Bank of New York Mellon Corp Makes New Investment in Telephone and Data Systems, Inc. $TDS

Bank of New York Mellon Corp bought a new position in Telephone and Data Systems, Inc. (NYSE:TDS - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 840,208 shares of the Wireless communications provider's stock, valued at approximately $31,096,000. Bank of New York Mellon Corp owned about 0.74% of Telephone and Data Systems at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Knighthead Capital Management LLC bought a new stake in shares of Telephone and Data Systems in the 1st quarter valued at approximately $18,764,000. Carronade Capital Management LP increased its position 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 valued at $194,668,000 after purchasing an additional 420,340 shares during the last quarter. Rokos Capital Management LLP purchased a new stake in Telephone and Data Systems during the 1st quarter valued at $21,040,000. Dimensional Fund Advisors LP lifted its position in Telephone and Data Systems by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 6,482,147 shares of the Wireless communications provider's stock worth $272,898,000 after buying an additional 90,097 shares during the last quarter. Finally, 140 Summer Partners LP lifted its position in Telephone and Data Systems by 5.3% in the fourth quarter. 140 Summer Partners LP now owns 1,315,306 shares of the Wireless communications provider's stock worth $53,928,000 after buying an additional 66,148 shares during the last quarter. 80.00% of the stock is currently owned by hedge funds and other institutional investors.

Telephone and Data Systems Stock Up 1.7%

Shares of Telephone and Data Systems stock opened at $33.70 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.82 and a quick ratio of 3.81. Telephone and Data Systems, Inc. has a 1 year low of $31.51 and a 1 year high of $49.12. The firm's 50-day moving average is $34.84 and its two-hundred day moving average is $40.29. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 11.23 and a beta of 0.32.

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

Telephone and Data Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. Telephone and Data Systems's payout ratio is presently 5.33%.

Wall Street Analyst Weigh In

A number of research firms recently commented on TDS. Raymond James Financial cut shares of Telephone and Data Systems from an "outperform" rating to a "market perform" rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Telephone and Data Systems from a "sell" rating to a "hold" rating in a research report on Saturday, May 30th. JPMorgan Chase & Co. decreased their price objective on shares of Telephone and Data Systems from $51.00 to $48.00 and set an "overweight" rating for the company in a research note on Wednesday, August 19th. Weiss Ratings upgraded Telephone and Data Systems from a "hold (c-)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Finally, Citigroup cut their target price on Telephone and Data Systems from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

About Telephone and Data Systems

Telephone and Data Systems, Inc NYSE: TDS is a diversified telecommunications company headquartered in Chicago, Illinois. Through its subsidiaries, the company provides a broad array of communications services, including wireless voice and data, wireline broadband and voice, cable television, and managed IT and cloud solutions. Its two primary operating units—TDS Telecom and U.S. Cellular—serve residential, business and wholesale customers across the United States.

TDS Telecom focuses on delivering broadband internet, digital voice, video and data communications services in primarily rural and suburban markets.

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