Intact Investment Management Inc. Acquires 64,300 Shares of TELUS Corporation (NYSE:TU)

Intact Investment Management Inc. raised its position in TELUS Corporation (NYSE:TU - Free Report) TSE: T by 3.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,921,762 shares of the Wireless communications provider's stock after acquiring an additional 64,300 shares during the period. TELUS makes up about 0.9% of Intact Investment Management Inc.'s holdings, making the stock its 28th largest position. Intact Investment Management Inc. owned 0.13% of TELUS worth $27,567,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameriprise Financial Inc. raised its stake in shares of TELUS by 25.6% in the fourth quarter. Ameriprise Financial Inc. now owns 528,246 shares of the Wireless communications provider's stock worth $7,249,000 after purchasing an additional 107,806 shares during the last quarter. American Century Companies Inc. lifted its stake in TELUS by 4.6% during the 4th 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. Northern Trust Corp lifted its stake in TELUS by 41.9% during the 4th quarter. Northern Trust Corp now owns 779,525 shares of the Wireless communications provider's stock valued at $10,570,000 after acquiring an additional 230,234 shares in the last quarter. LPL Financial LLC boosted its holdings in TELUS by 2.7% during the 4th quarter. LPL Financial LLC now owns 279,527 shares of the Wireless communications provider's stock worth $3,790,000 after acquiring an additional 7,447 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of TELUS in the fourth quarter valued at about $190,000. Institutional investors own 49.40% of the company's stock.

TELUS Stock Performance

Shares of TU stock traded down $0.18 during trading on Tuesday, reaching $16.02. 2,531,647 shares of the company's stock traded hands, compared to its average volume of 2,943,441. The firm's 50-day moving average is $15.71 and its 200 day moving average is $14.93. The company has a market capitalization of $24.42 billion, a P/E ratio of 28.10, a PEG ratio of 5.10 and a beta of 0.74. TELUS Corporation has a 1 year low of $13.24 and a 1 year high of $17.27. The company has a current ratio of 0.64, a quick ratio of 0.59 and a debt-to-equity ratio of 1.49.

TELUS Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Shareholders of record on Tuesday, June 10th will be issued a dividend of $0.2989 per share. This represents a $1.20 dividend on an annualized basis and a yield of 7.47%. The ex-dividend date of this dividend is Tuesday, June 10th. This is a positive change from TELUS's previous quarterly dividend of $0.28. TELUS's payout ratio is presently 212.28%.

Wall Street Analysts Forecast Growth

TU has been the subject of a number of recent analyst reports. Bank of America downgraded shares of TELUS from a "buy" rating to a "neutral" rating in a research report on Friday, March 21st. National Bankshares restated a "sector perform" rating on shares of TELUS in a research note on Monday, May 12th. Canaccord Genuity Group lifted their target price on TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a research note on Monday, May 12th. Finally, Cormark lowered shares of TELUS from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, March 4th. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, TELUS presently has an average 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.