3,382,504 TELUS Corporation $TU Shares Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada reduced its TELUS stake by 23.5%, selling 3.38 million shares in the third quarter and retaining 11.0 million shares worth approximately $90 million. Institutional investors collectively own 49.4% of the company.
• TELUS shares traded at $8.43, near the lower end of their 52-week range, while the company’s latest quarterly results missed analyst expectations on both earnings and revenue.
• TELUS cut its quarterly dividend to C$0.19 per share, implying an annualized yield of about 8.9%. Analysts’ consensus rating was “Reduce,” with most ratings at Hold and a consensus price target of $15.

TD Waterhouse Canada Inc. lowered its stake in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 23.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,002,780 shares of the Wireless communications provider's stock after selling 3,382,504 shares during the quarter. TD Waterhouse Canada Inc. owned approximately 0.69% of TELUS worth $90,038,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Nykredit A S bought a new position in TELUS during the 2nd quarter valued at $33,000. Trust Co. of Vermont acquired a new position in TELUS during the 2nd quarter worth $55,000. Summit Securities Group LLC increased its position in shares of TELUS by 762.5% in the 1st quarter. Summit Securities Group LLC now owns 6,900 shares of the Wireless communications provider's stock worth $89,000 after purchasing an additional 6,100 shares during the last quarter. ABN Amro Investment Solutions bought a new stake in shares of TELUS in the 1st quarter worth about $150,000. Finally, Uhlmann Price Securities LLC increased its position in shares of TELUS by 17.2% in the 1st quarter. Uhlmann Price Securities LLC now owns 13,049 shares of the Wireless communications provider's stock worth $167,000 after purchasing an additional 1,911 shares during the last quarter. Institutional investors own 49.40% of the company's stock.

TELUS Stock Performance

TU stock traded up $0.06 during trading on Friday, hitting $8.43. 7,258,526 shares of the company's stock traded hands, compared to its average volume of 7,105,930. The stock has a market capitalization of $13.39 billion, a price-to-earnings ratio of -20.56, a price-to-earnings-growth ratio of 19.85 and a beta of 0.65. TELUS Corporation has a 52 week low of $7.64 and a 52 week high of $15.41. The stock has a fifty day moving average price of $9.01 and a two-hundred day moving average price of $10.71. The company has a quick ratio of 0.62, a current ratio of 0.67 and a debt-to-equity ratio of 1.88.

TELUS (NYSE:TU - Get Free Report) TSE: T last posted its quarterly earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.04). TELUS had a positive return on equity of 8.01% and a negative net margin of 4.51%. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.55 billion. As a group, equities analysts anticipate that TELUS Corporation will post 0.23 EPS for the current fiscal year.

TELUS Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 10th were paid a dividend of C$0.19 per share. This represents a $0.75 annualized dividend and a yield of 8.9%. This is a negative change from TELUS's previous quarterly dividend of C$0.42. The ex-dividend date was Thursday, September 10th. TELUS's dividend payout ratio (DPR) is currently -131.71%.

Wall Street Analyst Weigh In

TU has been the topic of several research analyst reports. Bank of America reaffirmed an "underperform" rating on shares of TELUS in a research report on Tuesday, August 4th. Scotiabank reiterated a "sector perform" rating on shares of TELUS in a research note on Monday, August 3rd. Raymond James Financial began coverage on TELUS in a report on Wednesday, July 15th. They issued a "market perform" rating for the company. National Bank Financial cut TELUS from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, August 4th. Finally, Barclays set a $10.00 target price on TELUS and gave the stock an "equal weight" rating in a report on Tuesday. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $15.00.

TELUS Company Profile

TELUS Corporation is a Canadian telecommunications and technology company headquartered in Vancouver, British Columbia. Through its TELUS Communications business, the company provides wireless and wireline telecommunications services, including mobile voice and data, high-speed internet, television, home security, and business communications solutions.

TELUS also operates technology-focused businesses serving customers in Canada and international markets. TELUS Health provides digital health platforms, virtual care, employee assistance, and related healthcare services.

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