Janney Montgomery Scott LLC Purchases Shares of 61,585 TELUS Corporation (NYSE:TU)

Janney Montgomery Scott LLC bought a new position in TELUS Corporation (NYSE:TU - Free Report) TSE: T during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 61,585 shares of the Wireless communications provider's stock, valued at approximately $883,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mackenzie Financial Corp increased its stake in shares of TELUS by 22.6% in the 4th quarter. Mackenzie Financial Corp now owns 49,232,693 shares of the Wireless communications provider's stock worth $667,840,000 after purchasing an additional 9,068,181 shares in the last quarter. Bank of Nova Scotia grew its holdings in TELUS by 28.3% during the fourth quarter. Bank of Nova Scotia now owns 30,219,141 shares of the Wireless communications provider's stock valued at $409,662,000 after purchasing an additional 6,659,564 shares during the period. Norges Bank purchased a new stake in TELUS in the fourth quarter worth about $70,212,000. Mufg Securities Canada LTD. raised its stake in shares of TELUS by 68.9% in the fourth quarter. Mufg Securities Canada LTD. now owns 2,236,163 shares of the Wireless communications provider's stock worth $30,299,000 after buying an additional 912,277 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of TELUS by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 25,801,407 shares of the Wireless communications provider's stock worth $349,841,000 after buying an additional 903,921 shares during the period. 49.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TU. Cormark downgraded shares of TELUS from a "moderate buy" rating to a "hold" rating in a report on Tuesday, March 4th. National Bankshares restated a "sector perform" rating on shares of TELUS in a research report on Monday, May 12th. Canaccord Genuity Group upped their target price on shares of TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a report on Monday, May 12th. Finally, Bank of America lowered TELUS from a "buy" rating to a "neutral" rating in a research note on Friday, March 21st. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, TELUS presently has a consensus rating of "Hold" and an average price target of $21.50.

TELUS Price Performance

TU traded up $0.20 during trading on Tuesday, reaching $16.26. 2,127,066 shares of the company traded hands, compared to its average volume of 2,970,001. The company has a market cap of $24.80 billion, a P/E ratio of 28.53, a PEG ratio of 4.99 and a beta of 0.74. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.59 and a current ratio of 0.64. TELUS Corporation has a 12-month low of $13.24 and a 12-month high of $17.27. The firm has a fifty day simple moving average of $15.81 and a 200 day simple moving average of $14.96.

TELUS Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Tuesday, June 10th will be paid a dividend of $0.2989 per share. This represents a $1.20 annualized dividend and a yield of 7.35%. This is a boost from TELUS's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Tuesday, June 10th. TELUS's dividend payout ratio (DPR) is presently 212.28%.

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.