Cardinal Capital Management Inc. Sells 43,915 Shares of TELUS Corporation $TU

Key Points

• Cardinal Capital Management Inc. has reduced its stake in TELUS Corporation by 11.5%, selling 43,915 shares, while retaining 337,956 shares valued at approximately $5.43 million.
• TELUS Corporation plans to pay a quarterly dividend of $0.3019 per share, reflecting an annual yield of 7.6%, up from its previous dividend of $0.30.
• Despite a slight earnings miss in its latest quarterly report, TELUS's revenue increased by 2.2% year-over-year, reaching $3.74 billion, against analyst expectations of $3.63 billion.

Cardinal Capital Management Inc. reduced its stake in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 11.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 337,956 shares of the Wireless communications provider's stock after selling 43,915 shares during the period. Cardinal Capital Management Inc.'s holdings in TELUS were worth $5,426,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mackenzie Financial Corp increased its position in TELUS by 22.6% during the fourth quarter. Mackenzie Financial Corp now owns 49,232,693 shares of the Wireless communications provider's stock worth $667,840,000 after buying an additional 9,068,181 shares in the last quarter. Goldman Sachs Group Inc. increased its position in TELUS by 196.2% during the first quarter. Goldman Sachs Group Inc. now owns 11,836,479 shares of the Wireless communications provider's stock worth $169,735,000 after buying an additional 7,840,264 shares in the last quarter. Federation des caisses Desjardins du Quebec grew its position in shares of TELUS by 9.2% in the first quarter. Federation des caisses Desjardins du Quebec now owns 22,899,251 shares of the Wireless communications provider's stock valued at $328,588,000 after purchasing an additional 1,938,521 shares during the period. Scotia Capital Inc. grew its position in shares of TELUS by 4.7% in the first quarter. Scotia Capital Inc. now owns 18,553,552 shares of the Wireless communications provider's stock valued at $266,146,000 after purchasing an additional 831,282 shares during the period. Finally, Forge First Asset Management Inc. purchased a new stake in shares of TELUS in the first quarter valued at $8,937,000. 49.40% of the stock is owned by institutional investors and hedge funds.

TELUS Price Performance

NYSE:TU traded down $0.02 during mid-day trading on Tuesday, reaching $15.81. The stock had a trading volume of 1,818,554 shares, compared to its average volume of 3,372,015. The stock has a 50-day simple moving average of $16.25 and a two-hundred day simple moving average of $15.72. The stock has a market capitalization of $24.26 billion, a PE ratio of 34.36, a P/E/G ratio of 4.64 and a beta of 0.72. TELUS Corporation has a 12 month low of $13.24 and a 12 month high of $16.88. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.86 and a quick ratio of 0.81.

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

TELUS Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 10th will be issued a $0.3019 dividend. The ex-dividend date is Wednesday, September 10th. This is a positive change from TELUS's previous quarterly dividend of $0.30. This represents a $1.21 annualized dividend and a yield of 7.6%. TELUS's dividend payout ratio (DPR) is presently 260.87%.

Wall Street Analysts Forecast Growth

Separately, Scotiabank reaffirmed an "outperform" rating on shares of TELUS in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $21.50.

TELUS 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.