29, 2025, BCE shares were priced at $23.27, down 33.1% over the past year and underperforming the S&P 500 by 43.3%.
Previously, Cullen Capital's position in BCE was 1.6% of the fund's AUM as of March 31, 2025.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $24.41 billion |
| Net income (TTM) | $602.00 million |
| Dividend yield (as of 10/6/25) | 5.39% |
| Price (as of market close 9/29/25) | $23.27 |
Company Snapshot
- BCE provides wireless, wireline, internet, and television services, along with media and advertising solutions across Canada and, more recently, the U.S.
- The company generates revenue from telecommunications services and media content distribution.
- BCE serves residential, business, and wholesale customers in North America.
BCE Inc. is a Canadian telecommunications and media provider that's perhaps best known as the parent company of Bell Canada. The company's integrated platform spans wireless, wireline, and media segments for consumers and businesses. It has recently expanded into the U.S. through the acquisition of Ziply Fiber.
Foolish take
BCE, one of Canada's largest telecommunications companies, has had a challenging couple of years. In addition to regulatory difficulties and economic headwinds, heavy infrastructure investments have left it with a heavy debt load. The stock is down almost 45% in the past five years.
In May, BCE -- known as a dividend stock -- slashed its quarterly dividend payment for the first time in 17 years. Last February, it laid off around 9% of its workforce -- 4,800 jobs. The company also made programming cuts and closed local radio stations. These tough moves helped it to strengthen its balance sheet, reduce debt, and finance a widespread restucturing program.
The company is moving beyond telecommunications, expanding into both AI data centers and cybersecurity. It's developing geographically as well. BCE recently completed its acquisition of Ziply Fiber, giving it a foothold in the U.S.
These dramatic shifts could be starting to bear fruit, though its most recent Q2 earnings were a bit of a mixed bag. Total operating revenues rose 1.3% year-on-year, and it revised its growth guidance upwards. However, its adjusted earning per share (EPS) of $0.63 was down 19.2% from the year before, missing analyst expectations
BCE is making progress in a tough environment, but it isn't there yet. Watch out for its investor day on October 14 and Q3 earnings on November 6, as these will give a clearer steer on how it's managing its debt and expanding its scope into new markets.
Glossary
Assets Under Management (AUM): The total market value of investments that a fund or investment manager oversees.
13F reportable assets: U.S. securities that institutional investment managers must disclose quarterly to the SEC if managing over $100 million.
Quarterly filing: A required report submitted every three months by investment funds, detailing holdings and transactions.
Dividend yield: Annual dividends paid by a company divided by its share price, shown as a percentage.
Stake: The ownership interest or number of shares held in a company by an investor or fund.
Top holdings: The largest investments in a fund’s portfolio, typically ranked by market value.
Integrated platform: A business model combining multiple services or products under one organization to serve various customer needs.
Wireline: Traditional landline telephone and data services delivered via physical cables.
Wholesale customers: Businesses that purchase services or products in bulk for resale or large-scale use, not for personal consumption.
TTM: The 12-month period ending with the most recent quarterly report.
