TELUS Corporation (NYSE:TU) Shares Sold by Mackenzie Financial Corp

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 decreased its stake in TELUS Corporation (NYSE:TU - Free Report) TSE: T by 32.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 approximately 2.18% of TELUS worth $473,567,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of Nova Scotia grew its stake 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 acquiring an additional 6,659,564 shares in the last quarter. Norges Bank purchased a new stake in shares of TELUS in the fourth quarter valued at $70,212,000. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 903,921 shares during the last quarter. Man Group plc grew its holdings in shares of 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 purchasing an additional 850,876 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in TELUS by 29.8% in the 4th quarter. Geode Capital Management LLC now owns 3,032,404 shares of the Wireless communications provider's stock worth $42,389,000 after acquiring an additional 696,744 shares in the last quarter. 49.40% of the stock is owned by hedge funds and other institutional investors.

TELUS Stock Down 0.6%

TELUS stock traded down $0.11 during mid-day trading on Thursday, reaching $16.09. 1,353,841 shares of the company were exchanged, compared to its average volume of 3,400,065. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.59 and a current ratio of 0.64. The firm has a market cap of $24.53 billion, a P/E ratio of 28.22, a PEG ratio of 4.93 and a beta of 0.73. The business has a fifty day moving average of $16.25 and a 200 day moving average of $15.34. TELUS Corporation has a 12-month low of $13.24 and a 12-month high of $17.26.

TELUS Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Tuesday, June 10th were given a dividend of $0.2989 per share. The ex-dividend date was Tuesday, June 10th. This represents a $1.20 dividend on an annualized basis and a yield of 7.43%. This is an increase from TELUS's previous quarterly dividend of $0.28. TELUS's dividend payout ratio (DPR) is presently 212.28%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TU shares. Scotiabank reaffirmed an "outperform" rating on shares of TELUS in a research note on Tuesday, July 15th. National Bankshares reiterated a "sector perform" rating on shares of TELUS in a report on Monday, May 12th. Finally, Canaccord Genuity Group increased their price target on TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a research report on Monday, May 12th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus 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.