Summit Global Investments Invests $894,000 in TELUS Corporation $TU

Summit Global Investments bought a new stake in TELUS Corporation (NYSE:TU) (TSE:T) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 56,721 shares of the Wireless communications provider’s stock, valued at approximately $894,000.

Other institutional investors have also added to or reduced their stakes in the company. Parvin Asset Management LLC acquired a new stake in TELUS in the second quarter valued at approximately $27,000. Farther Finance Advisors LLC lifted its holdings in shares of TELUS by 35.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,926 shares of the Wireless communications provider’s stock worth $46,000 after purchasing an additional 759 shares in the last quarter. Blue Trust Inc. grew its position in TELUS by 26.1% in the 2nd 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 during the period. CWM LLC increased its stake in TELUS by 169.6% during the 2nd quarter. CWM LLC now owns 3,658 shares of the Wireless communications provider’s stock valued at $59,000 after purchasing an additional 2,301 shares in the last quarter. Finally, State of Wyoming acquired a new position in TELUS during the second quarter worth $61,000. 49.40% of the stock is owned by institutional investors and hedge funds.

TELUS Price Performance

TELUS stock opened at $13.97 on Friday. TELUS Corporation has a 52 week low of $12.54 and a 52 week high of $16.74. The company’s 50 day moving average price is $13.21 and its two-hundred day moving average price is $14.80. The stock has a market cap of $21.62 billion, a P/E ratio of 25.39, a P/E/G ratio of 2.09 and a beta of 0.66. The company has a quick ratio of 0.71, a current ratio of 0.76 and a debt-to-equity ratio of 1.47.

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

TELUS Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Thursday, December 11th were paid a dividend of $0.4184 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 12.0%. The ex-dividend date was Thursday, December 11th. This is a positive change from TELUS’s previous quarterly dividend of $0.30. TELUS’s dividend payout ratio (DPR) is presently 216.36%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of TELUS in a research report on Monday, December 29th. Canaccord Genuity Group upgraded TELUS from a “hold” rating to a “buy” rating in a research note on Thursday, December 4th. Natl Bk Canada raised TELUS from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 25th. BMO Capital Markets lowered TELUS from an “outperform” rating to a “market perform” rating in a report on Thursday, December 11th. Finally, Citigroup upgraded TELUS to a “buy” rating in a report on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.17.

TELUS Company Profile

TELUS Corporation (NYSE: TU) is a Canadian telecommunications and technology company headquartered in Vancouver, British Columbia. It delivers a broad portfolio of consumer and business communications services across Canada, including mobile wireless, fixed-line voice, broadband internet, and television. TELUS also provides a range of enterprise services such as cloud and IT solutions, managed network services, cybersecurity and Internet of Things (IoT) offerings for business customers.

Beyond core connectivity, TELUS has expanded into health and digital services.