Principal Financial Group Inc. Has $921,000 Stock Holdings in TELUS Corporation (NYSE:TU)

Principal Financial Group Inc. boosted its holdings in shares of TELUS Corporation (NYSE:TU) (TSE:T) by 14.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,200 shares of the Wireless communications provider’s stock after acquiring an additional 7,900 shares during the quarter. Principal Financial Group Inc.’s holdings in TELUS were worth $921,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Mackenzie Financial Corp lifted its position in shares of TELUS by 22.6% in the 4th quarter. Mackenzie Financial Corp now owns 49,232,693 shares of the Wireless communications provider’s stock worth $667,840,000 after purchasing an additional 9,068,181 shares during the period. Bank of Nova Scotia lifted its position in shares of TELUS by 28.3% in the 4th quarter. Bank of Nova Scotia now owns 30,219,141 shares of the Wireless communications provider’s stock worth $409,662,000 after purchasing an additional 6,659,564 shares during the period. Norges Bank acquired a new position in shares of TELUS in the 4th quarter worth approximately $70,212,000. Mufg Securities Canada LTD. lifted its position in shares of TELUS by 68.9% in the 4th quarter. Mufg Securities Canada LTD. now owns 2,236,163 shares of the Wireless communications provider’s stock worth $30,299,000 after purchasing an additional 912,277 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of TELUS by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 25,801,407 shares of the Wireless communications provider’s stock worth $349,841,000 after purchasing an additional 903,921 shares during the period. 49.40% of the stock is owned by institutional investors.

TELUS Trading Down 0.7%

TU stock opened at $16.25 on Friday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.59 and a current ratio of 0.64. TELUS Corporation has a one year low of $13.24 and a one year high of $17.27. The company’s 50 day moving average price is $16.15 and its two-hundred day moving average price is $15.20. The company has a market capitalization of $24.78 billion, a PE ratio of 28.51, a price-to-earnings-growth ratio of 4.93 and a beta of 0.73.

TELUS Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Tuesday, June 10th were paid a $0.2989 dividend. This is a boost from TELUS’s previous quarterly dividend of $0.28. The ex-dividend date was Tuesday, June 10th. This represents a $1.20 dividend on an annualized basis and a yield of 7.36%. TELUS’s payout ratio is presently 212.28%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TU shares. National Bankshares reiterated a “sector perform” rating on shares of TELUS in a research report on Monday, May 12th. Scotiabank reiterated an “outperform” rating on shares of TELUS in a research report on Tuesday. Finally, Canaccord Genuity Group boosted their target price on shares of TELUS from $20.25 to $21.50 and gave the company a “hold” rating in a research report on Monday, May 12th. Eight equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.50.

TELUS Company Profile

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 services; healthcare services; mobile technologies equipment; data services, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain and consumer goods technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services, as well as mobile and fixed voice and data telecommunications services and products.