Mackenzie Financial Corp Decreases Stock Holdings in TELUS Corporation (NYSE:TU)

Key Points

• Mackenzie Financial Corp has reduced its stake in TELUS Corporation by 32.9%, owning approximately 33 million shares after selling over 16 million shares in the first quarter.
• TELUS recently announced a quarterly dividend of $0.2989, reflecting a 7.26% yield and an increase from its previous dividend.
• The stock has a consensus rating of "Hold" among analysts, with a target price set at $21.50.

Mackenzie Financial Corp trimmed its position in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 32.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,018,909 shares of the Wireless communications provider's stock after selling 16,213,784 shares during the quarter. Mackenzie Financial Corp owned about 2.18% of TELUS worth $473,567,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TU. Raymond James Financial Inc. acquired a new position in shares of TELUS during the fourth quarter valued at about $2,085,000. American Century Companies Inc. increased its holdings in shares of TELUS by 4.6% during the fourth quarter. American Century Companies Inc. now owns 119,665 shares of the Wireless communications provider's stock valued at $1,623,000 after acquiring an additional 5,286 shares in the last quarter. LPL Financial LLC increased its holdings in shares of TELUS by 2.7% during the fourth quarter. LPL Financial LLC now owns 279,527 shares of the Wireless communications provider's stock valued at $3,790,000 after acquiring an additional 7,447 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of TELUS by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 25,801,407 shares of the Wireless communications provider's stock valued at $349,841,000 after acquiring an additional 903,921 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of TELUS during the fourth quarter valued at about $70,212,000. 49.40% of the stock is owned by hedge funds and other institutional investors.

TELUS Price Performance

Shares of NYSE:TU opened at $16.47 on Monday. TELUS Corporation has a twelve month low of $13.24 and a twelve month high of $17.26. The company's 50 day moving average is $16.23 and its 200 day moving average is $15.31. The company has a current ratio of 0.64, a quick ratio of 0.59 and a debt-to-equity ratio of 1.49. The company has a market cap of $25.12 billion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 4.99 and a beta of 0.73.

TELUS Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Tuesday, June 10th were given a $0.2989 dividend. This represents a $1.20 annualized dividend and a yield of 7.26%. The ex-dividend date of this dividend was Tuesday, June 10th. This is a positive change from TELUS's previous quarterly dividend of $0.28. TELUS's dividend payout ratio is currently 212.28%.

Wall Street Analyst Weigh In

TU has been the topic of several recent analyst reports. Canaccord Genuity Group upped their price objective on shares of TELUS from $20.25 to $21.50 and gave the company a "hold" rating in a report on Monday, May 12th. Scotiabank restated an "outperform" rating on shares of TELUS in a report on Tuesday, July 15th. Finally, National Bankshares reiterated a "sector perform" rating on shares of TELUS in a report on Monday, May 12th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, TELUS presently has a consensus rating of "Hold" and an average price target of $21.50.

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.

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