Envestnet Asset Management Inc. Raises Stock Holdings in TELUS Co. (NYSE:TU)

Envestnet Asset Management Inc. increased its position in TELUS Co. (NYSE:TUGet Rating) (TSE:T) by 2.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 364,514 shares of the Wireless communications provider’s stock after buying an additional 9,100 shares during the quarter. Envestnet Asset Management Inc.’s holdings in TELUS were worth $8,120,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Mackenzie Financial Corp increased its stake in shares of TELUS by 20.9% in the first quarter. Mackenzie Financial Corp now owns 39,304,609 shares of the Wireless communications provider’s stock worth $1,028,432,000 after buying an additional 6,783,876 shares during the period. CIBC Asset Management Inc increased its stake in shares of TELUS by 0.4% in the first quarter. CIBC Asset Management Inc now owns 25,791,725 shares of the Wireless communications provider’s stock worth $674,559,000 after buying an additional 113,279 shares during the period. 1832 Asset Management L.P. increased its position in TELUS by 5.5% during the 1st quarter. 1832 Asset Management L.P. now owns 23,930,522 shares of the Wireless communications provider’s stock valued at $617,452,000 after purchasing an additional 1,247,587 shares during the period. Vanguard Group Inc. increased its position in TELUS by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 18,185,901 shares of the Wireless communications provider’s stock valued at $475,379,000 after purchasing an additional 755,921 shares during the period. Finally, Toronto Dominion Bank increased its position in TELUS by 1.2% during the 1st quarter. Toronto Dominion Bank now owns 14,108,730 shares of the Wireless communications provider’s stock valued at $399,844,000 after purchasing an additional 163,567 shares during the period. 49.71% of the stock is owned by hedge funds and other institutional investors.

TELUS Price Performance

TU opened at $21.23 on Wednesday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.53 and a current ratio of 0.58. The stock has a market capitalization of $29.45 billion, a P/E ratio of 18.62, a P/E/G ratio of 2.14 and a beta of 0.69. The company’s 50-day simple moving average is $20.99 and its two-hundred day simple moving average is $22.57. TELUS Co. has a 52-week low of $18.85 and a 52-week high of $27.50.

TELUS Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th will be paid a $0.258 dividend. This represents a $1.03 annualized dividend and a dividend yield of 4.86%. The ex-dividend date of this dividend is Thursday, December 8th. TELUS’s dividend payout ratio (DPR) is presently 90.35%.

Wall Street Analyst Weigh In

TU has been the topic of a number of research analyst reports. BMO Capital Markets reduced their price objective on shares of TELUS from C$37.00 to C$35.00 in a research report on Tuesday. Barclays reduced their target price on shares of TELUS from $26.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Monday, October 10th. Scotiabank upped their target price on shares of TELUS from C$31.50 to C$32.00 in a research report on Monday. Royal Bank of Canada upped their target price on shares of TELUS from C$33.00 to C$34.00 in a research report on Monday. Finally, StockNews.com assumed coverage on shares of TELUS in a research note on Wednesday, October 12th. They issued a “sell” rating on the stock. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.94.

TELUS Profile

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TELUS Corporation, together with its subsidiaries, provides a range of telecommunications and information technology products and services in Canada. It operates through Technology Solutions and Digitally-Led Customer Experiences segments. The Technology Solutions segment offers a range of telecommunications products and services; network revenue; mobile technologies equipment sale; data revenues, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services.

Further Reading

Institutional Ownership by Quarter for TELUS (NYSE:TU)

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