Heathbridge Capital Management Ltd. Acquires 1,025,100 Shares of TELUS Corporation $TU

Key Points

• Heathbridge Capital Management increased its TELUS stake by 69.9%, buying 1,025,100 shares in the third quarter to reach 2,491,200 shares, worth about $20.9 million.
• TELUS represents about 7% of Heathbridge’s portfolio and is its third-largest holding; institutional investors and hedge funds own 49.4% of the company’s stock.
• Analyst sentiment is cautious: MarketBeat reports a “Reduce” consensus rating, with three Buy, nine Hold and five Sell recommendations.

Heathbridge Capital Management Ltd. boosted its holdings in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 69.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,491,200 shares of the Wireless communications provider's stock after purchasing an additional 1,025,100 shares during the period. TELUS accounts for approximately 7.0% of Heathbridge Capital Management Ltd.'s holdings, making the stock its 3rd largest holding. Heathbridge Capital Management Ltd. owned approximately 0.16% of TELUS worth $20,915,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of Nova Scotia bought a new position in TELUS in the 2nd quarter valued at $255,178,000. The Manufacturers Life Insurance Company grew its holdings in shares of TELUS by 21.5% during the first quarter. The Manufacturers Life Insurance Company now owns 24,075,122 shares of the Wireless communications provider's stock worth $309,159,000 after purchasing an additional 4,258,557 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of TELUS by 5.2% during the first quarter. First Trust Advisors LP now owns 9,844,098 shares of the Wireless communications provider's stock worth $126,343,000 after purchasing an additional 486,043 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of TELUS during the second quarter worth $75,058,000. Finally, Jupiter Topco LLC acquired a new stake in shares of TELUS in the second quarter valued at $68,500,000. 49.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Zacks Research cut TELUS from a "hold" rating to a "strong sell" rating in a report on Friday, October 16th. Scotiabank reiterated a "sector perform" rating on shares of TELUS in a research report on Monday, August 3rd. Desjardins lowered shares of TELUS from a "moderate buy" rating to a "hold" rating in a report on Tuesday, August 4th. Royal Bank Of Canada cut shares of TELUS from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, August 4th. Finally, Raymond James Financial began coverage on shares of TELUS in a research note on Wednesday, July 15th. They issued a "market perform" rating for the company. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, TELUS has a consensus rating of "Reduce" and a consensus target price of $15.00.

TELUS Trading Down 1.6%

Shares of TU opened at $8.90 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.67 and a debt-to-equity ratio of 1.88. TELUS Corporation has a 12-month low of $7.64 and a 12-month high of $14.95. The firm has a market capitalization of $14.15 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 21.33 and a beta of 0.63. The stock's fifty day simple moving average is $8.75 and its 200-day simple moving average is $11.30.

TELUS Profile

TELUS Corporation is a Canadian communications and technology company headquartered in Vancouver, British Columbia. It provides telecommunications and digital services to consumers, businesses and public-sector organizations, primarily in Canada.

Its core offerings include wireless voice and data services, high-speed internet, television, home security and fixed-line voice services. TELUS also provides business connectivity, cloud, cybersecurity, information technology and communications solutions.

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