TD Asset Management Inc Sells 97,664 Shares of TELUS Corporation $TU

Key Points

• TD Asset Management Inc reduced its holdings in TELUS Corporation by 0.3% during the second quarter, selling 97,664 shares and now owning 36,312,645 shares valued at $582 million.
• Several institutional investors have increased their stakes in TELUS, with Farther Finance Advisors growing by 71.9% and CWM LLC by 169.6%, indicating strong interest among hedge funds.
• TELUS announced a quarterly dividend of $0.3019, with an annualized yield of 7.9%, reflecting a positive adjustment from its previous dividend of $0.30.

TD Asset Management Inc lessened its holdings in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 0.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,312,645 shares of the Wireless communications provider's stock after selling 97,664 shares during the period. TD Asset Management Inc owned 2.38% of TELUS worth $582,014,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Farther Finance Advisors LLC grew its position in shares of TELUS by 71.9% in the 1st quarter. Farther Finance Advisors LLC now owns 2,321 shares of the Wireless communications provider's stock worth $33,000 after buying an additional 971 shares during the period. Blue Trust Inc. boosted its stake in TELUS by 26.1% in the 2nd quarter. Blue Trust Inc. now owns 3,227 shares of the Wireless communications provider's stock worth $52,000 after purchasing an additional 667 shares in the last quarter. CWM LLC boosted its stake in TELUS by 169.6% in the 2nd quarter. CWM LLC now owns 3,658 shares of the Wireless communications provider's stock worth $59,000 after purchasing an additional 2,301 shares in the last quarter. Trust Co. of Vermont boosted its stake in TELUS by 10.5% in the 1st quarter. Trust Co. of Vermont now owns 8,423 shares of the Wireless communications provider's stock worth $121,000 after purchasing an additional 800 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in TELUS in the 1st quarter worth about $134,000. 49.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TU shares. Weiss Ratings reiterated a "hold (c)" rating on shares of TELUS in a research note on Wednesday, October 8th. Scotiabank reiterated an "outperform" rating on shares of TELUS in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $21.50.

TELUS Price Performance

TU opened at $15.23 on Tuesday. TELUS Corporation has a 52-week low of $13.24 and a 52-week high of $16.74. The stock has a market capitalization of $23.38 billion, a P/E ratio of 33.11, a P/E/G ratio of 4.52 and a beta of 0.71. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.81 and a current ratio of 0.86. The company's 50-day simple moving average is $16.03 and its two-hundred day simple moving average is $15.81.

TELUS (NYSE:TU - Get Free Report) TSE: T last released its quarterly earnings results on Friday, August 1st. The Wireless communications provider reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $3.74 billion for the quarter, compared to analysts' expectations of $3.63 billion. TELUS had a net margin of 4.67% and a return on equity of 9.10%. TELUS's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 EPS. As a group, analysts predict that TELUS Corporation will post 0.71 EPS for the current year.

TELUS Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Wednesday, September 10th were issued a $0.3019 dividend. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $1.21 annualized dividend and a yield of 7.9%. This is a positive change from TELUS's previous quarterly dividend of $0.30. TELUS's payout ratio is currently 263.04%.

About TELUS

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.

Want to see what other hedge funds are holding TU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TELUS Corporation (NYSE:TU - Free Report) TSE: T.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.