1832 Asset Management L.P. Trims Stock Holdings in TELUS Corporation $TU

Key Points

• 1832 Asset Management L.P. has reduced its stake in TELUS Corporation by 0.9%, currently holding approximately $582.93 million worth of shares, which represents about 2.69% of their investment portfolio.
• TELUS Corporation announced a quarterly dividend increase to $0.3019 per share, reflecting a 7.3% yield, with the payout date set for October 1st.
• Analysts have a consensus rating of "Hold" for TELUS shares, with a price target of $21.50; recent earnings reports indicate a slight decline in earnings per share compared to the previous year.

1832 Asset Management L.P. trimmed its holdings in TELUS Corporation (NYSE:TU - Free Report) TSE: T by 0.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,650,923 shares of the Wireless communications provider's stock after selling 387,925 shares during the quarter. TELUS makes up approximately 0.5% of 1832 Asset Management L.P.'s holdings, making the stock its 26th biggest position. 1832 Asset Management L.P. owned 2.69% of TELUS worth $582,934,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TU. Farther Finance Advisors LLC lifted its holdings in shares of TELUS by 71.9% in the first quarter. Farther Finance Advisors LLC now owns 2,321 shares of the Wireless communications provider's stock worth $33,000 after buying an additional 971 shares in the last quarter. NBC Securities Inc. increased its holdings in TELUS by 112,425.0% in the 1st quarter. NBC Securities Inc. now owns 4,501 shares of the Wireless communications provider's stock valued at $64,000 after acquiring an additional 4,497 shares during the last quarter. Optiver Holding B.V. purchased a new stake in TELUS in the 4th quarter worth $120,000. Trust Co. of Vermont boosted its holdings in shares of TELUS by 10.5% during the 1st quarter. Trust Co. of Vermont now owns 8,423 shares of the Wireless communications provider's stock valued at $121,000 after purchasing an additional 800 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of TELUS during the first quarter valued at about $134,000. 49.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TU. Scotiabank reaffirmed an "outperform" rating on shares of TELUS in a report on Tuesday, July 15th. National Bankshares reaffirmed a "sector perform" rating on shares of TELUS in a research note on Monday, May 12th. Finally, Canaccord Genuity Group increased their target price on TELUS from $20.25 to $21.50 and gave the company a "hold" rating in a research report on Monday, May 12th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $21.50.

TELUS Trading Up 0.2%

NYSE TU traded up $0.0350 during trading hours on Friday, hitting $16.5850. 2,990,996 shares of the company were exchanged, compared to its average volume of 2,966,003. TELUS Corporation has a 52 week low of $13.24 and a 52 week high of $17.26. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 1.72. The stock has a 50-day moving average price of $16.23 and a 200 day moving average price of $15.58. The stock has a market cap of $25.29 billion, a PE ratio of 36.06, a price-to-earnings-growth ratio of 4.88 and a beta of 0.73.

TELUS (NYSE:TU - Get Free Report) TSE: T last announced its earnings results on Friday, August 1st. The Wireless communications provider reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The company had revenue of $3.74 billion during the quarter, compared to analysts' expectations of $3.63 billion. TELUS had a return on equity of 9.10% and a net margin of 4.67%.TELUS's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.25 EPS. Analysts forecast that TELUS Corporation will post 0.71 earnings per share for the current fiscal year.

TELUS Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.3019 per share. This represents a $1.21 dividend on an annualized basis and a yield of 7.3%. This is a positive change from TELUS's previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, September 10th. TELUS's dividend payout ratio (DPR) is presently 263.04%.

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.