Goldman Sachs Group Inc. Increases Stock Holdings in TELUS Corporation $TU

Key Points

• Goldman Sachs Group Inc. has significantly increased its stake in TELUS Corporation by 196.2%, acquiring an additional 7,840,264 shares, bringing its total ownership to 11,836,479 shares valued at approximately $169.7 million.
• TELUS Corporation has recently increased its quarterly dividend from $0.30 to $0.3019 per share, representing a 7.6% yield on an annualized basis.
• The company reported earnings per share of $0.16 for the most recent quarter, falling short of the consensus estimate of $0.17, with a revenue increase of 2.2% year-over-year.

Goldman Sachs Group Inc. increased its stake in TELUS Corporation (NYSE:TU - Free Report) TSE: T by 196.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,836,479 shares of the Wireless communications provider's stock after purchasing an additional 7,840,264 shares during the period. Goldman Sachs Group Inc. owned approximately 0.78% of TELUS worth $169,735,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TU. Mackenzie Financial Corp boosted its stake in TELUS by 22.6% in 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. Federation des caisses Desjardins du Quebec boosted its stake in 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 worth $328,588,000 after buying an additional 1,938,521 shares in the last quarter. Man Group plc boosted its stake in TELUS by 68.2% in the fourth quarter. Man Group plc now owns 2,099,097 shares of the Wireless communications provider's stock worth $28,463,000 after buying an additional 850,876 shares in the last quarter. Scotia Capital Inc. boosted its stake in TELUS by 4.7% in the first quarter. Scotia Capital Inc. now owns 18,553,552 shares of the Wireless communications provider's stock worth $266,146,000 after buying an additional 831,282 shares in the last quarter. Finally, Forge First Asset Management Inc. purchased a new stake in TELUS in the first quarter worth approximately $8,937,000. Hedge funds and other institutional investors own 49.40% of the company's stock.

Analyst Ratings Changes

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

TELUS Trading Down 0.4%

Shares of NYSE:TU traded down $0.06 during trading on Tuesday, reaching $15.93. 2,391,527 shares of the company traded hands, compared to its average volume of 2,998,682. The firm has a market capitalization of $24.45 billion, a price-to-earnings ratio of 34.63, a P/E/G ratio of 4.66 and a beta of 0.72. TELUS Corporation has a 52-week low of $13.24 and a 52-week high of $17.03. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 1.72. The business's fifty day moving average is $16.30 and its 200-day moving average is $15.71.

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

TELUS Increases Dividend

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

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.