Bank of Nova Scotia lowered its position in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 12.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,413,598 shares of the Wireless communications provider's stock after selling 3,805,543 shares during the quarter. TELUS makes up about 0.9% of Bank of Nova Scotia's holdings, making the stock its 22nd largest holding. Bank of Nova Scotia owned 1.74% of TELUS worth $378,897,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Forge First Asset Management Inc. purchased a new stake in shares of TELUS during the first quarter worth $8,937,000. Cumberland Partners Ltd grew its holdings in shares of TELUS by 115.5% during the first quarter. Cumberland Partners Ltd now owns 28,924 shares of the Wireless communications provider's stock worth $415,000 after buying an additional 15,500 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of TELUS by 65.0% during the first quarter. PNC Financial Services Group Inc. now owns 13,854 shares of the Wireless communications provider's stock worth $199,000 after buying an additional 5,456 shares in the last quarter. Natixis Advisors LLC grew its holdings in shares of TELUS by 49.4% during the first quarter. Natixis Advisors LLC now owns 61,181 shares of the Wireless communications provider's stock worth $877,000 after buying an additional 20,235 shares in the last quarter. Finally, XTX Topco Ltd grew its holdings in shares of TELUS by 83.9% during the first quarter. XTX Topco Ltd now owns 125,510 shares of the Wireless communications provider's stock worth $1,800,000 after buying an additional 57,266 shares in the last quarter. Hedge funds and other institutional investors own 49.40% of the company's stock.
Wall Street Analyst Weigh In
TU has been the topic of several recent research reports. National Bankshares restated a "sector perform" rating on shares of TELUS in a report on Monday, May 12th. Canaccord Genuity Group boosted their target price on TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a report on Monday, May 12th. Finally, Scotiabank restated an "outperform" rating on shares of TELUS in a report on Tuesday, July 15th. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $21.50.
Read Our Latest Stock Analysis on TU
TELUS Trading Up 0.8%
Shares of TELUS stock traded up $0.12 during mid-day trading on Monday, hitting $15.72. The stock had a trading volume of 2,306,513 shares, compared to its average volume of 3,237,614. The firm has a 50-day moving average of $16.24 and a two-hundred day moving average of $15.39. The firm has a market cap of $23.97 billion, a P/E ratio of 21.37, a price-to-earnings-growth ratio of 4.73 and a beta of 0.73. The company has a quick ratio of 0.59, a current ratio of 0.64 and a debt-to-equity ratio of 1.49. TELUS Corporation has a 12-month low of $13.24 and a 12-month high of $17.26.
TELUS (NYSE:TU - Get Free Report) TSE: T last released its quarterly earnings data on Friday, August 1st. The Wireless communications provider reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The business had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.63 billion. TELUS had a net margin of 4.67% and a return on equity of 9.01%. The company's revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 earnings per share. Sell-side analysts forecast that TELUS Corporation will post 0.71 earnings per share for the current year.
TELUS Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Wednesday, September 10th will be given a dividend of $0.3019 per share. This represents a $1.21 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date of this dividend is Wednesday, September 10th. This is a positive change from TELUS's previous quarterly dividend of $0.30. TELUS's dividend payout ratio is 263.04%.
About TELUS
(
Free Report)
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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