Covestor Ltd Sells 7,768 Shares of Telephone and Data Systems, Inc. (NYSE:TDS)

Key Points

• Covestor Ltd has decreased its stake in Telephone and Data Systems, Inc. by 43.3%, resulting in holdings worth $394,000 after selling 7,768 shares during the first quarter.
• Other institutional investors, such as Bayforest Capital Ltd and Federated Hermes Inc., have also adjusted their stakes in Telephone and Data Systems, contributing to a total of 80.00% institutional ownership in the stock.
• Equities analysts have varied insights on the stock, with Raymond James Financial adjusting its price target to $49.00 while JPMorgan Chase & Co. lowered its target to $53.00.

Covestor Ltd reduced its holdings in shares of Telephone and Data Systems, Inc. (NYSE:TDS - Free Report) by 43.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,178 shares of the Wireless communications provider's stock after selling 7,768 shares during the quarter. Covestor Ltd's holdings in Telephone and Data Systems were worth $394,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Xponance Inc. boosted its holdings in Telephone and Data Systems by 4.5% during the first quarter. Xponance Inc. now owns 7,485 shares of the Wireless communications provider's stock worth $290,000 after purchasing an additional 324 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in Telephone and Data Systems by 4.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,319 shares of the Wireless communications provider's stock valued at $352,000 after acquiring an additional 482 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Telephone and Data Systems by 8.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 6,544 shares of the Wireless communications provider's stock worth $254,000 after buying an additional 485 shares in the last quarter. GAMMA Investing LLC grew its stake in Telephone and Data Systems by 8.7% in the 1st quarter. GAMMA Investing LLC now owns 6,243 shares of the Wireless communications provider's stock worth $242,000 after buying an additional 501 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in shares of Telephone and Data Systems by 5.8% in the 1st quarter. OneDigital Investment Advisors LLC now owns 9,648 shares of the Wireless communications provider's stock valued at $374,000 after purchasing an additional 531 shares in the last quarter. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on TDS. Wall Street Zen cut shares of Telephone and Data Systems from a "hold" rating to a "sell" rating in a research report on Saturday. Raymond James Financial restated an "outperform" rating and issued a $49.00 price objective (up from $47.00) on shares of Telephone and Data Systems in a report on Friday, July 25th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Telephone and Data Systems from $56.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, May 28th.

Telephone and Data Systems Stock Performance

Shares of TDS traded up $0.05 on Monday, reaching $38.80. The company's stock had a trading volume of 2,368,313 shares, compared to its average volume of 1,452,118. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.74 and a quick ratio of 1.55. The stock has a market capitalization of $4.42 billion, a P/E ratio of -36.95 and a beta of 0.54. The stock's 50 day simple moving average is $36.58 and its two-hundred day simple moving average is $36.18. Telephone and Data Systems, Inc. has a 12-month low of $19.99 and a 12-month high of $42.74.

Telephone and Data Systems (NYSE:TDS - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The Wireless communications provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Telephone and Data Systems had a negative net margin of 1.03% and a positive return on equity of 0.73%. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the prior year, the firm earned ($0.13) EPS. Telephone and Data Systems's revenue for the quarter was down 5.7% compared to the same quarter last year. Research analysts forecast that Telephone and Data Systems, Inc. will post -0.31 earnings per share for the current fiscal year.

Telephone and Data Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 15th. Telephone and Data Systems's payout ratio is -15.24%.

Telephone and Data Systems Profile

Telephone and Data Systems, Inc, a telecommunications company, provides communications services in the United States. It operates through two segments: UScellular and TDS Telecom. The company offers wireless solutions to consumers, and business and government customers, including a suite of connected Internet of things (IoT) solutions, and software applications for monitor and control, business automation/operations, communication, fleet and asset management, smart water solutions, private cellular networks and custom, and end-to-end IoT solutions; wireless priority services and quality priority and preemption options; smartphones and other handsets, tablets, wearables, mobile hotspots, fixed wireless home internet, and IoT devices; and accessories, such as cases, screen protectors, chargers, and memory cards, as well as consumer electronics, including audio, home automation and networking products.