Picton Mahoney Asset Management Buys Shares of 3,193,987 TELUS Corporation $TU

Key Points

• Picton Mahoney Asset Management purchased a new position of 3,193,987 shares of TELUS (about $51.09 million), representing roughly 0.21% ownership.
• TELUS increased its quarterly dividend to $0.4184 (from $0.30), implying an annualized $1.67 payout, a stated yield of 12.6% and a payout ratio of 220%.
• The company missed the quarter (EPS $0.17 vs. $0.19 expected; revenue $3.67B vs. $3.77B expected) and its shares have traded near recent lows (opened at $13.28), while analysts' consensus is a Hold with a $18.17 target.

Picton Mahoney Asset Management purchased a new position in TELUS Corporation (NYSE:TU - Free Report) TSE: T during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,193,987 shares of the Wireless communications provider's stock, valued at approximately $51,091,000. Picton Mahoney Asset Management owned 0.21% of TELUS as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. American Century Companies Inc. grew its position in TELUS by 24.3% in the 2nd quarter. American Century Companies Inc. now owns 213,257 shares of the Wireless communications provider's stock valued at $3,425,000 after acquiring an additional 41,706 shares during the last quarter. Legal & General Group Plc increased its stake in TELUS by 159.5% in the 2nd quarter. Legal & General Group Plc now owns 37,274 shares of the Wireless communications provider's stock worth $597,000 after buying an additional 22,912 shares during the period. Hillsdale Investment Management Inc. lifted its holdings in TELUS by 6.0% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 23,033 shares of the Wireless communications provider's stock valued at $370,000 after buying an additional 1,300 shares in the last quarter. Swiss National Bank boosted its position in TELUS by 7.6% in the 2nd quarter. Swiss National Bank now owns 1,517,065 shares of the Wireless communications provider's stock valued at $24,271,000 after buying an additional 107,800 shares during the period. Finally, Prudential PLC purchased a new position in shares of TELUS during the second quarter worth approximately $531,000. 49.40% of the stock is owned by institutional investors.

TELUS Trading Down 0.7%

Shares of NYSE:TU opened at $13.28 on Monday. The business's 50-day moving average is $15.07 and its 200 day moving average is $15.80. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.76 and a quick ratio of 0.71. TELUS Corporation has a 1 year low of $13.24 and a 1 year high of $16.74. The firm has a market capitalization of $20.38 billion, a P/E ratio of 24.15, a P/E/G ratio of 6.82 and a beta of 0.71.

TELUS (NYSE:TU - Get Free Report) TSE: T last issued its quarterly earnings results on Friday, November 7th. The Wireless communications provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.02). TELUS had a return on equity of 8.76% and a net margin of 5.71%.The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same period in the prior year, the business posted $0.28 EPS. TELUS's revenue was up .1% compared to the same quarter last year. On average, research analysts predict that TELUS Corporation will post 0.71 earnings per share for the current fiscal year.

TELUS Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Thursday, December 11th will be given a $0.4184 dividend. This is an increase from TELUS's previous quarterly dividend of $0.30. This represents a $1.67 dividend on an annualized basis and a yield of 12.6%. The ex-dividend date is Thursday, December 11th. TELUS's payout ratio is currently 220.00%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Weiss Ratings reissued a "hold (c)" rating on shares of TELUS in a research note on Wednesday. JPMorgan Chase & Co. restated an "underweight" rating and set a $19.00 price target (down previously from $22.00) on shares of TELUS in a research note on Tuesday, November 18th. National Bank Financial upgraded shares of TELUS from a "sector perform" rating to an "outperform" rating in a report on Wednesday, November 19th. Finally, Barclays lowered their price target on shares of TELUS from $15.00 to $14.00 and set an "equal weight" rating for the company in a research report on Monday, November 10th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $18.17.

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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