58,169 Telephone and Data Systems, Inc. $TDS Shares Bought by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. increased its Telephone and Data Systems stake by 16.5%, buying 58,169 additional shares to own 410,666 shares valued at approximately $13.93 million. Institutional investors collectively hold about 80% of TDS stock.
• Analyst sentiment is mixed: JPMorgan and Citigroup reduced their price targets to $48 and $47, respectively, while ratings range from Buy to Hold. The consensus rating is Hold, with an average target price of $47.50.
• TDS shares opened at $35.13, below the consensus target, while the company reported quarterly EPS of $2.24 versus the $0.09 estimate. It also paid a quarterly dividend of $0.04, equivalent to a 0.5% annualized yield.

Congress Asset Management Co. lifted its position in shares of Telephone and Data Systems, Inc. (NYSE:TDS - Free Report) by 16.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 410,666 shares of the Wireless communications provider's stock after purchasing an additional 58,169 shares during the quarter. Congress Asset Management Co. owned approximately 0.36% of Telephone and Data Systems worth $13,930,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of TDS. Knighthead Capital Management LLC bought a new stake in Telephone and Data Systems in the 1st quarter valued at $18,764,000. Carronade Capital Management LP lifted its holdings in shares of Telephone and Data Systems by 10.0% during the 1st quarter. Carronade Capital Management LP now owns 4,623,934 shares of the Wireless communications provider's stock worth $194,668,000 after acquiring an additional 420,340 shares during the period. Three Seasons Wealth LLC bought a new position in shares of Telephone and Data Systems during the 2nd quarter worth about $1,433,000. Rokos Capital Management LLP acquired a new stake in shares of Telephone and Data Systems during the 1st quarter valued at about $21,040,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Telephone and Data Systems by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,482,147 shares of the Wireless communications provider's stock valued at $272,898,000 after acquiring an additional 90,097 shares in the last quarter. 80.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on TDS shares. Zacks Research lowered shares of Telephone and Data Systems from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 9th. Weiss Ratings upgraded Telephone and Data Systems from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. dropped their target price on Telephone and Data Systems from $51.00 to $48.00 and set an "overweight" rating for the company in a report on Wednesday, August 19th. Finally, Citigroup cut their target price on Telephone and Data Systems from $50.00 to $47.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $47.50.

Telephone and Data Systems Price Performance

NYSE:TDS opened at $35.13 on Wednesday. The firm has a market cap of $4.04 billion, a PE ratio of 11.71 and a beta of 0.32. Telephone and Data Systems, Inc. has a 12 month low of $31.51 and a 12 month high of $49.12. The company has a quick ratio of 3.81, a current ratio of 3.82 and a debt-to-equity ratio of 0.15. The company's 50-day moving average price is $35.25 and its two-hundred day moving average price is $38.61.

Telephone and Data Systems (NYSE:TDS - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The Wireless communications provider reported $2.24 earnings per share for the quarter, topping the consensus estimate of $0.09 by $2.15. The company had revenue of $309.28 million during the quarter, compared to analyst estimates of $315.78 million. Telephone and Data Systems had a net margin of 33.20% and a return on equity of 11.97%. The company's revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) earnings per share. On average, equities analysts anticipate that Telephone and Data Systems, Inc. will post -0.24 EPS for the current fiscal year.

Telephone and Data Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a $0.04 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. Telephone and Data Systems's payout ratio is currently 5.33%.

About Telephone and Data Systems

Telephone and Data Systems, Inc NYSE: TDS is a telecommunications company founded in 1969 and headquartered in Chicago, Illinois. Through its operating businesses, the company provides connectivity and communications services to residential, business and institutional customers in communities across the United States.

TDS Telecom is the company's primary operating business and offers broadband internet, voice, video and related communications services. Its broadband network includes fiber-optic and other high-speed technologies, while its business services include managed networking, cloud-based solutions, hosted communications and other technology services for organizations.

Historically, TDS also owned UScellular, a wireless communications provider serving customers in portions of the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.