Bank of New York Mellon Corp Reduces Stock Position in Telephone and Data Systems, Inc. (NYSE:TDS)

Bank of New York Mellon Corp reduced its holdings in Telephone and Data Systems, Inc. (NYSE:TDS - Free Report) by 4.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 875,784 shares of the Wireless communications provider's stock after selling 44,005 shares during the quarter. Bank of New York Mellon Corp owned about 0.77% of Telephone and Data Systems worth $33,928,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in TDS. Federated Hermes Inc. bought a new stake in shares of Telephone and Data Systems during the fourth quarter valued at approximately $56,000. Farther Finance Advisors LLC boosted its position in shares of Telephone and Data Systems by 74.5% during the fourth quarter. Farther Finance Advisors LLC now owns 2,707 shares of the Wireless communications provider's stock valued at $92,000 after buying an additional 1,156 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of Telephone and Data Systems by 85.6% during the fourth quarter. Lazard Asset Management LLC now owns 4,092 shares of the Wireless communications provider's stock valued at $139,000 after buying an additional 1,887 shares during the last quarter. United Capital Financial Advisors LLC purchased a new position in shares of Telephone and Data Systems during the fourth quarter valued at approximately $201,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of Telephone and Data Systems during the fourth quarter valued at approximately $205,000. 80.00% of the stock is currently owned by institutional investors.

Telephone and Data Systems Price Performance

Shares of NYSE:TDS traded down $1.20 during mid-day trading on Friday, reaching $36.45. The stock had a trading volume of 1,049,350 shares, compared to its average volume of 992,431. The business's 50 day moving average price is $35.15 and its 200 day moving average price is $35.71. The company has a current ratio of 1.74, a quick ratio of 1.55 and a debt-to-equity ratio of 0.85. Telephone and Data Systems, Inc. has a 1 year low of $17.90 and a 1 year high of $41.21. The company has a market cap of $4.16 billion, a P/E ratio of -34.71 and a beta of 0.51.

Telephone and Data Systems (NYSE:TDS - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The Wireless communications provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.18 billion. Telephone and Data Systems had a positive return on equity of 0.73% and a negative net margin of 1.03%. The firm's revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period last year, the company earned $0.10 EPS. Research analysts expect that Telephone and Data Systems, Inc. will post -0.31 EPS for the current fiscal year.

Telephone and Data Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $0.04 per share. The ex-dividend date was Monday, June 16th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.44%. Telephone and Data Systems's payout ratio is currently -15.24%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TDS. JPMorgan Chase & Co. cut their price objective on Telephone and Data Systems from $56.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 28th. Wall Street Zen upgraded Telephone and Data Systems from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Raymond James Financial restated an "outperform" rating and set a $47.00 target price (down from $51.00) on shares of Telephone and Data Systems in a report on Monday, May 5th.

About Telephone and Data Systems

Telephone and Data Systems, Inc, a telecommunications company, provides communications services in the United States. It operates through two segments: UScellular and TDS Telecom. The company offers wireless solutions to consumers, and business and government customers, including a suite of connected Internet of things (IoT) solutions, and software applications for monitor and control, business automation/operations, communication, fleet and asset management, smart water solutions, private cellular networks and custom, and end-to-end IoT solutions; wireless priority services and quality priority and preemption options; smartphones and other handsets, tablets, wearables, mobile hotspots, fixed wireless home internet, and IoT devices; and accessories, such as cases, screen protectors, chargers, and memory cards, as well as consumer electronics, including audio, home automation and networking products.