TELUS Corporation $TU Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia boosted its holdings in TELUS Corporation (NYSE:TU) (TSE:T) by 20.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,108,090 shares of the Wireless communications provider’s stock after purchasing an additional 3,571,734 shares during the quarter. Bank of Nova Scotia owned about 1.36% of TELUS worth $271,237,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Manchester Capital Management LLC lifted its position in TELUS by 320.0% in the fourth quarter. Manchester Capital Management LLC now owns 2,247 shares of the Wireless communications provider’s stock valued at $30,000 after acquiring an additional 1,712 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of TELUS during the fourth quarter worth about $33,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in shares of TELUS by 129.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,473 shares of the Wireless communications provider’s stock worth $33,000 after purchasing an additional 1,393 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of TELUS during the fourth quarter worth about $55,000. Finally, State of Wyoming purchased a new stake in shares of TELUS in the 2nd quarter valued at about $61,000. 49.40% of the stock is owned by hedge funds and other institutional investors.

TELUS Price Performance

Shares of TU opened at $10.11 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.63 and a debt-to-equity ratio of 1.59. The stock’s 50 day moving average is $11.42 and its two-hundred day moving average is $12.57. TELUS Corporation has a twelve month low of $9.95 and a twelve month high of $16.72. The firm has a market capitalization of $15.91 billion, a PE ratio of 22.97, a P/E/G ratio of 7.65 and a beta of 0.63.

TELUS (NYSE:TU) (TSE:T) last issued its earnings results on Friday, May 8th. The Wireless communications provider reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. TELUS had a return on equity of 8.29% and a net margin of 4.54%.The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 EPS. Research analysts anticipate that TELUS Corporation will post 0.74 earnings per share for the current year.

TELUS Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Wednesday, June 10th were given a dividend of $0.4184 per share. This represents a $1.67 annualized dividend and a dividend yield of 16.6%. The ex-dividend date was Wednesday, June 10th. TELUS’s payout ratio is presently 275.00%.

Wall Street Analyst Weigh In

TU has been the topic of a number of research reports. Scotiabank downgraded TELUS from an “outperform” rating to a “sector perform” rating in a research note on Friday, April 10th. Raymond James Financial started coverage on TELUS in a report on Wednesday, July 15th. They issued a “market perform” rating for the company. TD Securities upgraded shares of TELUS from a “buy” rating to a “buy” rating in a research report on Tuesday, April 28th. TD Cowen raised shares of TELUS from a “hold” rating to a “buy” rating in a report on Tuesday, April 28th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of TELUS in a research report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, TELUS has a consensus rating of “Hold” and a consensus price target of $15.67.

TELUS 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.