Bank of New York Mellon Corp Purchases Shares of 529,856 TELUS Corporation $TU

Key Points

• Bank of New York Mellon acquired 529,856 TELUS shares valued at approximately $5.6 million, while institutional investors collectively own 49.4% of the company.
• Analyst sentiment remains cautious: TELUS has a consensus “Reduce” rating, with three Buy, nine Hold, and four Sell ratings and an average price target of $15.33.
• TELUS reported quarterly EPS of $0.12, missing estimates by $0.04, and revenue of $3.47 billion below expectations. The stock opened at $9.68, while the company declared a quarterly dividend of $0.1875, implying a 7.7% annualized yield.

Bank of New York Mellon Corp acquired a new stake in TELUS Corporation (NYSE:TU - Free Report) TSE: T during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 529,856 shares of the Wireless communications provider's stock, valued at approximately $5,601,000.

A number of other hedge funds have also recently made changes to their positions in the business. Cetera Investment Advisers grew its holdings in TELUS by 1.9% during the 2nd quarter. Cetera Investment Advisers now owns 46,099 shares of the Wireless communications provider's stock valued at $739,000 after buying an additional 841 shares in the last quarter. Walter Public Investments Inc. boosted its holdings in shares of TELUS by 2.4% during the 1st quarter. Walter Public Investments Inc. now owns 36,868 shares of the Wireless communications provider's stock valued at $474,000 after purchasing an additional 868 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of TELUS by 2.8% during the 4th quarter. Sanctuary Advisors LLC now owns 31,454 shares of the Wireless communications provider's stock valued at $415,000 after purchasing an additional 869 shares during the last quarter. Equitable Holdings Inc. grew its position in shares of TELUS by 10.2% during the third quarter. Equitable Holdings Inc. now owns 11,905 shares of the Wireless communications provider's stock valued at $188,000 after purchasing an additional 1,105 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of TELUS by 37.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 4,585 shares of the Wireless communications provider's stock worth $72,000 after purchasing an additional 1,241 shares during the last quarter. Institutional investors own 49.40% of the company's stock.

Analyst Ratings Changes

TU has been the subject of a number of research reports. Desjardins downgraded TELUS from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 4th. 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. Barclays set a $11.00 price objective on shares of TELUS and gave the company an "equal weight" rating in a research report on Tuesday, August 4th. Bank of America reissued an "underperform" rating on shares of TELUS in a research note on Tuesday, August 4th. Finally, Scotiabank restated a "sector perform" rating on shares of TELUS in a research report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $15.33.

TELUS Trading Down 0.6%

NYSE:TU opened at $9.68 on Friday. TELUS Corporation has a one year low of $9.20 and a one year high of $16.65. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.62 and a current ratio of 0.67. The firm has a market cap of $15.24 billion, a P/E ratio of -23.61, a P/E/G ratio of 13.34 and a beta of 0.63. The firm has a 50-day simple moving average of $10.06 and a 200-day simple moving average of $11.74.

TELUS (NYSE:TU - Get Free Report) TSE: T last released its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.04). The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.55 billion. TELUS had a negative net margin of 4.51% and a positive return on equity of 8.01%. Equities analysts anticipate that TELUS Corporation will post 0.41 EPS for the current fiscal year.

TELUS Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be issued a $0.1875 dividend. The ex-dividend date is Thursday, September 10th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 7.7%. TELUS's dividend payout ratio (DPR) is currently -295.12%.

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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