Connor Clark & Lunn Investment Management Ltd. Purchases New Stake in TELUS Corporation $TU

Key Points

• Connor Clark & Lunn Investment Management purchased 158,561 TELUS shares worth approximately $1.7 million, while other institutions also increased positions; institutional investors now own 49.4% of the stock.
• TELUS shares opened at $9.67, near their 12-month low of $9.20, after the company missed quarterly earnings and revenue estimates. Analysts’ consensus rating is “Reduce,” with a target price of $15.33.
• TELUS declared a quarterly dividend of $0.1875, or $0.75 annually, representing a reported 7.8% yield; however, its payout ratio is negative due to the company’s net loss.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 158,561 shares of the Wireless communications provider's stock, valued at approximately $1,698,000.

Several other institutional investors also recently bought and sold shares of TU. Bank of Nova Scotia purchased a new position in shares of TELUS in the 2nd quarter valued at $255,178,000. FIL Ltd lifted its holdings in shares of TELUS by 112.9% during the 4th quarter. FIL Ltd now owns 30,300,204 shares of the Wireless communications provider's stock valued at $399,352,000 after acquiring an additional 16,066,539 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in TELUS by 258.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 19,816,565 shares of the Wireless communications provider's stock worth $261,727,000 after purchasing an additional 14,285,486 shares during the period. Norges Bank purchased a new stake in TELUS during the 4th quarter worth $83,707,000. Finally, The Manufacturers Life Insurance Company increased its holdings in TELUS by 21.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 24,075,122 shares of the Wireless communications provider's stock valued at $309,159,000 after purchasing an additional 4,258,557 shares in the last quarter. 49.40% of the stock is currently owned by hedge funds and other institutional investors.

TELUS Stock Performance

Shares of TU stock opened at $9.67 on Friday. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.67 and a quick ratio of 0.62. The company's fifty day moving average price is $10.22 and its two-hundred day moving average price is $11.89. The firm has a market capitalization of $15.22 billion, a P/E ratio of -23.58, a P/E/G ratio of 9.50 and a beta of 0.64. TELUS Corporation has a 12 month low of $9.20 and a 12 month high of $16.65.

TELUS (NYSE:TU - Get Free Report) TSE: T last announced its earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.04). TELUS had a negative net margin of 4.51% and a positive return on equity of 8.01%. The business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.55 billion. On average, research analysts anticipate that TELUS Corporation will post 0.57 earnings per share for the current fiscal year.

TELUS Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 10th will be issued a $0.1875 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $0.75 dividend on an annualized basis and a yield of 7.8%. TELUS's dividend payout ratio is currently -295.12%.

Analyst Upgrades and Downgrades

TU has been the topic of a number of recent research reports. TD Securities restated a "buy" rating on shares of TELUS in a research note on Monday, August 3rd. Royal Bank Of Canada lowered TELUS from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, August 4th. National Bank Financial lowered TELUS from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, August 4th. Weiss Ratings lowered TELUS from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, August 5th. Finally, Bank of America restated an "underperform" rating on shares of TELUS in a report on Tuesday, August 4th. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $15.33.

TELUS Company Profile

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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