Mackenzie Financial Corp Boosts Stock Holdings in TELUS Co. (NYSE:TU)

Mackenzie Financial Corp raised its stake in shares of TELUS Co. (NYSE:TU - Free Report) TSE: T by 22.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,232,693 shares of the Wireless communications provider's stock after purchasing an additional 9,068,181 shares during the period. TELUS accounts for about 0.9% of Mackenzie Financial Corp's portfolio, making the stock its 25th biggest position. Mackenzie Financial Corp owned about 3.28% of TELUS worth $667,840,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Avior Wealth Management LLC grew its stake in TELUS by 1,756.0% in the fourth quarter. Avior Wealth Management LLC now owns 4,807 shares of the Wireless communications provider's stock worth $65,000 after purchasing an additional 4,548 shares in the last quarter. Optiver Holding B.V. purchased a new stake in shares of TELUS during the 4th quarter valued at $120,000. Blueshift Asset Management LLC purchased a new stake in shares of TELUS during the 4th quarter valued at $142,000. Triasima Portfolio Management inc. purchased a new stake in shares of TELUS during the 4th quarter valued at $146,000. Finally, Legal & General Group Plc purchased a new stake in shares of TELUS during the 4th quarter valued at $190,000. 49.40% of the stock is currently owned by hedge funds and other institutional investors.

TELUS Stock Performance

NYSE TU traded up $0.21 during trading hours on Thursday, hitting $16.26. The company had a trading volume of 1,135,976 shares, compared to its average volume of 2,914,910. The business has a 50 day moving average of $15.00 and a 200-day moving average of $14.85. TELUS Co. has a 1-year low of $13.24 and a 1-year high of $17.27. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.61 and a current ratio of 0.68. The company has a market cap of $24.61 billion, a PE ratio of 33.17, a price-to-earnings-growth ratio of 5.18 and a beta of 0.73.

TELUS Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Tuesday, June 10th will be issued a dividend of $0.2989 per share. This is a boost from TELUS's previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 7.36%. The ex-dividend date of this dividend is Tuesday, June 10th. TELUS's dividend payout ratio is currently 201.75%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TU. National Bankshares restated a "sector perform" rating on shares of TELUS in a research note on Monday, May 12th. Cormark cut TELUS from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, March 4th. Canaccord Genuity Group lifted their price objective on TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a report on Monday, May 12th. Bank of America cut TELUS from a "buy" rating to a "neutral" rating in a report on Friday, March 21st. Finally, Wall Street Zen raised shares of TELUS from a "sell" rating to a "hold" rating in a research note on Monday, February 10th. Eight research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, 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.