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 TELUS Corporation (NYSE:TU - Free Report) TSE: T by 11.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in TU. Farther Finance Advisors LLC grew its stake in TELUS by 71.9% during the first quarter. Farther Finance Advisors LLC now owns 2,321 shares of the Wireless communications provider's stock worth $33,000 after buying an additional 971 shares in the last quarter. NBC Securities Inc. grew its stake in TELUS by 112,425.0% during the first quarter. NBC Securities Inc. now owns 4,501 shares of the Wireless communications provider's stock worth $64,000 after buying an additional 4,497 shares in the last quarter. Trust Co. of Vermont grew its stake in TELUS by 10.5% during the first quarter. Trust Co. of Vermont now owns 8,423 shares of the Wireless communications provider's stock worth $121,000 after buying an additional 800 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in TELUS in the first quarter valued at approximately $134,000. Finally, TD Private Client Wealth LLC increased its stake in TELUS by 175.4% in the first quarter. TD Private Client Wealth LLC now owns 10,400 shares of the Wireless communications provider's stock valued at $149,000 after acquiring an additional 6,624 shares during the last quarter. 49.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Scotiabank reissued an "outperform" rating on shares of TELUS in a report on Tuesday, July 15th. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, TELUS currently has an average rating of "Hold" and a consensus target price of $21.50.

TELUS Trading Down 0.5%

Shares of TU traded down $0.09 during trading hours on Monday, hitting $15.82. 2,794,847 shares of the stock were exchanged, compared to its average volume of 3,381,947. TELUS Corporation has a fifty-two week low of $13.24 and a fifty-two week 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. The business has a 50-day moving average of $16.26 and a 200-day moving average of $15.72. The firm has a market capitalization of $24.28 billion, a P/E ratio of 34.38, a price-to-earnings-growth ratio of 4.64 and a beta of 0.72.

TELUS (NYSE:TU - Get Free Report) TSE: T last posted its quarterly earnings data 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). TELUS had a return on equity of 9.10% and a net margin of 4.67%.The business had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period last year, the business posted $0.25 earnings per share. The business's revenue was up 2.2% on a year-over-year basis. On average, research analysts expect that TELUS Corporation will post 0.71 EPS for the current year.

TELUS Increases Dividend

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

About TELUS

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.