Bank of America Corp DE Has $34.10 Million Stock Holdings in TELUS Corporation $TU

Key Points

• Bank of America cut its TELUS stake by 59.5% in the first quarter, selling 3.9 million shares and retaining 2.66 million shares worth approximately $34.1 million. Institutional investors collectively own 49.4% of TELUS.
• Analyst sentiment is largely negative: TELUS has an average “Reduce” rating, with three Buy, nine Hold, and four Sell ratings, and a consensus price target of $15.33.
• TELUS reported quarterly earnings of $0.12 per share, below the $0.16 estimate, while revenue of $3.47 billion also missed forecasts. The company declared a quarterly dividend of $0.1875, equivalent to a 7.7% annualized yield.

Bank of America Corp DE lowered its position in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 59.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,657,835 shares of the Wireless communications provider's stock after selling 3,900,154 shares during the quarter. Bank of America Corp DE owned 0.17% of TELUS worth $34,100,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Amundi increased its holdings in shares of TELUS by 0.8% in the first quarter. Amundi now owns 1,563,278 shares of the Wireless communications provider's stock worth $20,057,000 after acquiring an additional 11,814 shares in the last quarter. Parvin Asset Management LLC grew its position in shares of TELUS by 119.8% in the 1st quarter. Parvin Asset Management LLC now owns 15,550 shares of the Wireless communications provider's stock valued at $200,000 after purchasing an additional 8,475 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of TELUS by 21.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 24,075,122 shares of the Wireless communications provider's stock valued at $309,159,000 after purchasing an additional 4,258,557 shares during the period. Quantinno Capital Management LP increased its stake in TELUS by 51.4% during the 1st quarter. Quantinno Capital Management LP now owns 360,212 shares of the Wireless communications provider's stock worth $4,620,000 after purchasing an additional 122,274 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in TELUS during the 1st quarter worth approximately $13,794,000. Institutional investors own 49.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on TU shares. Canadian Imperial Bank of Commerce lowered shares of TELUS from a "strong-buy" rating to a "neutral" rating in a research note on Friday, July 31st. Wall Street Zen downgraded shares of TELUS from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Weiss Ratings cut shares of TELUS from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, August 5th. Morgan Stanley lowered shares of TELUS to an "underweight" rating in a research note on Tuesday, July 21st. Finally, TD Cowen upgraded TELUS from a "hold" rating to a "buy" rating in a report on Tuesday, April 28th. Three investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, TELUS presently has an average rating of "Reduce" and a consensus price target of $15.33.

TELUS Stock Performance

TU opened at $9.76 on Friday. TELUS Corporation has a 12-month low of $9.20 and a 12-month high of $16.72. The stock has a market cap of $15.37 billion, a price-to-earnings ratio of -23.81, a PEG ratio of 9.51 and a beta of 0.64. The business has a 50 day moving average of $10.63 and a 200-day moving average of $12.18. 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 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 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 analyst estimates of $3.55 billion. On average, equities research analysts expect that TELUS Corporation will post 0.57 earnings per share for the current year.

TELUS Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be given a $0.1875 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $0.75 annualized dividend and a dividend yield of 7.7%. TELUS's dividend payout ratio is presently -295.12%.

TELUS 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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