Alberta Investment Management Corp Purchases New Position in TELUS Corporation $TU

Key Points

• Alberta Investment Management Corp bought 422,664 TELUS shares during the second quarter, valued at approximately $4.47 million. Institutional investors collectively own 49.4% of the company.
• TELUS reported quarterly earnings of $0.12 per share, below the $0.16 analyst consensus, while revenue of $3.47 billion also missed estimates. The stock opened at $9.70, near its 52-week low of $9.20.
• TELUS declared a quarterly dividend of $0.1875 per share, representing a 7.7% annualized yield, but analyst sentiment remains cautious: the consensus rating is “Reduce” with an average price target of $15.33.

Alberta Investment Management Corp purchased a new stake in TELUS Corporation (NYSE:TU - Free Report) TSE: T during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 422,664 shares of the Wireless communications provider's stock, valued at approximately $4,466,000.

Other large investors have also recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in TELUS by 1.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 779,692 shares of the Wireless communications provider's stock valued at $11,181,000 after purchasing an additional 11,900 shares in the last quarter. Cetera Investment Advisers boosted its stake in TELUS by 1.9% in the second quarter. Cetera Investment Advisers now owns 46,099 shares of the Wireless communications provider's stock worth $739,000 after purchasing an additional 841 shares in the last quarter. Legal & General Group Plc boosted its stake in TELUS by 159.5% in the second quarter. Legal & General Group Plc now owns 37,274 shares of the Wireless communications provider's stock worth $597,000 after purchasing an additional 22,912 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of TELUS by 67.7% during the second quarter. EverSource Wealth Advisors LLC now owns 8,698 shares of the Wireless communications provider's stock worth $140,000 after purchasing an additional 3,510 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of TELUS during the second quarter worth $3,617,000. 49.40% of the stock is owned by institutional investors.

TELUS Price Performance

TELUS stock opened at $9.70 on Tuesday. The firm has a market capitalization of $15.27 billion, a P/E ratio of -23.66, a PEG ratio of 9.59 and a beta of 0.64. TELUS Corporation has a 1 year low of $9.20 and a 1 year high of $16.72. The business has a 50-day moving average of $10.58 and a 200-day moving average of $12.14. The company has a current ratio of 0.67, a quick ratio of 0.62 and a debt-to-equity ratio of 1.88.

TELUS (NYSE:TU - Get Free Report) TSE: T last announced its quarterly earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.04). TELUS had a negative net margin of 4.51% and a positive return on equity of 8.01%. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.55 billion. On average, equities analysts anticipate that TELUS Corporation will post 0.57 EPS for the current year.

TELUS Cuts Dividend

The firm also recently announced 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. The ex-dividend date is Thursday, September 10th. This represents a $0.75 annualized dividend and a yield of 7.7%. TELUS's payout ratio is currently -295.12%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. TD Securities reissued a "buy" rating on shares of TELUS in a report on Monday, August 3rd. Royal Bank Of Canada downgraded shares of TELUS from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, August 4th. Morgan Stanley lowered shares of TELUS to an "underweight" rating in a research report on Tuesday, July 21st. National Bank Financial lowered shares of TELUS from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, August 4th. Finally, Desjardins cut shares of TELUS from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, TELUS currently has a consensus rating of "Reduce" and an average price target of $15.33.

About TELUS

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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