Jupiter Topco LLC Takes $68.50 Million Position in TELUS Corporation $TU

Key Points

• Jupiter Topco LLC acquired 6.47 million TELUS shares worth approximately $68.5 million, representing about 0.41% of the company. Institutional investors and hedge funds collectively own 49.4% of TELUS.
• Analyst sentiment is mostly cautious: TELUS has an average “Reduce” rating and a consensus price target of $15.33, with several firms recently downgrading the stock to neutral, underweight, or sell.
• TELUS reported weaker-than-expected quarterly results, with EPS of $0.12 versus $0.16 expected and revenue of $3.47 billion versus $3.55 billion forecast. The company declared a quarterly dividend of $0.1875 per share, equivalent to a 7.7% annualized yield.

Jupiter Topco LLC acquired a new position in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 6,470,414 shares of the Wireless communications provider's stock, valued at approximately $68,500,000. Jupiter Topco LLC owned approximately 0.41% of TELUS as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TU. Bank of Nova Scotia increased its stake in TELUS by 20.4% in the 1st quarter. Bank of Nova Scotia now owns 21,108,090 shares of the Wireless communications provider's stock worth $271,237,000 after purchasing an additional 3,571,734 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in 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 valued at $309,159,000 after buying an additional 4,258,557 shares in the last quarter. K.J. Harrison & Partners Inc lifted its stake in TELUS by 307.9% during the fourth quarter. K.J. Harrison & Partners Inc now owns 222,192 shares of the Wireless communications provider's stock valued at $2,933,000 after buying an additional 167,714 shares in the last quarter. Alberta Investment Management Corp acquired a new position in shares of TELUS in the second quarter worth about $4,466,000. Finally, Quantinno Capital Management LP increased its position in shares of TELUS by 51.4% in the first quarter. Quantinno Capital Management LP now owns 360,212 shares of the Wireless communications provider's stock worth $4,620,000 after acquiring an additional 122,274 shares in the last quarter. 49.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada lowered shares of TELUS from an "outperform" rating to a "sector perform" rating in a report on Tuesday, August 4th. Scotiabank reissued a "sector perform" rating on shares of TELUS in a research note on Monday, August 3rd. Weiss Ratings lowered TELUS from a "sell (d+)" rating to a "sell (d)" rating in a report on Wednesday, August 5th. Morgan Stanley cut TELUS to an "underweight" rating in a research report on Tuesday, July 21st. Finally, Canadian Imperial Bank of Commerce downgraded TELUS from a "strong-buy" rating to a "neutral" rating in a report on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $15.33.

TELUS Stock Performance

Shares of TU stock opened at $9.76 on Friday. TELUS Corporation has a fifty-two week low of $9.20 and a fifty-two week high of $16.65. The stock's 50-day moving average is $10.26 and its two-hundred day moving average is $11.91. 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 firm has a market cap of $15.36 billion, a P/E ratio of -23.80, a PEG ratio of 9.53 and a beta of 0.64.

TELUS (NYSE:TU - Get Free Report) TSE: T last announced its quarterly earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 EPS 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 firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.55 billion. Analysts predict 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. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.1875 per share. The ex-dividend date is Thursday, September 10th. This represents a $0.75 annualized dividend and a dividend yield of 7.7%. TELUS's dividend payout ratio is -295.12%.

TELUS 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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