BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 214,963 Shares of TELUS Corporation $TU

Key Points

• British Columbia Investment Management Corp reduced its stake in TELUS Corporation by 20.3%, selling 214,963 shares and now owning approximately 0.06% of the company worth $12 million.
• TELUS announced a quarterly dividend of $0.3019, an increase from the previous $0.30, reflecting a 7.3% yield.
• Despite missing quarterly EPS estimates, TELUS reported revenues of $3.74 billion, exceeding expectations, with a consensus price target set at $21.50 by analysts.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 20.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 841,786 shares of the Wireless communications provider's stock after selling 214,963 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.06% of TELUS worth $12,076,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Mackenzie Financial Corp boosted its position in shares of TELUS by 22.6% during the 4th quarter. Mackenzie Financial Corp now owns 49,232,693 shares of the Wireless communications provider's stock worth $667,840,000 after purchasing an additional 9,068,181 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of TELUS by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 26,185,917 shares of the Wireless communications provider's stock worth $375,585,000 after purchasing an additional 384,510 shares in the last quarter. Scotia Capital Inc. boosted its position in shares of TELUS by 4.7% during the 1st quarter. Scotia Capital Inc. now owns 18,553,552 shares of the Wireless communications provider's stock worth $266,146,000 after purchasing an additional 831,282 shares in the last quarter. Fiera Capital Corp boosted its position in shares of TELUS by 1.2% during the 1st quarter. Fiera Capital Corp now owns 16,270,907 shares of the Wireless communications provider's stock worth $233,606,000 after purchasing an additional 192,599 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in shares of TELUS by 4.8% during the 4th quarter. Toronto Dominion Bank now owns 10,344,369 shares of the Wireless communications provider's stock worth $140,086,000 after purchasing an additional 475,625 shares in the last quarter. Institutional investors own 49.40% of the company's stock.

TELUS Price Performance

Shares of NYSE TU opened at $16.5850 on Friday. TELUS Corporation has a fifty-two week low of $13.24 and a fifty-two week high of $17.26. The stock has a market cap of $25.29 billion, a price-to-earnings ratio of 36.06, a PEG ratio of 4.88 and a beta of 0.73. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.81 and a current ratio of 0.86. The firm's 50-day simple moving average is $16.23 and its 200 day simple moving average is $15.57.

TELUS (NYSE:TU - Get Free Report) TSE: T last announced its quarterly earnings results on Friday, August 1st. The Wireless communications provider reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.63 billion. TELUS had a net margin of 4.67% and a return on equity of 9.10%. TELUS's revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 EPS. As a group, research analysts anticipate that TELUS Corporation will post 0.71 earnings per share for the current fiscal year.

TELUS Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be paid a $0.3019 dividend. This is a positive change from TELUS's previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, September 10th. This represents a $1.21 annualized dividend and a yield of 7.3%. TELUS's dividend payout ratio (DPR) is 263.04%.

Wall Street Analysts Forecast Growth

TU has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price objective on shares of TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a research report on Monday, May 12th. National Bankshares reaffirmed a "sector perform" rating on shares of TELUS in a research report on Monday, May 12th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of TELUS in a research report on Tuesday, July 15th. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $21.50.

TELUS Company Profile

TELUS Corporation, together with its subsidiaries, provides a range of telecommunications and information technology products and services in Canada. It operates through Technology Solutions and Digitally-Led Customer Experiences segments. The Technology Solutions segment offers a range of telecommunications products and services; network services; healthcare services; mobile technologies equipment; data services, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain and consumer goods technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services, as well as mobile and fixed voice and data telecommunications services and products.

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