The Globe and Mail reports in its Saturday edition that BCE had a good run as a dividend play, but that is over. The Globe's Rob Carrick writes that BCE's recent dividend cut means it is time to sell if you are an investor focused on dividend income. BCE produced consistent dividend growth for 15 years, then announced six months ago that it would stop increasing its payout to conserve cash. The decision to cut the dividend by more than 50 per cent may help make the stock more attractive for growth-oriented investors, but the dividend appeal for longtime BCE shareholders has flatlined. If you bought BCE three years ago at $68 per share, the dividend at that point was $3.68 on an annualized basis, which means a yield of 5.4 per cent. The just announced dividend cut will take the annual payout down to $1.75 per year from $3.99, which means a yield on the original $68 cost of the shares of 2.6 per cent. With BCE now trading around $31.50, people who buy the stock today will get quite a decent yield of 5.6 per cent. But longtime shareholders have been hammered. A 2.6-per-cent yield is pretty lame. Telus, Manulife and TC Energy reinstated dividend growth, as BCE may well do in the future -- but do you really want to wait?