1832 Asset Management L.P. Sells 592,079 Shares of TELUS Corporation $TU

1832 Asset Management L.P. reduced its stake in shares of TELUS Corporation (NYSE:TU) (TSE:T) by 1.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,058,844 shares of the Wireless communications provider’s stock after selling 592,079 shares during the quarter. TELUS comprises approximately 0.5% of 1832 Asset Management L.P.’s holdings, making the stock its 24th largest position. 1832 Asset Management L.P. owned about 2.63% of TELUS worth $643,345,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Blue Trust Inc. grew its position in shares of TELUS by 26.1% during the second quarter. Blue Trust Inc. now owns 3,227 shares of the Wireless communications provider’s stock valued at $52,000 after purchasing an additional 667 shares in the last quarter. CWM LLC boosted its stake in TELUS by 169.6% during the second quarter. CWM LLC now owns 3,658 shares of the Wireless communications provider’s stock valued at $59,000 after buying an additional 2,301 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in TELUS during the 1st quarter valued at approximately $134,000. Golden State Equity Partners bought a new stake in TELUS in the 2nd quarter worth approximately $161,000. Finally, J.W. Cole Advisors Inc. raised its holdings in shares of TELUS by 11.2% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 11,482 shares of the Wireless communications provider’s stock worth $184,000 after acquiring an additional 1,160 shares in the last quarter. Institutional investors own 49.40% of the company’s stock.

TELUS Stock Performance

Shares of TU stock opened at $13.06 on Wednesday. TELUS Corporation has a 12-month low of $12.80 and a 12-month high of $16.74. The business’s fifty day simple moving average is $14.67 and its 200-day simple moving average is $15.67. The company has a current ratio of 0.76, a quick ratio of 0.71 and a debt-to-equity ratio of 1.47. The company has a market cap of $20.04 billion, a PE ratio of 23.74, a PEG ratio of 6.68 and a beta of 0.66.

TELUS (NYSE:TU) (TSE:T) last issued its quarterly earnings results on Friday, November 7th. The Wireless communications provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.77 billion. TELUS had a net margin of 5.71% and a return on equity of 8.76%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS. Analysts expect that TELUS Corporation will post 0.71 earnings per share for the current fiscal year.

TELUS Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Thursday, December 11th will be given a dividend of $0.4184 per share. This is an increase from TELUS’s previous quarterly dividend of $0.30. This represents a $1.67 annualized dividend and a yield of 12.8%. The ex-dividend date is Thursday, December 11th. TELUS’s dividend payout ratio (DPR) is 220.00%.

Wall Street Analyst Weigh In

TU has been the subject of several recent research reports. Barclays dropped their price target on TELUS from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, November 10th. National Bank Financial upgraded TELUS from a “sector perform” rating to an “outperform” rating in a report on Wednesday, November 19th. Natl Bk Canada upgraded TELUS from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 25th. Weiss Ratings restated a “hold (c)” rating on shares of TELUS in a research report on Monday. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $19.00 price objective (down previously from $22.00) on shares of TELUS in a research report on Tuesday, November 18th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, TELUS has a consensus rating of “Hold” and an average target price of $18.17.

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.