424,604 Shares in TELUS Corporation $TU Acquired by PDT Partners LLC

Key Points

• PDT Partners acquired 424,604 TELUS shares during the second quarter, valued at approximately $4.49 million. Institutional investors collectively own 49.4% of the company.
• TELUS shares opened at $9.81, near the lower end of their 52-week range of $9.20 to $16.65. The company’s latest quarterly results missed expectations, with earnings per share of $0.12 versus the $0.16 consensus and revenue of $3.47 billion versus $3.55 billion expected.
• TELUS declared a quarterly dividend of $0.1875 per share, representing an annualized yield of about 7.6%. Analyst sentiment is cautious, with a consensus “Reduce” rating and an average price target of $15.33.

PDT Partners LLC acquired a new stake in TELUS Corporation (NYSE:TU - Free Report) TSE: T during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 424,604 shares of the Wireless communications provider's stock, valued at approximately $4,488,000.

Several other institutional investors and hedge funds have also bought and sold shares of TU. Manchester Capital Management LLC increased its holdings in TELUS by 320.0% in the 4th quarter. Manchester Capital Management LLC now owns 2,247 shares of the Wireless communications provider's stock worth $30,000 after acquiring an additional 1,712 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in TELUS by 129.0% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,473 shares of the Wireless communications provider's stock worth $33,000 after acquiring an additional 1,393 shares during the period. Trust Co. of Vermont purchased a new stake in shares of TELUS in the 2nd quarter valued at about $55,000. Kestra Advisory Services LLC purchased a new stake in TELUS in the fourth quarter valued at approximately $55,000. Finally, State of Wyoming purchased a new stake in shares of TELUS during the 2nd quarter valued at $61,000. 49.40% of the stock is owned by institutional investors.

TELUS Stock Performance

Shares of TU opened at $9.81 on Wednesday. TELUS Corporation has a one year low of $9.20 and a one year high of $16.65. The firm has a market capitalization of $15.45 billion, a P/E ratio of -23.94, a PEG ratio of 9.65 and a beta of 0.64. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.67 and a quick ratio of 0.62. The business has a fifty day moving average of $10.33 and a 200 day moving average of $11.97.

TELUS (NYSE:TU - Get Free Report) TSE: T last issued its quarterly earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.55 billion. As a group, sell-side analysts anticipate that TELUS Corporation will post 0.57 EPS for the current year.

TELUS Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 7.6%. The ex-dividend date is Thursday, September 10th. TELUS's dividend payout ratio (DPR) is currently -295.12%.

Analysts Set New Price Targets

TU has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce lowered shares of TELUS from a "strong-buy" rating to a "neutral" rating in a report on Friday, July 31st. National Bank Financial lowered shares of TELUS from an "outperform" rating to a "sector perform" rating in a report on Tuesday, August 4th. TD Securities reiterated a "buy" rating on shares of TELUS in a report on Monday, August 3rd. Desjardins lowered shares of TELUS from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, Raymond James Financial began coverage on TELUS in a research report on Wednesday, July 15th. They set a "market perform" rating on the stock. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $15.33.

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.

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